Need advice very fast about insurace.

[mudnuri]

This is the way I look at running anything other than full coverage. John had an 89 'vette that we owned outright. In 1997, after leaving the hospital after I had given birth to our 2nd daughter...he was in a serious accident. He hit a guardrail with the right front- bounced off, hit a retaining wall with left front- spun around, and ended up hitting all 4 corners of the car.....estimate came in at $14000 to fix....ended up being just under $20000 to fix... full coverage insurance on that car from april 1st to october 31st was $1500 I hated paying that for insurance, when all I "had" to have was liability- maybe 300 a year!...HOWEVER could i have paid to put that car back together? YEAH SURE!....not likely!....

His busa- he paid cash for, and is not required to run anything other than liability in our state...I called our agent, and put insurance on the bike the day he picked it up- through progressive...$1500 (right near there)....full coverage, comp/collission/fire/theft/liability etc.... he hates that payment and he called 5 other agents to get quotes....
Agent: Whats the bike
John: 2004 gsx1300r
Agent: Hayabusa?
John: Yup
Agent: We dont insure those

geico on line was 2800 a year- only his bike....

He's 37 homeowner- 2 points on his license...MSF course etc. etc. etc.

Bottom line is- If I can afford to replace the car/truck/bike without it hurting my bank account- It'll have full coverage!

If you cant afford the insurance, you can't afford to fix/replace the bike- which means- you'll be SOL should you dump or total the bike...

Imagine wrecking your bike, and having to CONTINUE to make those monthly payments on something you CANT drive, because you cant afford to fix it..or worse yet, it's totalled!

Brandy

 

[Charlesbusa]

Zip code has a lot to do with the cost of comp. If you're zip code is a bad one, try to use a friends address or a family members.

 

[Rongotti]

Actually I have been going through this same thing. I get back from Vegas on mon and my wife (as of the 12th

) and I are going straight to state farm. When I called geico the quote was $5,000 + then i get my %10 discount for the class
she said that $4,000 of it was collision NOT COMPREHENSIVE. My advice is get just comprehensive, in Fl no liability on motorcycles is required. but then again neither are helmets for Christ's sake, so I am not saying because it is allowed makes it a good law but you do have some choices. I am 26 and going through what you are but with about $3,800 a month of spending money on this I am going to get full coverage even if it was $12,000 a year. Go with what you can afford man, please dont end up in a horrible predicament so early in your life. Good things come to those who wait!!!

 

[gcal]

i got a busa and only have liabilty and let me be the first to say i think about wrecking the busa every time i get on it, what if, what if what if, and i think about not having full coverage all the time and i finally came to the conclusion that its not worth the trouble. if i cant get full coverage then im selling the busa and getting something smaller or a dirt bike and screw the 350 a month insurance payment i rather not ride
if you can only get liabilty step back from the deal and do it another day on another bike
if they approved you for a bike today they will do it another time also.
good luck

 

[Krieg]

i got a busa and only have liabilty and let me be the first to say i think about wrecking the busa every time i get on it, what if, what if what if, and i think about not  having full coverage all the time and i finally came to the conclusion that  its not worth the trouble. if i cant get full coverage then im selling the busa and getting something smaller or a dirt bike and screw the 350 a month insurance payment i rather not ride
if you can only get liabilty step back from the deal and do it another day on another bike
if they approved you for a bike today they will do it another time also.
good luck

Very good advice. I myself would again add the thought that one better understand they will be in a lawsuit if they injure someone in a crash irregardless of who's fault it is and with the cost of medical treatment these days they will be in a hole for it for years.

Have you tried State Farm?



<!--EDIT|Krieg
Reason for Edit: None given...|1086788573 -->

 

[-=TWITCH=-]

Wow thanks for the ADVICE guys I canceled the deal. It was very hard to do but I did it. I think Im going to try and get a 600. And then in several years try again for the busa. Thanks for all the help. I don’t want you guys to think Im another NEWB wanting the fastest bike in the world yada yada. Im not I want the bike for so many other reasons than its speed. I really do thank everyone who gave me advice and did not criticize me for wanting a busa at my age. Thanks again!


Chris R


Chris R



<!--EDIT|-=TWITCH=-
Reason for Edit: None given...|1086789429 -->

 

[MET]

Good Deal Chris. Glad you got it worked out. Look at a 600 & 750 (good deals). I suggest you get insurance
quotes on every bik you are going to look at before had.

