Sportbike World banner

1 - 15 of 15 Posts

·
Registered
Joined
·
9 Posts
Discussion Starter #1
Hey everyone I just have a question about insurance. I'm 18 and want to get a new bike like a ninja 650r or something around that.

I am in the process of taking the riders course and I'm trying to get insurance quotes for the bike with full collision and everything because I'm gonna finance it. The thing is I got about four quotes and they're all over the place.
  • Gieco was 350/month
  • Progressive was 130/month
  • One websites was like 10k a year.
  • And BikelinE's rate is $21,874 a year.
This was with collision @ 1000 deductible.

I have a clean license and everything i'm just scared that i'll take the course drop all this money into a bike and get stuck with a rate sky high. Is progressive usually a cheaper one or what? If someone can just help me clear this up i'd appreciate it. Thanks
 

·
Premium Member
Joined
·
3,449 Posts
I've had progressive for my bikes since I started riding in '03. At the time I was 20. Not sure what I was paying then, but if you fast forward a little to '05 when I had a '92 CBR600F2 and '05 GSX-R600, I was paying ~$135/mo. Couple tickets on my record. The next year, it went down to ~$50/month. It dropped to about $30/month a few months before I turned 25 this year. Then I got the Ducati and it's back up to $55/month. I hope you kept up with all that.

I carry full coverage with $1000 additional aftermarket parts coverage on the Gixxer, and $1000 deductibles on both bikes. Currently I have 1 speeding ticket and 1 traffic device infraction on my record.
 

·
Premium Member
Joined
·
3,449 Posts
Is that full coverage or basic? Alot of fluctuations, jeez.
That was full coverage w/$1000 deductible (when I had the CBR I only carried liability on it). I'm guessing they jacked it up for the first couple years because of my record. When I kept clean for a while they dropped it quite a bit. And of course 25 is the magic age when insurance becomes affordable.
 

·
Registered
Joined
·
9 Posts
Discussion Starter #5
Oh, ok thanks a lot. Just got a few more quotes and progressive is definitely the cheapest a ninja 250 with collision is like 115 and even a zx6r(in a few years) is only 220 for me..
 

·
Registered
Joined
·
1,346 Posts
Ok, those quotes from Progressive sound more mainstream and representative of what you should expect. Those other quotes are just plain wacky.

Ninja 650R- Good choice of bike by the way.
 

·
Registered
Joined
·
9 Posts
Discussion Starter #7
Thanks. I'm thinking used but it seems that they just came out in 06 or so, and I figure for a little more money I can get a brand new bike. And i'm 6'1 180, good fit for the 650?
 

·
Strength and Honor
Joined
·
6,144 Posts
Welcome :cheers:

Vash swears by State Farm so you ought to give them a ring. I believe the basis for their rates is engine size (cc) rather than type of motorcycle (sportbike), which can make a very large difference, especially if you start out with a properly sized vehicle.
 

·
Registered
Joined
·
1,346 Posts
Yes, 2006 was the first year for the Ninja 650R, so there isn't that much of a spread between used vs. old. I think the MSRP on a new one is somewhere around $6300-$6400. And the bike should fit you very well.
 

·
Registered
Joined
·
9 Posts
Discussion Starter #10
Thanks for all the answers I just have one more question. I wait and I don't have a pay stub, I make good money but I don't think I can put that down without proof. I have a CC and I'm not late ever. Is it gonna be a pain to get financing without a cosigner? I'll put 10 or 20 percent down.
 

·
Registered
Joined
·
8,798 Posts
On insurance: The rates jump all over the place, so it pays to shop around. Also, your rates are going to be high for the first 6months. Thats when everyone totals their bikes and insurance companies know it (Sometime MSF course gets you out of this, but not always) so when you shop around, ask what your rate is going to be like after the initial 6mo period. Incidentally, you do not need to carry collision on the bike. But its a really good idea to do so.

On financing: Bikes aren't finances like cars. Instead of taking a loan with the bike as collateral, you are given a credit card with which you buy the bike. Yeah, its kind of silly, but they are hoping you will buy tons of gear with it as well. As it is a CC application, it depends largely on what you put down as your yearly income (and the last time I did that, I didnt have to prove it, but that may have changed). Being 20, chances are you will need a cosigner, even if your credit is good. But you never know, I've seen a guy with awfull credit get apprived for $5,500
A think or two about this credit card.
Do not buy gear with it. Or anything else. The bike gets finances at around 4% for the first 3-5 years (depending on the model and the specials) which is nice, but all other purchases will be at 18% or more. Also, dont be late. Dont ever be late. The minimum payment is pretty small (around $60 most of the time) so if nothing else pay that on time. If you are late, they will jack the interest rate on your bike to 18%. Can you say "no reach around".

Oh, and all this financing only applies to new bikes. Dealerships dont finance used bikes at all most of the time. For that, go to your local bank.
 

·
Registered
Joined
·
9 Posts
Discussion Starter #12
Ok thanks for the info and i'm 18 not 20 so that's worse. A lot of commercials on the radio and stuff say guaranteed financing but thats probably sky high. I gotta check into it plus I don't plan on buying it for 2 or 3 months anyway. I'll try and save a better down payment.
 

·
Premium Member
Joined
·
3,449 Posts
Oh, and all this financing only applies to new bikes. Dealerships dont finance used bikes at all most of the time. For that, go to your local bank.
They tried to offer me financing for the Duc :huh:

I ended up putting half down, and financing the rest through a credit union.
 

·
Registered
Joined
·
8,798 Posts
perhaps not all dealership are like the local ones. I've seen the bigger dealerships do their own financing, but most of the smaller ones dont bother, they just sell bikes
 
1 - 15 of 15 Posts
Top