Insurance question

[ShiftSix]

I know we are ballparking this here but I have a question and need some advice.

Details:   
I financed new a 2008 S2R1000 back in 2008.  I insured it through progressive, and my payments are roughly $42 dollars a month. (No tickets, no accidents, no lapse in coverage in that 4 year period.)

Saturday I was at the dealer looking into trading my bike in for a 848 EVO, called progressive and asked them for a quote on the new bike and they told me my policy would go from $42/mo  to $400/mo because it is classified as a SuperBike.   Thats absurd, to raise the price 10 fold because of a model change.  I understand a price jump, maybe even double what I am paying now but not 10x.  They can shove it.

I am a 27y/o male with good credit, no tickets, no accidents: So the question would be, what is a rough estimate on what it really should run,  I know there are tons of factors here, but I cant imagine it truly being $400/mo

Thanks

[Pedro-bot]

Try Foremost or Dairyland.

[Triple J]

Also try GMAC Rider insurance.

Insurance varies widely with the region/individual, so it's next to impossible to say what a rate for you should be. That said, I think I paid about $90/month for full coverage (100K/300K) when I had my 848. $400/month is way out of line.

[VisceralReaction]

Well in Idaho, Me with bad credit, single/divorced my rate would go from $25 per month on the ST3 to $50 per month.
Like you say. ALOT of variables to insurance but that's my cost. That's with Geico too.
I also just realized that quote would include the ST3 so at least with me and Geico they don't boost the rate.
$50 per month is for both bikes. Hmmm maybe I should look at a new bike.

[ShiftSix]

Also try GMAC Rider insurance.

Insurance varies widely with the region/individual, so it's next to impossible to say what a rate for you should be. That said, I think I paid about $90/month for full coverage (100K/300K) when I had my 848. $400/month is way out of line.

This sounds about right to me,  I just couldnt fathom how they could tell me $400/mo with a straight face when I am already insured with them on a S2R1K for $42/mo...  Sure I get that the "superbike" is a high risk category due to a ton of idiots out there but I couldn't understand where or how they came up with that sort of increase.

[live2ride]

i moved from suburbs to the city after college. 

my insurance on my r6 went from $40/month to $200/month for full coverage.   i was shocked.  i accepted the terms while i decided if it was worth keeping my bike if it was going to be so expensive.

bike was stolen the first week.

i was glad i had the insurance. 

i would call progressive again. maybe they messed up.  maybe you only have liability right now and they quoted you full coverage?  maybe they increased coverage or decreased the deductible?  really, anything can affect the premiums. 

also, you're in the "high risk" rider category.

check with another insurance company.  they may quote much lower.  i get a discount with my current insurance because the engine is BIGGER than 600 cc's.  so yea, all insurance companies are different.

[zooom]

alot of it depends on how the bike itself is classified though...when I picked up my new to me KTM, I was a lil shocked to find it was going to cost me as much to insure it in addition to my policy than what I was currently paying for the other 2 bikes, and this was after the multi-bike policy discount and all that hoorah...and I have never made a claim with my insurance in the 11 or so years I have been with Progressive...the KTM was classified as a Supersport whereas the Ducati and the Cagiva are classified as standards.

[ShiftSix]

Below is cut and pasted from another forum I posted this same question/asking for advice for.  My response.

IDK if it is because of the area of Texas + the type of bike or what but they are basically pricing people out of that bike if that is the going rate.

So far after talking to a few different insurance companies this is what I have gathered. 
1) all of them have been shocked at the price that comes back *or so they seem*  The last guy even started laughing on the phone when he saw the number before he told me.  Even got his manager to look into it because Exactly what you said: a person with a clean record, riding experience, and a high credit score, they couldnt explain why it was such an expensive bike to insure. :screwy:

2) Progressive originally quoted $400/mo (after telling them I thought they were high they put a "specilist" on the phone who ran the numbers and gave me a quote of $225/mo which is still more than I would care to spend.
3) GICO ~$300/mo $400 down
4) Dairyland ~$300/mo $300 down
5) Allstate $160/mo didnt ask about a down payment

Conclusion:  I love my S2R1000, and dont need a new bike.  If the right deal came along as far as insuring a new one I would jump on it but I like only paying $40~ a month for something I've only put 7000 miles on in the last 4 years.     Oh well.  What could have been...

[Pedro-bot]

FYI, a SF848/1098 should classify as a standard. 

[d3vi@nt]

Would an MSF course lower the rates any and if so, by how much? I know that some honor the cert and others don't...

[muskrat]

Would an MSF course lower the rates any and if so, by how much? I know that some honor the cert and others don't...

depends on the carrier and yes by 10% in most cases.

[needtorque]

I am with progressive as well.  Have 3 bikes insured with them.  Clean record, 34 y/o.  When I got rid of the s4r and replaced it with an 1198 my rates went from $55 a month to $182 a month for me and the wife to both be insured.  (although she is only on the sportster).  Even that jump IMO was rediculous and I have been shopping around.  Since I am 34 and have been with progressive for 11 years with no crap on my record I feel as though a rate increase that significant is not justifiable.

[muskrat]

sadly the rates I'm getting after 23 years with State Farm SUCK!

[He Man]

you know whats funny, i bet you pay less if you had TWO bikes with them. I quoted my S2R1000 (with progressive in NYC) with a honda CB350 hawk (1978) my insurance went up by 20 bucks, HOWEVER, my S2R1000 price was nearly slashed in half due to the discount rate.

as far as teh insurance goes.

you need to check whats killing you, the liability or the comp/collision.

I quoted an 848, the liability was cheap. around 800 a year for me ( im 25 single male in NYC, nothing except a lane splitting ticket which i beat) with collision and comp, i was looking at 3k a year.

another thing is how long youve had your license for total. Once you pass that 5-7 year mark depending on where you live, your rates drop drastically. When i turned 24, my rates droped nearly 40%. I was paying in the $high 500  range then i turned 24 and it droped to  $320.

i also get winter discount, MSF discount and one other discount stacked.

[Heath]

Try Foremost or Dairyland.

+1 for Foremost.  My rate just dropped again.