If you were going to buy a liter sport bike 2019-20...

[Novice_imp]

I will definitely check before buying once I’ve figured it out. Insurance company wants make and model.

[Houtman_imp]

Perhaps they self-insure. That's what I do.

With self insure , do you mean liability only ? That is what I have done for 30 years , even with new bikes.

[LongRanger_imp]

Correct. By "self-insure," I don't buy comprehensive or collision coverage. If the bike gets stolen, or if I wreck it, it's on me. I find it's generally less expensive to simply replace the bike should something happen to it. Keep in mind I buy my bikes outright, so there's no lender requirement to carry full coverage.

[emptysea]

The liability coverage is usually much more expensive with Liter bikes and other high performance motorcycles. LR and Houtman are correct that removing the Comprehensive, Collision, and any other extra coverage could get one's premium down to a more reasonable level. Jim mentioned that the insurance cost is more than his payment, so he may be required (as LR indicated) to carry Comp/Coll.

The reason that coverage is so expensive for these bikes is because they are involved in more accidents and those accidents are often more severe than with other types of motorcycles. It's as simple as that. Jim is 39 and has a clean driving record. That is definitely factored in, but I suspect that the insurers weigh his age and experience less than they weigh the loss history of bikes in this classification.


Oh..and back to answering the original query: BMW SS1000

[the Ferret]

My insurance agent always advised to get liability only, only if you are able to total your bike, or have it stolen, and not suffer a monetary hardship to replace it.

[LongRanger_imp]

By my math, by the time you pay a few years worth of comp/coll premiums, plus the deductible, the total amount you've paid out will be about equal to the write-off value you receive from the insurance company, give or take. I'd rather bank the premiums, keep the deductible, and take my chances (especially on a depreciating asset).

[the Ferret]

I figure a little differently

My premium on the CB, full coverage, is $ 254 a year with a $500 deductible. Hmm let my cypher. If I totaled it or it was stolen today, and today's value on the bike from the insurance co is , lets go low, say $4K. In the 5 years I have owned it I would have spent 5 x $254= $1270 for premiums plus my $ 500 deduct = $1770 to recoup $4K

If I wreck it pretty good, say low side it in a corner, take out left engine cover,left muffler, gas tank, left turn signals f&r, bars, lever, mirror, foot peg shift lever, and some miscellaneous, all I pay is $500 and my bike gets fixed with new oem parts by a certified mechanic like new

Sea...anything wrong with my numbers or cypherin?

I'm a pretty cautious rider, but anything can happen and I'm not risking the kind of financial hit of not being covered.

If it was a $1500 junker, I'd risk it.

[Gone in 60]

Insurance ratings can be very weird things. I used to work for Progressive and was boggled by how different vehicles, both cars and bikes, had their premiums calculated.

Currently, I drive a Fiesta ST. It's a hooligan car, and there are plenty of wrecked ones littering Craigslist being parted out. I honestly don't know how I haven't crashed mine by driving like an idiot. But, USAA classifies it as a "station wagon". It's cheaper to insure than my wife's Honda CRV.

When I sold my BMW R1200R and bought the CB1100, my premium went up by seven dollars per year. I'd think it would have gone down... I have to think a BMW costs more to repair. Both bikes are statistically rare in the grand scheme of motorcycling, so not sure what their crash data is.

[LongRanger_imp]

Ferret, that's a good rate. I don't disagree with your math. In my area, adding comp & collision (with a $1000 deductible) would cost me about $400/year.

[emptysea]

It's all about your fiscal pain threshold. I tell that to my clients all the time. I have loans on my bikes right now, so I can't go Liability Only. Once my bike is paid off, I will. I would rather make sure that I have the proper liability coverage and maybe bank some of that premium and take a risk on the loss of a few thousand bucks if I totaled my bike. Also, my bike is a luxury to me. If it were damaged beyond repair and I didn't have the money for a new one, I'd probably just do without. Whereas, I need my car for work and such, so that would be a financial problem if I needed to replace it suddenly so I keep full coverage on it.