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Go Back   FZ1OA Message Board > FZ1 & Fazer Owners Association > Purchasing, Insurance, & Warranty

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Old 11-04-2010, 02:58 PM   #81
BLAQHAWK
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Quote:
Originally Posted by PrairieParson View Post
Since I used to sell vehicle insurance, I thought I would add a little info to help you understand rates. There are all kinds of factors that go into the price of the vehicle insurance besides your driving record and the kind of bike, although those are certainly important factors. Add these to your consideration. Keep in mind, not all companies use the same underwritting criteria.

Your credit score will affect your rate. Bad Credit will mean more $$$
If you are a homeowner and where you live. You might be one block from the county line and if you lived on the other side of the line would be lower but you don't $$$$
IF you live in a higher crime location=$$$
If you have a garage to store it in. Less likely to be stolen/damaged in the garage.
Your occupation and/or your level of education.
Whether you are a government employee. Geico rates Govt. employees better, as they do military with advanced ranks.
If you are married or over 25. 50+ usually gets a very low rate.
They will even rate based on how likely that particular model might be stolen. R1 or Hyabusa is going to pay!!!
It also helps if you have more than one policy with a company. Usually gets a discount, but not cheaper. I love State Farm for my home and car. They are great and their rates unbeatable but they obviously did not want my MC insurance business.

The bottom line is shop/shop/shop.

Also inquire about higher liability rates. In some cases, doubling or even quadruppling coverage might only cost a few bucks more.

Finally state insurance regulations and competition are also factors. Just don't get mad at the agent. He doesn't set the rates. Actuaries set the rates and they do some VERY wierd stuff some times. Good Luck!!!!

Very informative, thanks!
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Old 12-20-2010, 02:13 PM   #82
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wow, you guys were scaring me with some of the numbers you are tossing around.

i ran a quick quote on progressive and with
100/300/50 on body/property and 50/100 for unisured, 500 deductible it came back at

$337 per year.
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Old 01-24-2011, 02:57 PM   #83
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'04 FZ1 w/ Liberty Mutual

Just got a quote for $44.08/mo. from Liberty Mutual, so $528.96/yr. I'm 47, married, there was no question about my riding experience (odd ...), and we insure both cars ('07 Prius and '05 Pacifica) and our house with LM.

I don't know how this compares with what other folks in AZ are paying ... anyone?

As it doesn't seem to be terribly out of line -- like the $1200.00/yr.+ quotes earlier in the thread -- I'm figuring on taking it for 6 months and then shopping around again.

***Update***

Dropped the roadside assistance (have AAA already) and bumped the deductible to $1K. Premium down to $33.00/mo. I'll live with that.

Last edited by fz_chandler_az; 01-24-2011 at 08:35 PM.
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Old 02-05-2011, 09:03 AM   #84
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if you are over fifty join aarp and get the ins. from there vendor Foremost Ins. I have an 08 fz1 and an 09 r1 full coverage. I mean to the max they allow and I pay $1050 for a year it was even less when I had the B-King instead of the R-1. I thought it was odd that the R-1 raised the ins almost $400 a year I guess it is the plastics because the B-King was just a naked Hayabusa and way more intense to ride.
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Old 02-13-2011, 09:14 PM   #85
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my 03 fz1 with max,full coverage was 225 give or take a few dollars a year, im single and 44,1 point on license . american modern select
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Old 02-13-2011, 10:03 PM   #86
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I can't believe how bad some of you guys are taking the shaft for insurance. The value of your bike goes down a bunch EVERY YEAR and if your insurance doesn't decrease --- you are getting screwed.
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Old 03-25-2011, 09:24 PM   #87
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The only way shopping for insurance every year is a bad idea is if your credit has tanked, or your driving reccord has tanked. (IE: you got a ticket, or you went bankrupt.)

Credit is a consideration, as is driving reccord.
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Old 06-30-2011, 04:57 AM   #88
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I just picked up a new, factory leftover '09 FZ1 last weekend. The largest hurdle for my upgrade was insurance.
26 Married Male w MSF course.

I had a '11 Ninja 250r with liability only with GEICO and it was $222 a year with state minimums. I was thinking, not bad. Then I looked into full coverage and it was around $850 I believe, might have been more. Looking into getting a different bike the super sports were astronomically expensive for insurance, or so I thought. 06 GSX-R600 with GEICO (full coverage state minimums) was $1800 year with $250 deductibles. I went to the dealer and was looking at the FZ8 and he mentioned that they just got in the FZ1. Sitting on them and then reading up on them I decided they could be a possibility. Talked to them about my insurance woes (too much with more power) and they recommended Riders insurance, who now does more than just New Jersey. [Indiana, Maryland, New Jersey, Ohio, Pennsylvania and West Virginia] www.rider.com. He mentioned how he had them and most people at the dealership did as well.