 

[Krieg]

Wow thanks for the ADVICE guys I canceled the deal. It was very hard to do but I did it. I think Im going to try and get a 600. And then in several years try again for the busa. Thanks for all the help. I don’t want you guys to think Im another NEWB wanting the fastest bike in the world yada yada. Im not I want the bike for so many other reasons than its speed.  I really do thank everyone who gave me advice and did not criticize me for wanting a busa at my age. Thanks again!


Chris R


Chris R

I will say you made the right decision and I commend you for it. I know it is a bitch to wait but you have made a sound decision that will allow you to move up to a Busa in a few years rather than risking everything and maybe losing everything at this early stage of your life. Get the 600 and ride a few years and that will help you out when you do move up to the Busa. Remember that the riding is what counts not the bike. Hayden will outride any of us on any bike he rides.

 

[Krieg]

Good Deal Chris.  Glad you got it worked out.  Look at a 600 & 750 (good deals).  I suggest you get insurance
quotes on every bik you are going to look at before had.

Excelent advice N.E.

 

[#cruncherbusa]

20 years old, how much riding experience and WHY a busa?

This is what I wanted to ask?

 

[Dr Geekenstein]

Not to hi-jack this thread, but wanted to offer my take on insurance for the 'Busa.

Here in TX, rates are extremely high on certain models, eg..Hayabusa for sure. I got quotes from all over prior to my purchase. I am in my 40's and have an almost perfect driving record. I got quotes ranging from $2500 to $4000 per year with a $1000 deductible ! There was no way I was going to pay those kind of rates, if it came down to it I would have called off the 'Busa buy.

Somewhere I heard that if you get financing from Suzuki, you wouldn't have to pay full coverage. I could not believe that, but went to the dealer and asked him, he say's "Yes, it's true" So I call Progressive, ask for a quote for liability only, and they tell me $106 a year.

So I go back to life as usual, pondering my purchase with no full coverage insurance. It takes me about an hour to make the call. Here were the choices I had to make.

Hypothetical situation
Pay full coverage, let's say the rate would have been $3000 per year. I spill the bike at 11 months into the first year, and there is $4000 damage, I pay $1000 and added to that, the insurance premium I have been paying all year ($3000). I come out even on that one.
Let's make the damage a little lower....say $2000 damage. Pay the $1000 deductible, and the $3000 ins premium, and I lose $2000 on that deal.

So here I am, with a 2003 40th 'Busa, carrying Liability only. Still hasn't been dropped, (knockin' hard on wood !!)have ridden 8500 miles in the last year. (I am a weekend warrior only, twisties and hi-speed sweepers are all I ride, weekends only). I have saved at least $3000 so far, call that money in the bank for repairs. Let's say I make it another year without wrecking it, that will get me $6000 in the bank for repairs. And we go on to 3 years, and I have saved almost enough to buy another 'Busa brand new.

And if I total it tomorrow, of course I would pay off the loan. My credit rating is worth it. If I die on it when I total it, my life insurance will pay it off easily.

(Off Rant) Just my nickels worth !!

 

[Krieg]

Not to hi-jack this thread, but wanted to offer my take on insurance for the 'Busa.

Here in TX, rates are extremely high on certain models, eg..Hayabusa for sure. I got quotes from all over prior to my purchase. I am in my 40's and have an almost perfect driving record. I got quotes ranging from $2500 to $4000 per year with a $1000 deductible ! There was no way I was going to pay those kind of rates, if it came down to it I would have called off the 'Busa buy.

Somewhere I heard that if you get financing from Suzuki, you wouldn't have to pay full coverage. I could not believe that, but went to the dealer and asked him, he say's "Yes, it's true" So I call Progressive, ask for a quote for liability only, and they tell me $106 a year.

So I go back to life as usual, pondering my purchase with no full coverage insurance. It takes me about an hour to make the call. Here were the choices I had to make.

Hypothetical situation
Pay full coverage, let's say the rate would have been $3000 per year. I spill the bike at 11 months into the first year, and there is $4000 damage, I pay $1000 and added to that, the insurance premium I have been paying all year ($3000). I come out even on that one.
Let's make the damage a little lower....say $2000 damage. Pay the $1000 deductible, and the $3000 ins premium, and I lose $2000 on that deal.

So here I am, with a 2003 40th 'Busa, carrying Liability only. Still hasn't been dropped, (knockin' hard on wood !!)have ridden 8500 miles in the last year. (I am a weekend warrior only, twisties and hi-speed sweepers are all I ride, weekends only). I have saved at least $3000 so far, call that money in the bank for repairs. Let's say I make it another year without wrecking it, that will get me $6000 in the bank for repairs. And we go on to 3 years, and I have saved almost enough to buy another 'Busa brand new.

