Insane Insurance Prices - Suzuki GSX-R Motorcycle Forums Gixxer.com

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post #1 of 31 (permalink) Old 06-01-2019, 11:41 PM Thread Starter
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Insane Insurance Prices

Was at a dealership the other day eyeballing my dream bike, the new 2019 R1 in red. Told the guys there I was just tire kicking looking at the R1 but they wrote me up an out the door price anyway. Curiously I got an online insurance quote from Progressive which I have now and full coverage was over 11,000 a year. The bike's MSRP is 16,500. I have absolutely no tickets, accidents, or anything. Been on the road since I was 15, taken an approved course etc. For my K6 1K full coverage was about 4,500 which is ridiculous and almost as much as I paid for the bike. Was just wondering what you guys are paying for insurance. I don't even see how they can charge that much. It's basically extortion. Way to kill my dreams of buying a brand new bike.

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post #2 of 31 (permalink) Old 06-02-2019, 12:04 AM
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Re: Insane Insurance Prices

I'm paying $15 a month for liability on my 04 1000. 35 years old and I think I have a speeding ticket on my record right now too. I save a few bucks because I've had my bike license since 16 and I've owned this bike since I was 20, but the savings aren't that significant. Full coverage is where they get you.


I'm comfortable taking my own risks at this point, the insurance company doesn't think this mint condition 04 model is worth anything anyway.
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post #3 of 31 (permalink) Old 06-02-2019, 12:07 AM
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Re: Insane Insurance Prices

$170 a year for liability, $340 a year for liability+comprehensive, $600 for full coverage per year for an 06.
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post #4 of 31 (permalink) Old 06-02-2019, 01:05 AM
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Re: Insane Insurance Prices

I pay $552 per year for full coverage on my K6. In my experience, progressive has always been very expenses. Probably explains all the money they can spend on those awful commercials.
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post #5 of 31 (permalink) Old 06-02-2019, 11:15 AM
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Re: Insane Insurance Prices

If full coverage is required for your lender then you are out of gas if you don’t have cash. But my lender for the gsxr1000 (synchrony bank Suzuki) doesn’t and I only have comprehensive (fire, theft, flood, vandalism) for my L7 and paid for 17 R6 and it is $700 per year. But if I wanted to add collision it would quadruple the price.
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post #6 of 31 (permalink) Old 06-02-2019, 08:16 PM Thread Starter
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Re: Insane Insurance Prices

Yea I didn't get full coverage for my 06. Got comprehensive without collision but even that was 1k a year. I got a bunch of quotes from different places and Progressive was the cheapest for me even back when I had my 250. I guess being young just sucks lol.
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post #7 of 31 (permalink) Old 06-03-2019, 02:04 AM
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Re: Insane Insurance Prices

$3780 for comprehensive.
absolute rip off for me down here....
our liability is built into our $600 a year registration fee we pay.
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post #8 of 31 (permalink) Old 06-03-2019, 04:01 AM
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Re: Insane Insurance Prices

Quote:
Originally Posted by Jacob54s View Post
Was at a dealership the other day eyeballing my dream bike, the new 2019 R1 in red. Told the guys there I was just tire kicking looking at the R1 but they wrote me up an out the door price anyway. Curiously I got an online insurance quote from Progressive which I have now and full coverage was over 11,000 a year. The bike's MSRP is 16,500. I have absolutely no tickets, accidents, or anything. Been on the road since I was 15, taken an approved course etc. For my K6 1K full coverage was about 4,500 which is ridiculous and almost as much as I paid for the bike. Was just wondering what you guys are paying for insurance. I don't even see how they can charge that much. It's basically extortion. Way to kill my dreams of buying a brand new bike.
That's crazy, in the UK where insurance is typically very high I'm paying £300/year fully comp (that's about $400).

