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High Insurance Rates?

12K views 47 replies 34 participants last post by  Kyle E 
#1 ·
I'm getting ready to renew my insurance through Progressive on my 2016 650LT, but I was shocked when I added it to my policy last time. The rates were twice what I was paying for my Vulcan 1600. I'm wondering if they consider the Versys as a sport bike?

Any collective wisdom on insurance companies appreciated.
 
#2 ·
I believe they do....When i brought my 09 Versys from Texas where i was paying about $300.00 a year full coverage. To Cali they wanted almost $1300.00 a year for full coverage....:surprise::surprise: Actually got the Versys 1000 insured for just over $1000.00 a year
 
#3 ·
Yes, I'm sure they consider it a sport bike.......when I switched from the Vulcan 1500 to the Versys the insurance was considerably higher. When I questioned my agent (Allstate) he said it was because the Versys was newer (worth more money) and was considered a "sport bike". A higher risk rate according to him.
 
#8 ·
For me, I got a quote from Geico and they were higher for the same coverage.

I know they all look at driving records and accidents, which I've had none for at least 15 years.

I wondering if any others have found insurance companies that don't lump the Versys into the same high risk as sports bikes. Kawasaki lists the Versys as a touring bike.
 
#6 · (Edited)
I was under the impression insurance rates are much, much cheaper in the US. I pay ~$650/yr for comprehensive for comparison with a perfect driving record. On another forum people were reporting paying as little as $100/yr to insure a motorcycle in the US.

As a point of comparison in Canada if you are younger or have a driving history with a past suspended license from say a DUI you can pay upwards of $4-5K/year. It is illegal to drive without insurance here with a $2000 fine and impounded vehicle. There is also a difference in coverage. For starters there is a law that you must carry at a minimum, $1 million liability, also with comprehensive it includes aux. health care insurance that covers things like prescriptions, physiotherapy, home nursing, etc., for you and passengers and loss of income from your job if you can't work.
 
#10 ·
i bought my 16-650 a month ago. i'm old and have a perfect driving record and, most importantly, a high credit rating. i have collision and comp, with liability and roadside assistance, along with accessory coverage to 3g"s. my deducts are $500 each. if i have no claims, they will disappear.
my premium is $181 per year, paid in advance, lump sum. took some negotiating. progressive.
 
#11 ·
Identical Coverage / Different Country



When I had my 07, I paid $900 a year, a identical bike with identical everything, in a smaller city South ( 100 KM) of me $450, the difference was the area I lived in, had a Harley dealer and every other make of bike sold in what is referred to as the Twin Cities, so a much higher crash rate and stolen bikes, etc.
 
#29 ·
I dont know where you live in Ontario ... here in Simcoe for a 2016 I pay 927.00 full coverage, $500 ded, 2 mill liability ..... in Ontario its based on driving record and location. I have been licensed for 43 yrs and never had a ticket or a claim ... what I was told was it is my location and due to the fact we are close to Pt Dover where the rate of motorcycle accidents is crazy, I pay the penalty .... now if everybody would just stay home, my rates would go down. .... hell, I dont ever ride down there , to scary for me.
 
#18 ·
2 bikes, cruiser and V with wife having a crash last year on the cruiser - annual policy renewal in Phoenix $407 for the V with progressive, most coverage and $500 comp deduct, $1,000 collision deduct. We're in our 50s. Moved to this area of PHX 4 years ago, rate went up $100 a bike because of theft, collisions, uninsured, close to a major roadway etc in this ZIP.

FWIW, when the wife crashed Progressive was 100% excellent to deal with, no BS, no hassle, and they offered more than I thought the bike was worth retail plus let me keep it (salvage title, of course). No complaints.
 
#19 ·
I pay $266 per year for full coverage with Progressive for my '16 650LT. I'm not sure off the top of my head what my deductibles are. That's the only thing I have with Progressive, everything else is with a different company. I went with Progressive for the bike because they beat my regular company by a large margin. I believe pricing is based on your driving history, where you live, age, and many other factors.
 
#20 ·
I just bought a policy with Progressive on line, seemed less than what I was paying with Farm Bureau. I realized that I had forgotten something when I Received the Hard copy of my policy. I have tried several times to call Progressive and talk with them. So far I have spent long times on hold being told that I am important and they know that I want to talk to a real person not a recording. I haven't made it thru to a real person yet. I don't know about this
 
#22 ·
I've had to spend 5-10 min on hold when calling in but I always ended up getting a person on the other end and taken care of. You should be able to login online and make changes too. If you haven't logged in online before, you will probably have to register for an account which was pretty easy. You just need your policy number or drivers license number and a few other bits of info.
 