And if I total it tomorrow, of course I would pay off the loan. My credit rating is worth it. If I die on it when I total it, my life insurance will pay it off easily.

(Off Rant) Just my nickels worth !!

Sound reasoning behind your decision. It is totally different from the origional post though in that you are not a 20 year old just starting out that may not be as financially secure as you are. It all comes down to risk and your ability to accept that risk.

Insurance is the biggest racket going and anyone that does not realise this is being foolish. Insurance companies are nothing more than glorified high stakes gamblers that are placing bets, in the form of a premium, on everyones misfortune. They have the financial backing to loose these bets a portion of the time and call it the cost of doing business.

With that said, the question is do you have the financial backing to place the bet? Are you willing to loose 100% of your property and a good portion of your future income through garnished wages, in the event you "accidentially" hit a car and kill someone or run over a pedestrian in a crosswalk? If you are great, more power to you but I for one am not and would never advise a 20 year old to take such a risk. Life is hard enough without that sort of misery.

Finally, at the risk of being thought of as a prick, I will also say that obviously not everyone has the ability to cover the bets they make. We all hate the premiums we pay right? Why do you suppose our premiums ARE so high? The cost of our premiums is a direct result of the loss insurance companies take on insuring the Hayabusa. Insurance companies play to win.



<!--EDIT|Krieg
Reason for Edit: None given...|1086804921 -->

 

[zukracer]

If you are active or former military (or have parents that were/are) you can check with USAA. I have my busa insured with them, full coverage ~900/yr.

for comparison, I'm 30yrs old, had my gsxr1100, gsxr600 & ninja 250r insured with them at one time and also have my truck and house with them. I've also had insurance with them all my life under parents policy and my own policy since I was 18. NO points, no tickets. I did take the MSF course but they dont offer discounts for that. I've heard others say that USAA would not insure them, but when I called to add the busa, it was as simple as "vin #, model, year, color and type of use".

 

[Dr Geekenstein]

I agree, my post isn't relevant to this threads subject. Just wanted to share my reasoning re: full coverage insurance vs liability only. (And I did apologize for the thread hi-jacking :-)

But, in response to your question about financial responsibility in event of me causing damage or death to someone else, that is what Liability insurance covers, there would be no burden on me since Progressive covers my actions against someone else.

I know that it was a gamble, and still is each time I ride, but that is part of the reason I am not a squid and don't want to be either ! I hope to post here next year on approx this same date so I can tell all that I am still winning the bet !

Peace

Steve

 

[Krieg]

[/quote]But, in response to your question about financial responsibility in event of me causing damage or death to someone else, that is what Liability insurance covers, there would be no burden on me since Progressive covers my actions against someone else.

Steve[/quote]


Again, I hear you and think you have thought it out and are willing to accept the risk. I also wish you good luck and hope you continue to do well and enjoy the ride.

While you are right in that your liability policy may shield you from a small portion of personal liability caused by your actions it does not "eliminate your burden". Liability covers you up to the limit of your liability and then YOU are directly responsible for any remaining cost. Now a 40 year old with a house and a couple cars may be able to sell everything he owns and get a portion of the remaining debt paid but a standard 20 year old is not going to be able to.



<!--EDIT|Krieg
Reason for Edit: None given...|1086805856 -->

 

[phatjoe]

If you are active or former military (or have parents that were/are) you can check with USAA.  I have my busa insured with them, full coverage ~900/yr.  

for comparison, I'm 30yrs old, had my gsxr1100, gsxr600 & ninja 250r insured with them at one time and also have my truck and house with them.  I've also had insurance with them all my life under parents policy and my own policy since I was 18.  NO points, no tickets.  I did take the MSF course but they dont offer discounts for that.  I've heard others say that USAA would not insure them, but when I called to add the busa, it was as simple as "vin #, model, year, color and type of use".

yepp im on active duty and usaa is the shiznit i went from 392 a month with progressive to 43 bucks full coverage i also live in the sticks of GA which makes a difference also

 

[ndufan]

how do you get in touch with usaa?

 

[EdC]

I'm with State Farm, 57 years old and have a claen driving record. Full coverage costs me just under $500 per year with $500 deductibles on collision and comprehensive.

My son is 22, had no prior riding experience but has a clean record, and pays $560 for liability and $500 deductible comprehensive on his 2003 R-6 with State Farm. Collision would cost him about $700 more per year but neither bike is financed so we don't have to have it.

Progressive wanted $1,200 to insure me on the Busa with NO collision coverage!

Ed