So today I was talking with a friend of mine who is looking to purchase his first bike, he has looked at the Ninja 300, CBR250R and now the CBR500R. I do not completely agree that the 500R is the perfect starting bike, however I'm just happy he's not jumping on a 600. I myself have looked at the 500s and thought about upgrading from my 250R, which I've loved dearly. While looking at them I had the thought of just looking for fun at how much a new 600rr would cost me, after calculating the cost of it I was quite astonished, it would only add about $40 onto my monthly payments, or about $500 a year, definitely doable!

At this point I started to get excited, I looked at all the available colors, video reviews, etc... I'm sure you've all been through the process! The last step in my process was however to check the insurance costs. I checked Progressive first because I have my current policy there and got a good rate, and even though at age 18 I've NEVER gotten a speeding ticket, and actually I've never even been pulled over, and the only accident I've been in wasn't my fault and was just a parking lot fender bender...they wanted $2,000+ for one year of coverage!! That's MORE than Honda wants for me to buy the bike from them!! Next I checked Geico who the last time around had quoted me $3,000+ for a year of coverage on my 250R...So I went in expecting an absurd amount and sure enough, I got a quote of over $3,000!

Unfortunately State Farm, Nationwide, and all the other insurance agencies don't have online motorcycle quotes so I'll have to check in person but this is absurd!! I guess I'll be stuck on my 250R for awhile longer since I simply cannot afford that insurance.

On a side note, I did re-evaluate my quote for my 250R, which dropped from about $750 a year with an agent ($850 online) down to $320 a year online, so I guess I'll see my agent when it's time to renew and save some money there.

 

Yeah, insurance can be a real bitch. In BC here, we have 'crown corporation' insurance (basically the government owns the main insurance company - all the DMV and stuff is done thru them too) which hammers young drivers/riders. Every year of safe driving (no claims) you gain a 5% discount (to a maximum of 43%). Still, for a year of insurance on my bike (1988, no collision, just $1M in liability and theft/vandalism) they want almost $1000. Thats with my maximum discount. Luckily we have private insurance options for everything except liability, so it CAN be cheaper.

 

if you were getting the quote for a brand new bike then yes the cost is gonna be up there. idk if you would be set on getting a brand new bike, nothing wrong with a used one. ive got full coverage on my f3 and pay $80 or $90 a month. but the best thing to do is to do some research and talk to your agent about various discounts.
oh and do you have your own insurance plan or are you on your parents? if youre on your own then thats another reason why the rates so high.

 

I'm on my own plan, neither of my parents have motorcycle licenses. Both of my bikes are in my name, I know my F2 was quite cheap to insure when I quoted it out. I'm really only interested in buying a new bike right now, which may sound stupid but I plan to keep my next bike for a very long time and so I want to start with a bike that I know 100% of its history. Do you think being under my parents insurance would somehow reduce my rate?

 

Depends on your insurance. Some places allow the rate to be based on the registered owners credentials, but have a different principle operator. However if you (operator) files a claim, the owner (your parents) get the hike in ALL of their rates (e.g. their car etc...)
It's interesting here that you don't actually need a motorcycle licence to be the owner/principle operator of a motorcycle.

 

Yup, unless you own the bike upright without loan, you need buy full coverage....I myself purchase my bike used, payoff...just keep liability insurance which cost me $120 a year...but I do have health insurance from my work...full coverage insurance even keeps me from buying a new car...it's just so expensive

 

Really?! My first bike was a 92 cbr 600 and at 20 ears old with a dui on record only paid 300 a year for liability, my f4 is only 400. I live in california too so i find 2000 very hard to believe. Maybe because I held a regular drivers license for 3 years? Doubt it.

 

Look beyond the big names. Progressive's quote on Ororo was laughable. Seriously, I laughed. They wanted me to pay 1/2 what I paid for her for 1 year. Just for an extra giggle I asked if after 2 years was it free to insure, seeing they'd have the cash amount from me. Then someone told me to call Rider for a quote (who?!?).

They quoted me 200 / year for full coverage.

 

if you were to put the bike on your parents plan your rate would drop significantly....unless they each have quite a few points on their licenses.

 

Kuro, I will definitely look into them, thanks! (I would have never thought of that...)

Rider doesn't offer insurance in my state...