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post #1 of 7 (permalink) Old 07-05-2005, 12:50 PM Thread Starter
 
Join Date: Apr 2005
Posts: 54
Insurance?

Hey guys, another quick question or two.

My insurance is $1100 a year. From the sounds of it, that's pretty high. A lot of people I talk to have to pay only around 500-600 a year. I have collision on my insurance but a lot of people told me that is not needed. So here are my quesitons;

How much is your insurance a year?
Who is your provider? (state farm, progressive, etc.)
Do you have collision?
Do you have theft protection?
If I am paying $1100 a year and I have collision on my insurance, if my bike got totaled, would I get paid the same amount I paid in the beginning (or close to it?)


Thanks guys.
TMH213 is offline  
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post #2 of 7 (permalink) Old 07-05-2005, 12:53 PM
 
Join Date: Mar 2004
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This topic has been discussed before. No way to really compare since insurance rates change to much geographically. I live in a small town in texas. 24y/o, single, male. zx10. State farm
$1200/yr

I have no idea why people would say you dont need collision... Bike crash....



Vash is offline  
post #3 of 7 (permalink) Old 07-06-2005, 07:08 PM
 
Join Date: Jun 2005
Posts: 23
From what i gather, mostly it depends on the bike and the engine size. Location and other stuff then factors in (driving record.)

I just got a several quotes just last week for a 2003 Yamaha R6 (600cc) sport bike.

I'm 25 in Marietta (suburb of Atlanta), GA, with one speeding ticket in the past 3 years, using the MSF course these are the quotes i got for full coverage, but minimum allowable by law.

USAA (Subbed out to Foremost): Around $3500/year
Geico: Around $4000+/year
State Farm: $445/year

I think state farm has the best rates from what i've heard from my friends.
riggz is offline  
 
post #4 of 7 (permalink) Old 07-07-2005, 12:04 AM
 
Join Date: Jun 2005
Posts: 12
Vash is correct in that you can't really compare one person's rates to another.

However based on what you wrote, paying in excess of 1000.00 a year, a big portion of your yearly insurance amount is probably due to collision.

I'm with progressive and collision at a 500.00 deductible was about $500.00.

Unless you're financing you're bike, I wouldn't recommend you take collision. Mind you this means any damage to your bike resulting from an accident will have to be paid out of pocket. But the trade off may be worth saving money on your insurance.

Liability is generally inexpensive on the bike, but having liability alone means you are only covered for damages you cause to someone else.

Safer bet might be to go with comprehensive. Generally this coverage is cheaper than collision and will pay out for things like theft, hitting an animal or any damage resulting from acts of nature (e.g. flood, fire, hail).

Hope this helps.
MrRogers is offline  
post #5 of 7 (permalink) Old 07-07-2005, 12:08 AM
 
Join Date: Jun 2005
Posts: 12
and in regard to your second question regarding what an insurance company will pay out in the event of an accident....

Its called actual cash value. In english this means how much your bike is worth NOW!

You may not get the entire amount you paid for the bike, generally its a little less. The amount that an insurance company will pay in the event you're bike is involved in an accident is close to the NADA figures based on year and model. So the newer the bike, generally the more you'll get because depreciation hasn't kicked in.
MrRogers is offline  
post #6 of 7 (permalink) Old 07-07-2005, 01:15 AM Thread Starter
 
Join Date: Apr 2005
Posts: 54
awesome, this helps a lot

thanks guys
TMH213 is offline  
post #7 of 7 (permalink) Old 07-07-2005, 07:00 AM
 
Join Date: May 2005
Posts: 675
ins

2000 zx9
26yo, not a great driving record.
$300 a yr. with progressive.

I also have a 2004 Denali w/progressive and that is 225/mo.
mainerdr is offline  
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