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Discussion Starter #1
Hey guys, my first post here. Anyway, I have a question about the value of a bike i bought last month from a friend.

It's an 02 gsx-r 600 telefonica movistar edition with 305 miles on it.

it was driven 3 times before his buddy was hit and of course the wife wouldnt let him use it anymore. anyway, i bought it for pretty cheap, however after getting a 7800 a year insurance quote, i cant keep it.

what do you think it's worth? its basically a brand new bike, not even broken in yet.
 

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Is that full coverage? Have you shopped around for insurance? I was quoted over $4k for 1 company, almost 4 for another, and $2500 a year for a 3rd, then finally my company now wanted like 2, which wasn't all that bad. If it's not financed, you don't need full coverage on the bike either.
 

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Discussion Starter #3
it's my first bike anyway, and honestly it kind of scares me. i got a 750/year quote for an sv650s, so im gonna try and buy one of those once i get rid of this.
 

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Good idea on ditching it if its your first bike. I've got no clue on the value though. Since its an 02 I would doubt you could ask much over 5k for it if its stock, mabey a bit more if its got some aftermarket add ons.

Sepias
 

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Hi sonic99-

So you're saying the guy who got hit wasn't on the motorcycle at the time but his wife took it out on him anyway and said he can't ride? The motorcycle is a 2002 GSX-R 600 with only 305 miles on the odometer in essentially showroom condition? I just want to ensure I'm understanding everything correctly.

If that's the case, why not just pull it off the road for a few years and drop registration and insurance on it. Keep it safely locked and covered in a garage because it would be a crying shame to part with it. If you need the money very badly, can you sell it within your family so that you can buy it back in a few years?

What is your age, sex, driving record, education, and marital status? All of those have a HUGE impact on rates. If you can get coverage from the same insurer that handles your home and other vehicles, you're more likely to get package discounts.

As an example, I'm a single woman who has never paid more than $225 per year for full-coverage on my CBR 600F2 even when it was brand spanking new regardless of insurer. The secret is to bundle the coverage with other things like homes, trucks, and cars. Hope this turns out well for you.

~ Blue Jays ~
 

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If it's your first bike, ditch it and get something you can handle. You'll save on insurance premiums and you won't kill yourself.
 

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Discussion Starter #9
thats what im doing, i just dont know what to ask for the bike. i want to get rid of it asap and i know selling stuff privataly can be a real hassle since most people are cheap.
 

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Hi sonic99-

What I would give for video footage of an insurance company representative telling somebody the following while attempting to keep a straight face:

"...Well, the annual premium for coverage on your motorcycle is $7800.00. Oh, yes, we understand that figure alone nearly exceeds the value of the vehicle, but we have our strict discriminatory policies against motorcycles and motorcycling in general..."
That is truly an outrage and it would be interesting to see if the company could actually produce the actuarial/statistical data or if they're just pulling that pricequote out of you-know-where.

~ Blue Jays ~
 

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Discussion Starter #13
Geico gave me that quote. WAs kind of surprised too, since my auto insurance is with them.

Progressive beat them by 2100 on the SV650S.(2850 a year vs 750 - which came with a lower decucable btw and higher coverage amounts)
 

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Why don't you go to a couple of Trader web sites, and check out E-bay to see what other 02 GSXRs are going for?

If it's got no miles on it, then add $1000 - $1500 to the highest price you find.

You can do a lot better than $7800 a year on insurance. You just have to shop around, and be willing to switch your car over.

Good luck.
 

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Cool bike, like to add it too my collection, but Theo finishes High School next week . But any way, NADA says $4795 average and KBB.com says $5410 retail for the telefonica modle. Ya, so add $1000-$1500 for the extra low miles.

I am over 40 with 0 points on my record, and pay $350 each a year for full cuverage $250 deductable. On a 2002 998 Ducati with 9200 miles and 2004 Honda RC-51 Nicky Haydon bout new left over stock in Dec. 5 2005, now has 800 miles on it. State Farm with my house and cars.
 

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For got to mension, in Montana, Day time speeding tickets are $20 for the first 10 mph over and $40 for up to 20 mph over. And you dont get points till 21 mph over posted limits! After that you start getting in to careless and reckless, Dont want to go that way.

When I get pulled over by the HPs, they complemant my rideing gear, and they can tell I am a responsible rider, AND aprecate me setting a good example to my young squidly friends, "I am sorry, BUT I am going to have to give you a ticket"
Ya, and then I tell him "I am glad he is doing a good job and to keep up the good work".
Never fails, Then he will tell me about his Harly, Gold Wing, or the dirt bike he had as a kid.
We shake hands, and he sez, "hope you see me first next time". I love liven in the sticks.
 

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sonic99 said:
Hey guys, my first post here. Anyway, I have a question about the value of a bike i bought last month from a friend.

It's an 02 gsx-r 600 telefonica movistar edition with 305 miles on it.

it was driven 3 times before his buddy was hit and of course the wife wouldnt let him use it anymore. anyway, i bought it for pretty cheap, however after getting a 7800 a year insurance quote, i cant keep it.

what do you think it's worth? its basically a brand new bike, not even broken in yet.
do plpd (liability) only...if u crash it oh well fix it or sell it and cut your losses or dont worry about it. i never pay full coverage its dumb unless you are over 30 pretty much. 25 with some insurance companies. its a waste of money, 3 years of full coverage at 2000 a year is 6g....if i do 6g of damage to my bike in the next 3 years, then oh well. 360 a year liability 20 years old brand new bike, not bad. i just do my best not to crash and drive extremely defensively. i know shit happens, but id rather take the chance of shit happening than pay 2g a year just in case, cause if i go down i think i can fix my bike for less than 2g (unless i totall it like i did my old zx6r, but lets hope i dont). so theres my suggestion. keep it, thats a sweet bike and so low miles. id say you could easily get 6g for it on ebay if u wanted to sell it, people are so naive on there.
 
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