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Discussion Starter #1
I got bored and for giggles I went to progressive and found out how much it would cost me for insurance on a 2009 R1 (not really getting one).

21 year old male, MSF, endorsement, no violations, $500 deducts and everything else minimum required:


$11,591.00
Pay monthly: Downpayment of $1,931.85
11 payments of $996.20

Thats barely less than the MSRP of the bike itself, I guess they don't have much faith in me, they must assume the bike is going to be completely destroyed. This blows my mind :mrgreen: Perhaps it was when I put that it was going to be used to transport me to school daily that did me in.
 

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Red is Faster
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hey, if it wasn't for you young guy's paying such high premiums us old farts would have to pay more. ;) & (insert sarcastic smilie)

have some more fun, ask them to recommend what type of machine would have resonable rates given your qualifications. that ought to be a hoot.
 

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I'm your Huckleberry
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Progressive was best for me with my ZX-14. But one of the other companies was much the same as you found...they basically told me I was going to wreck the thing :rolleyes:

11,000 miles later, she still doesn't have a scratch on her!
 

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i dont understand some companies...i get great rates with state farm, which is why i went with them. i checked out the big three from TV (Geico, Esurance, and Progressive) and they were all between 1800-3000 a year. insane considering where i live, how old i am, and my driving record. even called my car insurance company (USAA) to see what they could do, and they go through progressive for bikes and it was the same quote i got online. went to a local agent and same thing...horrible rates.

good thing state farm goes by engine size and not that its a supersport. but jeez...im 29! you figure id get a little bit of a break as im not in the 18-25 bracket! LOL
 

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i dont understand some companies...i get great rates with state farm, which is why i went with them. i checked out the big three from TV (Geico, Esurance, and Progressive) and they were all between 1800-3000 a year. insane considering where i live, how old i am, and my driving record. even called my car insurance company (USAA) to see what they could do, and they go through progressive for bikes and it was the same quote i got online. went to a local agent and same thing...horrible rates.

good thing state farm goes by engine size and not that its a supersport. but jeez...im 29! you figure id get a little bit of a break as im not in the 18-25 bracket! LOL
thats more than all my insurances put together!!!
 

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If you think that's bad, don't try to buy health insurance when your 55 years old! Same sticker shock.

And, of course, that's how insurance works.
 

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Rolling with the big dogs
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If you think that's bad, don't try to buy health insurance when your 55 years old! Same sticker shock.

And, of course, that's how insurance works.
Wonder if the health insurance would be even higher if they discovered you're a 55 year old with a motorcycle :biggrin:
 

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Loud Pipes Keep Me Awake
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A buddy of mine has car insurance through Progressive, and he is unhappy. Seems they tie your premium to your credit rating, and when he and his wife purchased a bed on one of those "one year same as cash" deals Progressive jacked his rate about 50%.:mad:
 

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i'm not suprised it was such a high quote for you to own an R1.

the premiums are linked to so many things though (or at least there are here):

age of rider
number years riding
age of bike
insurance bracket of bike (based on power and ease of which you'll lose control & crash ... coupled with the desireability of the bike for theives)
location of residence (inner city [Big city or small city?], suburb, rural.... and then relative crime/crash statistics for that area)
location of bike storage (parked on the street, on a driveway, in a garage etc.)
any additional security (locks/alarms/immobilisers)
fequency of use
estimated annual mileage

etc.etc.

I think it's good that the insurance is so high for a 21 year old on an '09 R1.
Severe lack of experience is probably the main reason, coupled with crash statistics etc.


Mind you, one insurer wanted £40,000 to insure me on my 2004 CBR600RR and i'm 25.
My current insurer put the RR and my Custom onto the same policy for £450 a year.
Half what i was paying for just the Custom the first year i had it.
 

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A buddy of mine has car insurance through Progressive, and he is unhappy. Seems they tie your premium to your credit rating, and when he and his wife purchased a bed on one of those "one year same as cash" deals Progressive jacked his rate about 50%.:mad:
I'll have to keep an eye on that. Our bike insurance is thru progressive. We just purchased a new bed 1 year same as cash.

