Insurance Cost - Finance vs. Owned - Page 2 - Kawasaki Ninja 300 Forum
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post #11 of 19 (permalink) Old 11-10-2016, 11:48 AM
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I pay $385 per year to insure my CBR600RR. Full coverage. But I have 9 bikes on 3 policies with Progressive. And I'm old ha ha!! I have my Aprilia Tuono covered for under $200 per year.
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post #12 of 19 (permalink) Old 11-10-2016, 08:58 PM
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Yes. Progressive makes you open a 2nd policy for more than 4 bikes, and apparently a 3rd for more than 8 bikes. I've owned 5 at one time but that's my record. I think they make more money that way because with each new policy, the first bike on that policy is much more than adding a 2nd, 3rd, or 4th to it. That $385 sounds really good for full coverage. Probably is helped a lot with a good riding record and age. Their actuaries have the risk all figured out and if they guess wrong...they just up your policy costs very quickly. Still, it seems like young people have to pay way too much for motorcycle insurance from the stories I keep hearing.

One anecdote. I bought a service contract with my GSX-r1000 3 years ago. It was $1500, but that included all the routine maintenance including valve checks which alone would cost $700 or so. I asked the service manager if they made money doing that...and he whispered that most people who buy these bikes crash them and don't get to use the full 3 years of service.
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post #13 of 19 (permalink) Old 11-11-2016, 06:17 AM
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Service contracts are a waste of money.
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post #14 of 19 (permalink) Old 11-11-2016, 01:38 PM
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I've had two service contracts and did not get my money's worth because I traded the bikes early. It was some peace of mind and I love to wander around and look at bikes while they do the maintenance. Where I had mine, you could even watch them work which was useful, but still your statement is valid and I wouldn't buy a service contract again. One factor though was that I included the service contract in the negotiation for the bikes I bought. They prefer to make the motorcycle sale, then send you around to different departments...insurance, extended warranty, parts and gear...for all the add-on costs, but it helps to know if you want something other than the motorcycle and include that in the negotiation. I know they also sell insurance and extended warranties. I have never tried to negotiate for either of those, but since they make a profit on those sales, there is no reason they wouldn't negotiate the out the door price that included those items too, just like they do with gear that's included in the initial deal. Regarding insurance offered by the dealerships, I really haven't compared that coverage or cost, but I don't hear of many people buying that through the dealer, so I don't know how that compares to say Progressive.
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post #15 of 19 (permalink) Old 11-11-2016, 03:06 PM
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Originally Posted by dkw12002 View Post
Yes. Progressive makes you open a 2nd policy for more than 4 bikes, and apparently a 3rd for more than 8 bikes. I've owned 5 at one time but that's my record. I think they make more money that way because with each new policy, the first bike on that policy is much more than adding a 2nd, 3rd, or 4th to it. That $385 sounds really good for full coverage. Probably is helped a lot with a good riding record and age. Their actuaries have the risk all figured out and if they guess wrong...they just up your policy costs very quickly. Still, it seems like young people have to pay way too much for motorcycle insurance from the stories I keep hearing.

One anecdote. I bought a service contract with my GSX-r1000 3 years ago. It was $1500, but that included all the routine maintenance including valve checks which alone would cost $700 or so. I asked the service manager if they made money doing that...and he whispered that most people who buy these bikes crash them and don't get to use the full 3 years of service.

My high school friend owned a Kawasaki, Honda dealership here in town. He put the crash percentage at 50% of new sport bikes that he sold. But I have lost a few airplane buddies over the years also.
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post #16 of 19 (permalink) Old 11-11-2016, 03:08 PM
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When I added a cruiser to a policy that had sport bikes the cost actually dropped ha ha. I paid less for more bikes.
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post #17 of 19 (permalink) Old 11-11-2016, 03:09 PM
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Quote:
Originally Posted by dkw12002 View Post
Yes. Progressive makes you open a 2nd policy for more than 4 bikes, and apparently a 3rd for more than 8 bikes. I've owned 5 at one time but that's my record. I think they make more money that way because with each new policy, the first bike on that policy is much more than adding a 2nd, 3rd, or 4th to it. That $385 sounds really good for full coverage. Probably is helped a lot with a good riding record and age. Their actuaries have the risk all figured out and if they guess wrong...they just up your policy costs very quickly. Still, it seems like young people have to pay way too much for motorcycle insurance from the stories I keep hearing.

One anecdote. I bought a service contract with my GSX-r1000 3 years ago. It was $1500, but that included all the routine maintenance including valve checks which alone would cost $700 or so. I asked the service manager if they made money doing that...and he whispered that most people who buy these bikes crash them and don't get to use the full 3 years of service.

And don't buy a Panagala ready for a big service. Try $2500.
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post #18 of 19 (permalink) Old 11-16-2016, 02:47 AM
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Garage
Got mine used paid cash. Carry the bare minimum liability coverage. In lieu of theft insurance I have a 12mm kryptonite chain and lock. And an Abus disc lock. Also installed Scorpio sr I900r with pager alert

2014 Ninja 300 - Bridgestone, Woodcraft, Yoshimura, TST, Sato Racing, Speedmetal, Hotbodies, Motul, Scorpio, and Arai.

Motorcycling since 1980
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post #19 of 19 (permalink) Old 11-21-2016, 05:55 PM Thread Starter
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The responses are valuable to me, so thank you everyone for your input
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