I looked into it, first with the Ninja. Liability only $77/yr. Full coverage 100-300-50 with $100 and $250 deductibles $187. Needless to say I switched; but before I did I compared some more motorcycles, specifically the FZ8 and FZ1. 2011 FZ8 on GEICO with 100-300-50 with the 100/250 deductibles $3675/yr, the 2009 FZ1 same coverages $3900/yr. Riders with the same coverages $287/yr.

Needless to say, my experience has been quite well with them.

If you live in the areas they cover, they seem to be the best out there.
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Old 06-30-2011, 06:04 AM   #89
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At my last crash I found out that the Dairyland bling insurance is only covered for 20 cents on the dollar. So, if you pay $1000 for something they give you $200 for it crashed. This totally sicked and screwed me out of a bunch O money when they totaled my bike.
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Old 06-30-2011, 08:12 AM   #90
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At my last crash I found out that the Dairyland bling insurance is only covered for 20 cents on the dollar. So, if you pay $1000 for something they give you $200 for it crashed. This totally sicked and screwed me out of a bunch O money when they totaled my bike.
State Farm did not do that when I totaled my first '06. They paid the full price for the lower fairings.
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Old 06-30-2011, 08:46 AM   #91
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State Farm did not do that when I totaled my first '06. They paid the full price for the lower fairings.
I know --- it's crap too. Dairyland use to pay full price and without any notification they dropped it. This is the 3rd bike I've totaled with them (I can't believe they still insure me) but it's still crap. My bike had a $2800 paint job and I got around $500 for it. Actually, that is the only thing that pulled the deal out of the toilet since I painted it myself.

I also removed my one piece leathers and stood on the side of the road half naked so they wouldn't cut the suit off me. It was scratched up in the back but not torn. I tried to get them to give me something for appearance and they didn't give me a dime. So --- they aren't what they used to be --- fer sure.
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Old 06-30-2011, 10:51 PM   #92
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Most of your Mutual companies will pay out more than the private, or stock companies. (Owned by the policy holders v/s being owned by shareholders.)

Simple fact of life. Companies make money, they are not a charity.
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As an Independent Claims Adjuster, I offer free consultations for claims, and insurance questions.

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Old 07-28-2011, 12:21 PM   #93
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Squid jokes aside, is there anything out there that is more to insure than a gixxer?

I'm a 5-year Dairlyland policy holder, 100\300\50 limits with 500 deduct. I've been paying around $430\yr on my '03 Gen 1, but they want $1,130 if I sell the Fizzy and buy a used GSXR600 to replace it...

Are they making a blanket assumption that a transaction like that causes a loss of brain cells? It's not like the change would make me 20-something again, is it?
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Old 08-03-2011, 12:15 PM   #94
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Data drives prices.

Data that clearly shows riders with larger CC bikes crash more, and that Gixxers crash even more on top of that.

High performace bikes tend to attract high performance risk takers.

Insurance companies hate high risk takers, and charge for that risk, because it's all about the numbers folks.
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Gone, but not forgotten: Shift Red 06 with all the fun free/cheap mods done. Down to just one car, soldering on with a 2001 S8, AKA Ronin-mobile in silver with black leather, could be worse I suppose...
As an Independent Claims Adjuster, I offer free consultations for claims, and insurance questions.

http://www.adjusteridaho.com
Check out my blog.
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Old 08-03-2011, 02:42 PM   #95
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Adjuster - I know you're right; knew it wouldn't be cheaper before I made the call. But I must admit I was surprised about a 600 being 3X the current cost for my FZ1000, especially with me being a current customer with a proven, clean record.

In reality, the whole exercise was an attempt to get some data for a friend's 20 yr-old son who wants a GSXR600 as his second bike (his first was a Chinese-crap 200cc dual sport). He seemed to think it was just his insurer trying to gouge him.

Showing him what picking a GSXR would do to my insurance as a 50+ yr old (homeowner, clean record, 20+ years experience, 7 yrs with my insurance co., etc.) helped him understand somewhat that he's just picking a bike that the underwriters consider to be statistical trouble.

Ten minutes on the gixxer forum would have told him the same thing!
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Old 08-07-2011, 05:52 PM   #96
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Another factor is competition.

Most companies want to insure 40 year old guys with a house, two or three cars, a boat etc.

So they will "lower" their rates on the bike to get it bundled into the whole package, and while they might lose some on the rate, they make it up on the volume. (This happens with SUV's and Trucks big time!)

There are few 600 GSXR's being bought by 40 year old guys.

So, no incentive to discount the rates on that bike. (Go buy a HD Sportster, and they are dirt cheap to insure, but kill many 40 year old men, perhaps more than do the 600 GSXR's killing 20 year olds.)

Want dirt cheap insurance?

Buy an enduro bike of moderate displacement, and enjoy the cheap coverage, great egonomics, and with the right tires/brakes, good handling/performance around town. (IE: Supermoto like the DRZ 400SM.)

Why is it cheaper to insure a 1800cc Goldwing, than a CBR1000RR?

Not based on displacement, that's for sure, or even price of the bike, as the wing is not cheap to buy, or get parts for by any means.