#21 ·
Every time I have swapped bikes in my stable I have had to shop around for new insurance. I have been with most of them at one time or another. I see no logic in what they charge for insurance. One time I swapped out a bike, and one of the remaining bikes cost went up.

I am currently with Dairyland Insurance. I have never made a claim. multiple bike discount, Advanced MSF discount, Locked garage, and locked gate. No reported to the insurance company tickets. credit score in the 800s. masters degree, high earner, over 50. For the exact same coverage I have seen rates vary by triple from lowest to highest. The problem is we all pay for the losses we see on all those youtube videos of squids crashing.
 
#23 ·
Yeah, I learned this ugly truth last year...



I bought a 2016 650 LT, added it to my insurance, and was appalled to find out that the insurance bill for the 650 was almost the same as my ZX14R (granted, Percy is a 2008, but still able to smoke just about anything on 2 or 4 wheels.) I'm baffled at how a 185HP ICBM with turn signals costs the same as a meek, mild 650 Versys.

:frown2:
 
#24 ·
Keep in mind: Comparisons of insurance premiums across state lines are fairly useless, and "full coverage" is an essentially meaningless term within the industry. The best source of insurance knowledge is your state's insurance commissioner (or similar office; the title varies) and the personal injury attorneys in your state who deal with insurance claims and coverages day in and day out.
 
#25 ·
I have my autos with American Family, and my motorcycle (currently a Vulcan 900) with Progressive. I actually just compared prices a couple weeks ago, and was surprised at what I found. I currently pay $172 / year with Progressive on my Vulcan, while AF is $88 for the exact same coverage. I hope to get a Versys 650 soon, and Progressive wants $403, while AF is $142. Needless to say, I'm going to switch when my Progressive policy comes due in May.
 
#31 ·
Probably useless info for you - but for reference.

I live in Denmark and I pay DKR 6000,-/year (USD equivalent 855,-)

Thats full coverage including getting the bike stolen (for some reason theft cost extra in DK)
 
#32 ·
I guess there are some benefits to being old and boring. I have my bikes with Progressive but nothing else. My regular insurance agent actually recommended them since they are so cheap.

I had my DR790 insured for $100k liability, comprehensive at a $250 deductible and no collision. Just added my new to me 2014 Versys 650 with the same coverages. My yearly premium jumped from $75 to a ridiculous $124.:grin2:
 
#33 ·
...I had my DR790 insured for $100k liability, comprehensive at a $250 deductible and no collision. Just added my new to me 2014 Versys 650 with the same coverages. My yearly premium jumped from $75 to a ridiculous $124.:grin2:
FWIW - I put 'collision' onto the insurance when I got my '09 650 back here in Canuckistan, and GLAD I did, when I low-sided on the Dempster Hwy, ending up w/ an insurance "write-off" when I got back home (June 2015), giving me $5,000 towards the new '15 650LT (about $9K plus tax, as I remember).

Certainly worked-out for ME....

:thumb: - :thumb: - :D
 
#34 ·
I've thought about adding collision but just self insure instead. Never had an at fault accident but I know I'm rolling the dice.

I have a higher chance of hitting a tractor than low siding where I live anyway.

On the other hand, my house is insured through the roof. If it catches fire the ashes will be cold before the trucks get here.
 
#36 ·
I did go on line and tried to make some changes. It showed that I had made some changes but it did not show up on the policy when I got it. I went to a local agent and was told that because I had bought it on line he could not make any changes. I believe that I will let the policy run out and then go back to what I had!
 
#37 ·
Sounds like rates are all over the place. The quote I got today for full coverage, including gear, on my new 2016 Versys 650 LT is $165 per year, through State Farm. I also have the house and cars insured with them, so I'm getting all the various discounts. I'm also too old for crotch rockets, but too young to be a danger to everyone around me, so I guess that helps a bit :grin2:
 
#38 ·
I know comparing insurance rates isn't an apples to apples deal but I recently had Progressive quote me a rate for a new 2016 LT and they came back with a total of $470/year. I thought that was high. Currently they insure my 2012 Ninja 650 for $241/year. I told them that it was essentially the same bike and the only justification the agent could make is that the claims and crash rates must be higher on the Versys.

I'm going to shop around for a better rate. I live in the Boston area so rates are higher than average but I don't think that a 2016 Versys should be almost double a 2012 Ninja 650.
 
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