Yamaha R6 Forum: YZF-R6 Forums banner

1 - 20 of 27 Posts

·
Registered
Joined
·
7,662 Posts
Discussion Starter · #1 ·
Is it just me....am I the only one that just doesn't understand this whole "sportbike" insurance SCAM??

I mean, I have a '99 Jeep, huge lift, tires, all that. I have full coverage on it, and it is $500/6months, or $1000/year.

I get liability for the bike, it is $130 year....if I want to add theft insurance it jumps me to $820/year!!?? Full coverage is $2300????? Damn, that means I should only have to pay for insurance for like 2.5 years...by then, I will have paid them enough to buy a new bike, considering the resale value in 2.5 years..... :roll:

Sounds to me that I pay 3 times the amount for the bike, yet the Jeep costs 3 times more and will do far more than 3 times the damage when I hit something. I just don't get it! :wtf

I pay $200/year for renters insurance that covers $35,000! So, for my odds to work, I would rather my place burn down, my Jeep be in the garage and burn with it...but GOD PLEASE...GET THE $8K BIKE OUT OF THERE!!!!!

Insurance is such a HUGE scam... :hump there should be a law against it. All it is is a form of legal gambling...only MY property is what they are playing with. Sorry, just pisses me off... :cuss

**stepping down from the soap box**

Sorry, just got off the phone with my agent....can you tell??
 

·
Registered
Joined
·
4,156 Posts
Well, Hi-diddly-ho to you too! But I too must agree with you. Its all a scam run by the mob. its extortion and loan sharking. but its also got alot to do with uninsured drivers (both cages and bikes) causing accidents and then getting sued in this sue happy culture. Think about it. How many things happen in your house or apt that you are going to get sued for? replacement value on dwellings is far less than people seek in emotion distress, physical discomfort and treble damages.

I would check with your renters insurance to see if they would cover the theft of your bike as opposed to insurance covering it. cuz thats all I'll be carrying is theft. **** the rest of it. if I crash, its gonna be on a track (which they won't cover anyways) or someone elses fault (*knocks on wood*). Besides, for me to get full coverage with my driving record would be too expensive even with $1g deductible, so its pay insurance all that money and then lay it down and cover the first $1g of repairs or not pay $1800 a year and put that towards repairs should I fall. besides, I got medical and crap thru work, don't need medical thru insurance.
 

·
Registered
Joined
·
222 Posts
Yup, collison is a beyotch aint it?

Basically the insurance company is telling you that they are 50% certain that you will total your bike in the next 2.5 years. Sure, your cage will do more damage, but the likelyhood of an incident happening at all is much lower. If you argue with them, I'm sure they will pull out statistic after statistic to support their rates. Doesn't that make you feel all warm and fuzzy?

Its a case of the wreckless few ruining it for the rest of us. the companies are there to make money... if they could charge less and pay out less, I'm sure that they would. But if they charged less, more bikes would just get out on the road and get wrecked. They can change their rates, but they can't change the behavior of those that they indemnify.

Insurance is all about distributing risk. the inherant problem with it is that you don't get to decide who you are distributing the risk with, so motorcyclists who ride responsibly always get shafted in the end, which is exactly why I carry comprehensive and throw the other 1000 bucks a year into the bank to help out if I go down by my own hand.

good luck... hope you find a rate that works for you.
 

·
Registered
Joined
·
7,662 Posts
Discussion Starter · #4 ·
oh I know...I am fully aware of how it all works, and how the rates are figured. Certain things about it still just floor me.

That 17 year old high school girl taht daddy just bought the new mustang for...can run into everything out there and her insurance is less than what I pay for something that is 1/3 the cost of her car, and when I do hit something, it is going to be 1/3 the damage...yet I pay 3 times the premium. I know, I know...it is all risk, which in my terms is gambling...

I was just frustrated as I had JUST hung up the phone with my agent, who is a GREAT agent, BTW, but it was a shock that theft insurance is $700/year...just for theft insurance! unreal.

I will have to check with my other agent and see if the "renters/homeowners" policy will cover a stolen bike if that should happen ;)
 

·
looking for more curves
Joined
·
1,883 Posts
The wife and I just got back from the insurance agent, we got one sweet @ss deal.

1994 S10 LS - Full & 2003 Lancer ls - Full both has 500 deductibles for just under $900 a year... With progressive same cars but the S10 had nothing (comp nor collision) and the Lancer was full w/ $1G deductible was almost $1900 for SIX MONTHS!!!

The 2004 R6:
State Farm: full coverage about $550 a year
Progressive: only comp 900+, comp+coll = near $2000!

Insurace, Chris Rock said it best... "It should be called 'In case $hit.' and if $hit don't happen, your should get your money back!"

There will be no insurance reform laws because the insurance companies purchase huge amount of Federal Bonds each year. If the laws go against the I.C.'s they will stop buying the bonds, which then the Fed's no longer have the that $. I am sure that you see the pattern here. It really all boils down to politics, and a whole lot of BS!!!

Depending on the state that you live in, the insurace BS changes... I think in Florida you do not need to have any... Someone else can carilfy that.
 

·
Registered
Joined
·
97 Posts
Ok nothing beats this, progressive is the best!

Background: Male, 22, turning 23 soon. No accidents or tickets.