One of the sickest fatal losses I worked with Progressive was a 43 year old Dr. who had less than 70 miles on his 1600cc Valkyrie Rune.. Flat 6 with tons of tourqe, and amazing accleration in any gear.
http://p2m.mbike.com/000/001/431/90217051.jpg

His yearly policy for full coverage was 470.00 per. (This was 2003, IIRC.) He put it down at high speed, with 68.8 miles on the odometer. Killed himself in the process. I figure from the scene investigation, that he must have whacked the throttle mid corner, and broke the rear tire loose, and that put him into a culvert.

No helmet, nobody around to argue with me on the value of the total loss...
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Gone, but not forgotten: Shift Red 06 with all the fun free/cheap mods done. Down to just one car, soldering on with a 2001 S8, AKA Ronin-mobile in silver with black leather, could be worse I suppose...
As an Independent Claims Adjuster, I offer free consultations for claims, and insurance questions.

http://www.adjusteridaho.com
Check out my blog.
http://www.adjusteridaho.com/blog.html

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Old 08-07-2011, 08:37 PM   #97
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Originally Posted by Bobadillo View Post
Squid jokes aside, is there anything out there that is more to insure than a gixxer?

I'm a 5-year Dairlyland policy holder, 100\300\50 limits with 500 deduct. I've been paying around $430\yr on my '03 Gen 1, but they want $1,130 if I sell the Fizzy and buy a used GSXR600 to replace it...

Are they making a blanket assumption that a transaction like that causes a loss of brain cells? It's not like the change would make me 20-something again, is it?
$430 per year for 5 years = $2150. You'd be lucky to get that for the bike. Just sayin.............
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Old 08-12-2011, 09:03 AM   #98
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Hopefully someone out there can answer this. When you're shopping around for motorcycle (or car) insurance quotes, are you obligated report past claims/violations/accidents when asked? Obviously they will use it to adjust the premium, but I'm wondering whether they can use it against you in the future (say, if there's a claim dispute), if you don't tell them.
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Old 09-14-2011, 04:10 PM   #99
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Hopefully someone out there can answer this. When you're shopping around for motorcycle (or car) insurance quotes, are you obligated report past claims/violations/accidents when asked? Obviously they will use it to adjust the premium, but I'm wondering whether they can use it against you in the future (say, if there's a claim dispute), if you don't tell them.
Awesome question!

Here's the reality. The policy says they could deny coverage, but the reality is I have never seen a claim denied over simple misrep when purchasing the policy. I have seen customers charged back for the rate change, from the start of the policy, or addition of the vehicle in question, and then paid the claim.

I have only had denials for misrep on obvious fraud claims, where we suspected the vehicle never even existed, the "owner" had a title, and put multiple policies from many companies. (8 that we knew of, perhaps it was more.) Anyway, there is a 30 day waiting period for theft losses, so during that 30 days after the reported "theft" of the vehicle, we discovered via ISO that the VIN had multiple claims. (Thus why most large companies participate in ISO reporting, and can pull reports on you at will, checking your history, and most automatically pull the report upon your report of a claim, or if you are involved in a claim.)

So, back on topic. Let's say you tell them you have zero tickets, accidents, are 10 years older than you are, have excellent credit and a fake SS number and ID to prove it. It's their job to figure that out. You could be 25, not 35, single not married, have terrible credit, not the 700 reported with the SS number you have, and just lost your license for the 8th ticket, but if they don't have that info, you are still going to have lower rates.

BUT, get into a loss, and you risk having your little scam blow up in your face, have no coverage, and end up paying out of pocket for the loss yourself. (No big deal right.... Only medical bills are really expensive, and car repairs? A bumper, trunk and lamp repair can exceed 2k easy. Wipe out the side of a vehicle, and 5k to 8k is reality. Hard front end hit with bags deployed? 15k easy. If the vehicle is worth 25k, and you total it, you owe 25k... )

I personaly don't think tickets, accidents and stuff like that are a big deal. Nobody I've seen will deny you over stuff like that, but fake ID? It's very possible, and usually there is other fraud involved, not just reporting of tickets and accidents. (It's the companies job to run a background check on you, and trust me, they have good ways of doing it.)
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Gone, but not forgotten: Shift Red 06 with all the fun free/cheap mods done. Down to just one car, soldering on with a 2001 S8, AKA Ronin-mobile in silver with black leather, could be worse I suppose...
As an Independent Claims Adjuster, I offer free consultations for claims, and insurance questions.

http://www.adjusteridaho.com
Check out my blog.
http://www.adjusteridaho.com/blog.html

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Old 09-14-2011, 05:33 PM   #100
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Thanks Greg for the great answer! Yeah, no scam here. I just moved to another state (NJ to KY, way cheaper!) and was shopping around because it always seems that the cheapest insurer depends on what state I'm in. I have a speeding ticket, a claim, and a couple non-moving violations in the last 5 years but didn't feel like digging through my files to get the exact dates they were asking for, so I just said none. Their report turned up a couple of the incidents, but not all, and I just wanted to make sure it wasn't going to bite me later. Thanks.
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