Is your bike garaged? In the UK they don't like super sports bikes without a garage or ground anchor setup.
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post #9 of 31 (permalink) Old 06-03-2019, 07:34 AM
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Re: Insane Insurance Prices

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Originally Posted by Jacob54s View Post
Was at a dealership the other day eyeballing my dream bike, the new 2019 R1 in red. Told the guys there I was just tire kicking looking at the R1 but they wrote me up an out the door price anyway. Curiously I got an online insurance quote from Progressive which I have now and full coverage was over 11,000 a year. The bike's MSRP is 16,500. I have absolutely no tickets, accidents, or anything. Been on the road since I was 15, taken an approved course etc. For my K6 1K full coverage was about 4,500 which is ridiculous and almost as much as I paid for the bike. Was just wondering what you guys are paying for insurance. I don't even see how they can charge that much. It's basically extortion. Way to kill my dreams of buying a brand new bike.
If you finance through the yamaha credit union thing they do not require full coverage. Call them and ask if you don't believe me. I did this for my L7 Gixxer 1k as the quote I got was ~8k/yr as well. Then just get liability on your own or maybe comprehensive if you're terrified of it being stolen. Collision is just a scam unless you are 35 or older.
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post #10 of 31 (permalink) Old 06-03-2019, 08:28 AM
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Re: Insane Insurance Prices

Go through a private insurance agent. Progressive wants to insure a bunch of people in mid-life crisis who buy Honda Shadows and never ride them. If you've been riding a while, the riding experience without a claim is the biggest indicator to them of what kind of risk you are. As a home owner, I was paying $250 something a year for full coverage on an L3 1000 and that was with 250k/500k and a $500 deductible.
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post #11 of 31 (permalink) Old 06-03-2019, 06:53 PM Thread Starter
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Re: Insane Insurance Prices

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Originally Posted by Joe3530 View Post
If you finance through the yamaha credit union thing they do not require full coverage. Call them and ask if you don't believe me. I did this for my L7 Gixxer 1k as the quote I got was ~8k/yr as well. Then just get liability on your own or maybe comprehensive if you're terrified of it being stolen. Collision is just a scam unless you are 35 or older.
Right on, thanks for the info. @TheGeek I will get a quote in person if I do it. @springfall2008 yes I have an alarmed garage but they don't even ask where the bike is stored other than zip.
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Last edited by Jacob54s; 06-03-2019 at 07:01 PM.
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post #12 of 31 (permalink) Old 06-03-2019, 07:11 PM
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Re: Insane Insurance Prices

Damn, I may be paying through the nose for gas in this multinational tax paradise, but even with 0 claim free years, I never paid more than €1500 for full coverage
Even now, I pay only €732 and this includes full damages, legal council, roadside assist, gear, passenger, €2500 extra options covered and 0 deductable
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post #13 of 31 (permalink) Old 06-05-2019, 08:27 AM
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Re: Insane Insurance Prices

Quote:
Originally Posted by Jacob54s View Post
Right on, thanks for the info. @TheGeek I will get a quote in person if I do it. @springfall2008 yes I have an alarmed garage but they don't even ask where the bike is stored other than zip.
Do not, not get full coverage! If you crash and total that bike, the bank will still expect you to pay it off. Even if you bought it outright, you're still out all of that cash. And a bike can be stolen at anytime, anywhere. That's not paranoia. If the insurance is that sky high and you can't find it cheaper, you don't buy the bike. Plain and simple. I have seen many people get fucked for only having liability over the many years I've been riding. You need to protect the money you spend.

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post #14 of 31 (permalink) Old 06-05-2019, 10:12 AM
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Re: Insane Insurance Prices

I've gotten some ridiculous quotes over the years including some in the $10k a year range. Never had a good quote from Progressive. Try checking around as many companies as you can find as companies seem to be all over the place from year to year IME. Get a their website quote and then call them to see if they can bring the costs down from the web quote (with the same coverage). Not sure why, probably some companies offer employee perks for policy sales and they will do the extra work to get you some discounts. I just changed to AAA. Figured they would give me some crazy quote but I thought I'd give it a try just for shits and giggles and turns out they gave me the best rates I could find.
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post #15 of 31 (permalink) Old 06-05-2019, 12:13 PM
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Re: Insane Insurance Prices

