Update on Insurance

alanmcorcoran · 03-27-2009, 05:33 AM

You guys may recall me pissing and moaning about the unanticipated cost of Insurance for my Big Bike. I mentioned it as something to check into before upgrading. Not sure if I mentioned details, but: my insurance for the GZ is about $300 a year. Because of its low cost, I just got liability. When I got the Strat, I went for collision and comprehensive. Having already done an MC policy with the "P" company, and having been able to do it instantly, over the internet/phone, AND having got what I thought was a decent price, I figured I'd just add the Yamaha on. I was a bit shocked and dismayed when they came back with $2000+ a year (and that was with a high deductible.) Because I had six months left on the policy the bill was going to be about $1100. Yikes!

Fast forward to yesterday. I get a letter from the DMV stating my registration was about ot be revoked for failure to provide proof of insurance. WTF? I thought maybe I had spaced on paying the bill. I had to go to the neighbor kids church musical, so my wife found the receipt and called up the "P" company. They "forgot" to enter in the VIN number and send it to the DMV (again, WTF?) But, and this is the best part, after they entered the VIN, they told my wife they made a mistake on the premium - it's actually $800 LESS. ('Cause it's a cruiser...???) They are sending me a check for $400. Anyway, I will be shopping around a bit in June when it is time to renew. Just thought you guys might want to know.

JWR · 03-27-2009, 07:54 AM

A lot of companies just go by th CC of the bike.

patrick_777 · 03-27-2009, 02:38 PM

Most companies have a list of motorcycle types that they won't insure period. My Ninja was that way. Even though it was a 249cc bike, they wouldn't insure it because it is listed as a sportbike. I had to go with the "P" company as well, but fortunately (probably where I live more than anything), my insurance for all three bikes is just a little over $150 a year. The GZ is the cheapest of those by far at only $23/yr.

mr. softie · 03-27-2009, 02:49 PM

My full coverage on the GZ250 including comp and collision was $113 a year with St. Farm. The much older and cheaper but bigger GL650 is about the same, but with no comp and collision. That would be another $100 a year or so, and is probably be worth it, except the bike has been down plenty of times before and the parts for this thing are cheap. I have been seeing fairings and hard saddlebags for $40 each, a new windshield for $50 etc, even complete engines for $50, while the deductible is $250.

Water Warrior 2 · 03-27-2009, 03:04 PM

For anyone moaning about high costs of insurance just try to insure anything North of the border. In some cases our monthly payment will equal your yearly payment.

alantf · 03-27-2009, 05:55 PM

Mine is 214 euros ($250?) & that's just for damage to other people/vehicles/property. For some strange reason, I'm also covered for fire to the gz, but not theft.

alanmcorcoran · 03-27-2009, 09:04 PM

Not sure if it is still the case, but I used to hear the NJ insurance was high was well. It was when I lived there. Here I think it's just the density of the population (in both meanings.)

$23 dollars a year! Now I know why people live in Tulsa. I've spent more than that to park it for a few hours.

BusyWeb · 03-27-2009, 11:57 PM

Hi, there.
That's almost same case as mine.
With GZ on Full Coverage, it's about $18 a month at the G internet company.
Asked them for my new bike Yami FZ6, they put over 2000.
It was ridiculous for it, new one is street bike not sports bike class.
I shop around and found P company, and it lows 1/3 of the G company's with full coverage.
I included all the options even though I don't needed it for the law requirements.
Still 1/3 of the G company quoted me, and changed it to P company, canceled G company.

I don't know why G company put that much money on it.... still don't understand.
I suggest you research more..
And good luck!

alanmcorcoran · 03-28-2009, 03:42 AM

Thanks for tip Busy. I hate shopping around for stuff but in this case, it's worth the trouble.

Phil · 03-28-2009, 11:37 AM

I pay $125/yr. from Depositors' (a division of Nationwide). and that INCLUDES collision.
They offer a discount for completed MSF course (which I understand you don't believe in)
and an additional discount if you are a member of the American Motrocylist Association.
I'm probably older than you too, so maybe that helps reduce the premium too.
I also got a quote from the "p" company and this one was 1/3 the cost.
You might want to check them out.