To insure my s2000 = 1400/6 months (insane price huh) full coverage
To insure my r6 = 2400/6 months (wow awesome price) full coverage
To insure my r6 = 300/6 months liability only

These are just totally insane prices, Im going to have to do some insurance shopping this weekend.
 

·
Registered
Joined
·
97 Posts
Yah I'm gonna try state farm, heard from alot of people on this site that they were cheap for bikes. My friend has farmers and his is really cheap also, but I will NEVER buy insurance from farmers again.
 

·
Registered
Joined
·
712 Posts
Bro, definately switch over to state farm...my insurance is only six something and my buddy had a wreck in his truck and his insurance is only like eight something....i got a quote from progressive for full coverage and they quoted me 2468/year...hell no! :cuss
 

·
looking for more curves
Joined
·
1,883 Posts
The only catch with state farm is you need to have a car or truck with them too. They will not give motorcycle coverage only; at least that's the agent told me, but there auto insurace is mad cheap so i got that too.
 

·
looking for more curves
Joined
·
1,883 Posts
Progressive was :hump the wife and I on our 2003 Lancer (Full) and 94 S10 (just what is required, no comp/collision)...
 

·
Registered
Joined
·
20 Posts
Hey guys, I'm new to the fourm. I'm looking at buying my R6 this weekend!! I spent this week shoping for insurance and wanted to spread the great news on a company I found.

First let me give you other quotes in my area (full coverage):
American Family Insurance -> $1400/year
Progressive -> $1533/year
Auto Insurance America -> $4900/year

Now here's the GOOD news...I found this place through a co-worker:
Country Insurance -> $333/year - FULL Coverage with a $250 deductable.

Everyone should look into this company and at least get a quote!
www.countryfinancial.com
 

·
5/8/10 - NES BBQ V
Joined
·
3,208 Posts
yoda said:
Is it just me....am I the only one that just doesn't understand this whole "sportbike" insurance SCAM??

I mean, I have a '99 Jeep, huge lift, tires, all that. I have full coverage on it, and it is $500/6months, or $1000/year.

I get liability for the bike, it is $130 year....if I want to add theft insurance it jumps me to $820/year!!?? Full coverage is $2300????? Damn, that means I should only have to pay for insurance for like 2.5 years...by then, I will have paid them enough to buy a new bike, considering the resale value in 2.5 years..... :roll:

Sounds to me that I pay 3 times the amount for the bike, yet the Jeep costs 3 times more and will do far more than 3 times the damage when I hit something. I just don't get it! :wtf

I pay $200/year for renters insurance that covers $35,000! So, for my odds to work, I would rather my place burn down, my Jeep be in the garage and burn with it...but GOD PLEASE...GET THE $8K BIKE OUT OF THERE!!!!!

Insurance is such a HUGE scam... :hump there should be a law against it. All it is is a form of legal gambling...only MY property is what they are playing with. Sorry, just pisses me off... :cuss

**stepping down from the soap box**

Sorry, just got off the phone with my agent....can you tell??
Jason, did you hear the quote i got because i live in the city of brotherly love??

11,600/year I laughed and hung up. I pay $582/year with it in my buddies name. Muti-car, house, and business insurance. So needless to say, I'm keeping it in his name until otherwise specified.
 

·
Something Clever
Joined
·
1,272 Posts
Get off your soap box and take your shit to State Farm. You will have to transfer you truck as well to get the multi-line. The truck may be a little more, but the bike will be a lot less. I only pay $24 a month ($288 a year) for full coverage on the 6. That's the whole 100/300 split thing. Granted I have to pay $121 for an '01 Camry, but I think it's worth it.
 

·
Registered
Joined
·
583 Posts
penfold said:
but its also got alot to do with uninsured drivers (both cages and bikes) causing accidents and then getting sued in this sue happy culture.
No, that's what the insurance company wants you to believe, if there wasn't a sinlge lawsiut your rate might be $5 cheaper, just like the oil companies, the corporate lobbyists own Washington, how bout if you've been late on a few payment on your credit card, watch how high they can jack up the interest now, you might as well get money from a local loan-shark these days, he got competitive rates in today's climate...
 

·
Registered
Joined
·
95 Posts
My insurance company (hannigans) wanted 4000 per year no medical. State Farm 1200 w/ medical per year, and i have a impaired driving......BS .04 wtf
 

·
Registered
Joined
·
127 Posts
drhodes said:
The only catch with state farm is you need to have a car or truck with them too. They will not give motorcycle coverage only; at least that's the agent told me, but there auto insurace is mad cheap so i got that too.
No, that is not true. I am a first time bike owner and just got my license. I got my bike just 2 months ago and I am 30. I do not have any insurance through State Farm except for my bike insurance. I'm only paying $44/month with full coverage and $250 deductible. I'd say that is sweet!! Your agent is just trying to get more commission out of you but making you get car and/or truck insurance. See another agent.
 

·
I got the blue one!
Joined
·
180 Posts
Well with all the wrecks people have been getting into in the past several years its no wonder insurance isn't higher. More and more new riders are buying powerful bikes and wreckin them in the first few weeks claiming them on their insurance. So its a higher risk then a cage with a new driver. But then again it could just be a conspriacy.
 
1 - 20 of 27 Posts
Top