Quote:
Originally Posted by Joe3530 View Post
If you finance through the yamaha credit union thing they do not require full coverage. Call them and ask if you don't believe me. I did this for my L7 Gixxer 1k as the quote I got was ~8k/yr as well. Then just get liability on your own or maybe comprehensive if you're terrified of it being stolen. Collision is just a scam unless you are 35 or older.
Not really. You still owe the bank their money, whether the bike is dead or not.
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post #16 of 31 (permalink) Old 06-05-2019, 09:44 PM Thread Starter
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Re: Insane Insurance Prices

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Originally Posted by Ironhead401 View Post
Do not, not get full coverage! If you crash and total that bike, the bank will still expect you to pay it off. Even if you bought it outright, you're still out all of that cash. And a bike can be stolen at anytime, anywhere. That's not paranoia. If the insurance is that sky high and you can't find it cheaper, you don't buy the bike. Plain and simple. I have seen many people get fucked for only having liability over the many years I've been riding. You need to protect the money you spend.
I know I'd still have to pay for it. I'm not that stupid lol. I'd get comp for sure and I have comp on my current bike. Its the collision coverage that brings it from high but payable to bend over. My coverage on my current bike covers everything except collision. With collision coverage I'd be paying over 4k a year. On a 5,000 dollar bike if I destroy it myself then shame on me. A 20k dollar risk I wouldn't want to take. If I couldn't find a decent price including collision I wouldn't buy it.

I don't know if it's gonna be better, but I know it's gonna be different.
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post #17 of 31 (permalink) Old 06-05-2019, 11:34 PM
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Re: Insane Insurance Prices

46 year old male in Ohio. Married, homeowner, no tickets for the last 9 years.

The annual rate you see here for the L8 will get cut in half in July when my policy renews. Insurance actuaries count on bikes like ours not making it through the first year of ownership without being written off. You can see from the other bikes, rates fall dramatically as they get older. The ZX-7R, in 2001, was a top of the food chain superbike.
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post #18 of 31 (permalink) Old 06-06-2019, 07:33 AM
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Re: Insane Insurance Prices

$40.67 per year for liability only with Progressive for K6 GSXR600 (thru USAA). No tickets, 54 yrs old, 2 bikes insured.

We applied your payment on your motorcycle policy xxxxxxxxxxxxx
Confirmation Number : xxxxxxxxxxx
Payment Amount : $40.67
Payment Date : 03/19/2019
Payment Method : Card

BTW, In WA state, insurance is not required for motorcycles. Not even liability.

Last edited by racetronics; 06-06-2019 at 07:37 AM.
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post #19 of 31 (permalink) Old 06-06-2019, 12:42 PM Thread Starter
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Re: Insane Insurance Prices

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Originally Posted by racetronics View Post
$40.67 per year for liability only with Progressive for K6 GSXR600 (thru USAA). No tickets, 54 yrs old, 2 bikes insured.

We applied your payment on your motorcycle policy xxxxxxxxxxxxx
Confirmation Number : xxxxxxxxxxx
Payment Amount : $40.67
Payment Date : 03/19/2019
Payment Method : Card

BTW, In WA state, insurance is not required for motorcycles. Not even liability.
That's kinda cool they don't require it. I'm 18 so I doubt I'm gonna be getting these awesome rates anytime soon lol.
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post #20 of 31 (permalink) Old 06-07-2019, 09:39 AM
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Re: Insane Insurance Prices

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Originally Posted by Jacob54s View Post
That's kinda cool they don't require it. I'm 18 so I doubt I'm gonna be getting these awesome rates anytime soon lol.
It's not cool they don't require it. Who's going to pay when you crash your bike into my car? Or me on my pushbike? If you want to play with others on public roads, protect yourself and others.
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Last edited by proze; 06-08-2019 at 03:09 AM.
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