03-27-2009, 05:33 AM	#1
alanmcorcoran Senior Member Join Date: Jul 2008 Location: Anaheim, CA Posts: 2,926	Update on Insurance You guys may recall me pissing and moaning about the unanticipated cost of Insurance for my Big Bike. I mentioned it as something to check into before upgrading. Not sure if I mentioned details, but: my insurance for the GZ is about $300 a year. Because of its low cost, I just got liability. When I got the Strat, I went for collision and comprehensive. Having already done an MC policy with the "P" company, and having been able to do it instantly, over the internet/phone, AND having got what I thought was a decent price, I figured I'd just add the Yamaha on. I was a bit shocked and dismayed when they came back with $2000+ a year (and that was with a high deductible.) Because I had six months left on the policy the bill was going to be about $1100. Yikes! Fast forward to yesterday. I get a letter from the DMV stating my registration was about ot be revoked for failure to provide proof of insurance. WTF? I thought maybe I had spaced on paying the bill. I had to go to the neighbor kids church musical, so my wife found the receipt and called up the "P" company. They "forgot" to enter in the VIN number and send it to the DMV (again, WTF?) But, and this is the best part, after they entered the VIN, they told my wife they made a mistake on the premium - it's actually $800 LESS. ('Cause it's a cruiser...???) They are sending me a check for $400. Anyway, I will be shopping around a bit in June when it is time to renew. Just thought you guys might want to know. __________________ [hr:5yt6ldkq][/hr:5yt6ldkq] http://alanmarkcorcoran.com Motorcycles, Music, Musings and More… Login or Register to Remove Ads
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03-27-2009, 07:54 AM	#2
JWR Senior Member Join Date: Jan 2009 Location: Louisville, TN Posts: 1,413	Re: Update on Insurance A lot of companies just go by th CC of the bike. __________________ Jerry Truth is there are lots of great bikes available and not nearly as many good riders out there riding them... "A man's got to know his limitations..."
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03-27-2009, 02:38 PM	#3
patrick_777 Senior Member Join Date: May 2008 Location: Tulsa, OK Posts: 1,763	Re: Update on Insurance Most companies have a list of motorcycle types that they won't insure period. My Ninja was that way. Even though it was a 249cc bike, they wouldn't insure it because it is listed as a sportbike. I had to go with the "P" company as well, but fortunately (probably where I live more than anything), my insurance for all three bikes is just a little over $150 a year. The GZ is the cheapest of those by far at only $23/yr. __________________ ]I am hiding in Honduras. I am a desperate man. Send lawyers, guns and money. The shit has hit the fan. Login or Register to Remove Ads
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03-27-2009, 02:49 PM	#4
mr. softie Senior Member Join Date: Jun 2008 Location: Bucks Co. PA Posts: 361	Re: Update on Insurance My full coverage on the GZ250 including comp and collision was $113 a year with St. Farm. The much older and cheaper but bigger GL650 is about the same, but with no comp and collision. That would be another $100 a year or so, and is probably be worth it, except the bike has been down plenty of times before and the parts for this thing are cheap. I have been seeing fairings and hard saddlebags for $40 each, a new windshield for $50 etc, even complete engines for $50, while the deductible is $250. __________________ The real money in a gold rush is in supplying liqueur and women to the miners.... May the wind always be at your back and the sun overhead as you make your way down the ever winding, smoothly paved, traffic free road!
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03-27-2009, 03:04 PM	#5
Water Warrior 2 Senior Member Join Date: Dec 2006 Location: Squamish B.C Canada Posts: 11,409	Re: Update on Insurance For anyone moaning about high costs of insurance just try to insure anything North of the border. In some cases our monthly payment will equal your yearly payment. Login or Register to Remove Ads
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03-27-2009, 05:55 PM	#6
alantf Senior Member Join Date: Nov 2008 Location: Tenerife (Spain) Posts: 3,719	Re: Update on Insurance Mine is 214 euros ($250?) & that's just for damage to other people/vehicles/property. For some strange reason, I'm also covered for fire to the gz, but not theft. __________________ By birth an Englishman, by the grace of God a Yorkshireman.
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03-27-2009, 09:04 PM	#7
alanmcorcoran Senior Member Join Date: Jul 2008 Location: Anaheim, CA Posts: 2,926	Re: Update on Insurance Not sure if it is still the case, but I used to hear the NJ insurance was high was well. It was when I lived there. Here I think it's just the density of the population (in both meanings.) $23 dollars a year! Now I know why people live in Tulsa. I've spent more than that to park it for a few hours. __________________ [hr:5yt6ldkq][/hr:5yt6ldkq] http://alanmarkcorcoran.com Motorcycles, Music, Musings and More…
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03-27-2009, 11:57 PM	#8
BusyWeb Senior Member Join Date: Sep 2008 Location: Los Angeles, CA Posts: 626	Re: Update on Insurance Hi, there. That's almost same case as mine. With GZ on Full Coverage, it's about $18 a month at the G internet company. Asked them for my new bike Yami FZ6, they put over 2000. It was ridiculous for it, new one is street bike not sports bike class. I shop around and found P company, and it lows 1/3 of the G company's with full coverage. I included all the options even though I don't needed it for the law requirements. Still 1/3 of the G company quoted me, and changed it to P company, canceled G company. I don't know why G company put that much money on it.... still don't understand. I suggest you research more.. And good luck! __________________ BusyWeb
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03-28-2009, 03:42 AM	#9
alanmcorcoran Senior Member Join Date: Jul 2008 Location: Anaheim, CA Posts: 2,926	Re: Update on Insurance Thanks for tip Busy. I hate shopping around for stuff but in this case, it's worth the trouble. __________________ [hr:5yt6ldkq][/hr:5yt6ldkq] http://alanmarkcorcoran.com Motorcycles, Music, Musings and More…
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03-28-2009, 11:37 AM	#10
Phil Junior Member Join Date: Nov 2008 Location: Port St. Lucie, Florida Posts: 8	Re: Update on Insurance I pay $125/yr. from Depositors' (a division of Nationwide). and that INCLUDES collision. They offer a discount for completed MSF course (which I understand you don't believe in) and an additional discount if you are a member of the American Motrocylist Association. I'm probably older than you too, so maybe that helps reduce the premium too. I also got a quote from the "p" company and this one was 1/3 the cost. You might want to check them out.
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