We have full coverage on the bikes, its 600 a year each, 1200 total.
 

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Estancia Meritage
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I have progressive. Ins. on my 06 vulcan 900 classic is $90 a year.
Of course I'm 52 and a perfect driving record and I live rural.

Lucky...
 

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Union Strong
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A buddy of mine has car insurance through Progressive, and he is unhappy. Seems they tie your premium to your credit rating, and when he and his wife purchased a bed on one of those "one year same as cash" deals Progressive jacked his rate about 50%.:mad:
That's not just Progressive, all insurance rates are tied to Credit. Just another way for them to gouge you.:mrgreen:
 

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TV Guru
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11,779 Posts
A buddy of mine has car insurance through Progressive, and he is unhappy. Seems they tie your premium to your credit rating, and when he and his wife purchased a bed on one of those "one year same as cash" deals Progressive jacked his rate about 50%.:mad:
That's not just Progressive, all insurance rates are tied to Credit. Just another way for them to gouge you.:mrgreen:
Yep. Every insurer does that.

You could have a perfect driving record, but if your credit sucks, you aren't going to get the best rate.

I don't agree with it since it's essentially a "pay as you go" type service, meaning they can cancel your policy if you don't pay. It's not like cell phone service where they often give you free or discounted hardware up front, or, for that matter, a credit card, where you can potentially run up a bunch of charges, then default.
 

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'06 V2K, Baby!
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My wife works in insurance. It's amazing how many of the super-bikes are wrecked in the first year. The younger the rider, the earlier the crash.

I had her run prices for me once, just for fun. Most of the superbikes were scheduled so that your first year premium just rebought the bike.

Concerning credit rating: Statistically, the lower the credit rating, the more likely you'll have an accident. Credit rating can be viewed, to a point, as a measurement of lifestyle and that ties rather nicely to how likely you'll have an accident.

Insurance companies are full of statistics geeks.
 

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Man... geico just quoted me at $100 for the year. I'm 22. Granted, that's for a KZ750...

That probably makes a bit of a difference.
 

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Concerning credit rating: Statistically, the lower the credit rating, the more likely you'll have an accident. Credit rating can be viewed, to a point, as a measurement of lifestyle and that ties rather nicely to how likely you'll have an accident.
I don't buy that at all.

I know plenty of people with great credit that have terrible driving records and plenty that have poor credit ratings that have excellent records. The reason? Those people that have good credit often don't care about their vehicles as much. They buy something, then dump it 3 years later for something new. It's just transportation. Those with poor credit can't afford to buy new stuff often and depend on keeping their vehicle in good shape.

Now, I can understand using credit rating as a way of setting the initial rate when you first start a policy with an insurer, but once you've established a driving record with them, that should be the determination of your rate.

Just because someone has a run of bad financial luck for a while, doesn't mean their driving is going to suddenly go to crap.
 

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By the way, it should be pointed out that you shouldn't make inquiries too often when you aren't actually genuinely shopping around.

The reason is, inquiries show up on your credit report. Too many can hurt your credit score. That's why you should always tell companies like Capital One that send those "pre-approved" card offers to stop doing it.

Of course, it seems like everything we do now days hurts your credit.

- It used to be that having large amounts of unused credit was a sign of trouble since you could really get yourself in deep with it. Now, that's a good thing, within reason, of course.

- It used to be that paying bank loans off was the best way to earn a high credit score. Now, it's mostly about consumer credit.

- It used to be that paying your entire balance off each month was a good thing. Now, if you don't don't carry a balance now and then, the credit card companies rate you lower since you don't make them any money in interest. Of course, if you carry a balance and make even one late payment, you're screwed for at least a year.

- It used to be that making one late payment on one card was only an issue for that card. Now, all the cards check up how you're doing with every other card and adjust their rate higher if they see you were late with another one.
 
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