Novice_imp
Been there
Thread starter
I will definitely check before buying once I’ve figured it out. Insurance company wants make and model.
If you were going to buy a liter sport bike 2019-20...
- Thread starter Novice_imp
- Start date
Houtman_imp
Road warrior
With self insure , do you mean liability only ? That is what I have done for 30 years , even with new bikes.LongRanger_imp said:
LongRanger_imp
Road warrior
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
Road warrior
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 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
Road warrior
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
Road warrior
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
Road warrior
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.
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
Road warrior
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.
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
Road warrior
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
Road warrior
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.
GoldOxide_imp
Road warrior
From my perspective, that is an ultra low premium.The ferret_imp said:
jimgl3_imp
Been there
Cormanus_imp said:
please note they are on a TRACK!!!
SportsterDoc
Road warrior
From my perspective, that is an ultra low premium.GoldOxide_imp said:
There are advantages to age and driving record!
GoldOxide_imp
Road warrior
From my perspective, that is an ultra low premium.SportsterDoc_imp said:
There are advantages to age and driving record!
Meh, probably more than that. I should be getting age and experience benefit, but maybe Ohio state recognizes it better than say, ... , all the provinces of Canada. :-/
Have to keep in mind that there might be an age where the benefit might start reversing and risks go up.
jimgl3_imp
Been there
when did this become an insurance thread?
the Ferret
Road warrior
it's a a valid concern when inquiring about buying a liter sport bike
Novice_imp
Been there
Thread starter
Called State Farm today and was told for a 2019 CBR1000RR it would be $56/mo and a 2020 BMW S1000RR $57.39/mo for full coverage. I don’t know how that compares with other people’s rates for the same bikes though.
LongRanger_imp
Road warrior
So, about $700/yr. That's steep, especially for central Ohio where I imagine you can't ride year 'round.
Novice_imp
Been there
Thread starter
About 3x ferret’s “ultra low” premium for exceptionally high risk motorcycles priced at about double or more of the value of the current price/value of a 2014 CB doesn’t seem too bad, at least in my perspective. Not for the thrifty though, but neither are the liter sport bikes we’re talking about here.
Does it have to be a 2019-2020? I would buy a 2007 Ducati 1098S Tricolore. It's the most beautiful sport bike on the planet, and more performance than I could ever use. So, of course, I would never take it to the track. But it would turn heads wherever I rode. That may not be a good thing in traffic...Novice_imp said: