$500 for insurance: How should I break it down? - Kawasaki Versys Forum
 
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post #1 of 9 (permalink) Old 07-12-2008, 08:06 PM Thread Starter
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$500 for insurance: How should I break it down?

Hey Everyone,

Thanks 4 being so informative with my last insurance post. Would u all please help me a step further. I averaged everyone's response & I came up with a $500 a year average we're all paying 4 insurance. How should I brake this down. How much 4 collision, bodily injury, uninsured property. I plan on going with Progressive they said the least I could insure 4 was $200 but I want 2 play it safe. Thanks
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post #2 of 9 (permalink) Old 07-14-2008, 10:28 AM
 
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Originally Posted by fortbethel View Post
Hey Everyone,

Thanks 4 being so informative with my last insurance post. Would u all please help me a step further. I averaged everyone's response & I came up with a $500 a year average we're all paying 4 insurance. How should I brake this down. How much 4 collision, bodily injury, uninsured property. I plan on going with Progressive they said the least I could insure 4 was $200 but I want 2 play it safe. Thanks

I followed your first thread, and I'm in the process of pricing out insurance, myself.

Long story short, my insurance agent quoted me $1600+ (!!!) per year from progressive. I went to the Progressive website myself (bypassing the middle cog) and ended up with a quote of $553/year.

The difference:

1. I categorized the bike as "Dual Purpose". If you categorize it as "Sport" or "Street" you'll get "Screwed". (Progressive doesn't have the Versys in their database yet, which is probably a good thing.)

2. I declined the "Medical Payments" insurance. My health care plan will pay for that. That's a huge chunk, too.


Final config:

BI: $100/300k
Property: $50k
Supp. Uninsured: $100/300k
Pedestrian: $50k
Medical: None
Economic Loss: $25k
Rental: None
Trailer: None
Comprehensive: $500 deductible
Collision: $500 deductible
Roadside assist: yes
Farkle: $1000
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post #3 of 9 (permalink) Old 07-14-2008, 03:23 PM Thread Starter
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Wiseblood, thanks 4 your input. I need all the help I can get. I now see I wasn't alone in the initial 1 grand plus offering from Prog. Yea, I've also heard that there's a BIG diff between the insur price of a duel sport & street. Thanks again
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post #4 of 9 (permalink) Old 07-14-2008, 03:31 PM
 
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Originally Posted by fortbethel View Post
Wiseblood, thanks 4 your input. I need all the help I can get. I now see I wasn't alone in the initial 1 grand plus offering from Prog. Yea, I've also heard that there's a BIG diff between the insur price of a duel sport & street. Thanks again
Let me add yet another wrinkle to your plans: I'm told that even though I'm able to manually choose "Dual Purpose" on Progressive's web site (and thus lower it from $1600 to $500), when the policy gets to underwriting they're gonna cancel it or re-price it.

FWIW, Geico's website has the Versys, and I was just quoted over $2k!
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post #5 of 9 (permalink) Old 07-14-2008, 03:50 PM Thread Starter
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Wiseblood: Thanks again. I'm only getting a bike 4 economical reasons & this info is imp. Don't get me wrong I may just fall in love with rideing. Everyone says I will but I won't b getting a bike until I get EVERYTHING understood & feel it's economical. Do u think that by early 2009 the companys will catagorize the Versys in a specific catagory? I pray it's duel sport cuz over a grand just won't work out 4 me.
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post #6 of 9 (permalink) Old 07-14-2008, 03:58 PM
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I just paid 550.00 for pretty much the same coverage as Wiseblood. Before I supplied them (Progressive) with the actual VIN #, I was quoted 202.00. The Versys was not in their database so I think they consider it a sportbike and there's the extra hit. I am 54 years old by the way and that makes a difference.
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post #7 of 9 (permalink) Old 07-15-2008, 08:41 AM
 
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I just got an online quote from Progressive for $557/year for the Versys. Sounds like we're all in the same ball-park.
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post #8 of 9 (permalink) Old 07-15-2008, 04:32 PM
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Hey all,
I just thought that I would throw this into the melting pot. I am insured through State Farm Insurance and pay no more than $40.00 per month for full-coverage. That includes un-insured/under-insured motorists covereage up to 20,000 vehicle and 100,000 medical. I could have paid $15.00 per month without the unins/underins coverage but figured it was worth it for the extra $.
Factors that help in reducing your insurance rate are as follows:
1) Insure with the same company that you have all of your other autos/home with. They typically will combine and reduce your rate dramatically.
2) Age. Under 23 or 25 years of age with some companies increases your rate dramatically.
3) If you are married. List the spouse that will give you a better rate as the primary driver regardless of wether or not they will even be riding the bike. The insurance company can't tell wether they do or not.
4) Of course this is common sense but avoid traffic tickets of any nature.

In my experience in the past, Progressive has been the most expensive and outrageously priced for the least amount of coverage. Basically, I do not advocate them in any way whatsoever, but this is just my experience, not everyones.

Oh, by the way, I'm 23 years old, married, and have two autos and a house insured with State Farm if this helps for comparison reasons. So essentially, if you are older than I am you may be able to get a drastic reduction in price.

Last edited by scaryfast777; 07-15-2008 at 04:34 PM.
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post #9 of 9 (permalink) Old 07-16-2008, 03:29 PM
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I have essentially the same coverage as that listed by Wiseblood, brand new rider (just passed the class and bought the bike in the last two weeks), two speeding tickets on my license, married, 42, and I'm paying $359 a year through Progressive.

One extra bit of info, as I was chatting with the Progressive agent while waiting at the dealership, location is factored into the price. Colorado is definitely cheaper than Southern California, which is where the agent was located. Maybe that is influencing some of these prices?

Also, this was after my Farmer's agent, that I have multiple cars/house/life insurance policies with played the switch game and his quoted price went from $350 to $650 when I actually tried to activate the insurance! I see myself switching companies soon...

Last edited by Steves308; 07-16-2008 at 03:32 PM.
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