Insurance on brand new motorcycle

delroy666

delroy666

New member
I'm considering buying a new 2012 Kawasaki Ninja 650. I've got some insurance quotes, and the cheapest I've found for the Ninja is about $870/year for full coverage from TD/MM. I have been riding for about 18 years but have always owned older bikes, with only liability coverage, so I'd like to know from others who have bought brand new bikes: does your rate decrease in subsequent years as the bike depreciates? $870/year seems a little steep, even compared to quotes I've got on other new bikes, but if that rate is likely to decrease in the next few years of owning it, then it's less of a concern for me. Any input would be appreciated.
 
For full coverage that doesn't sound too bad to be honest. Are you buying with cash or financing/leasing?
 
I'd be paying cash. I did a quote on a used 2011 Ninja 650R and it's about $570/year, so am I safe to assume the 2012 would cost something similar to insure during the second year of ownership? I've had my M license for 18 years, 1 minor ticket, no claims/accidents.
 
That's something for the insurance company to answer. I know that isn't the case with my car with my insurance. They're charging me almost exactly what they did when it was brand new, although if I were to switch companies their rates are much lower since the car's 2 years old now (full coverage).
 
Those were the good ol' days, when insurance focused more on the value of the bike/car and then decreased over time with the vehicle's value. Nowdays, the insurance companies are paying out the big bucks for medical costs associated with accidents more so than they are paying to repair or replace vehicles. Therefore, the costs associated with physical coverages (collision, fire, theft, vandalism) might come down next year based on the bike's depreciating value, but the main part of your cost (liability, accident benefits, bodily injury) could be anyone's guess - it's usually based on how well the industry and your particular insurance company did overall in terms of claims payouts vs. profit. I'm actually surprised so see such a big difference in price between a 2011 and 2012 - I wonder if it's because they added the Waiver of Depreciation (applicable only on brand new vehicles, meant to protect the original value of the bike in the event of a total loss for 2 to 5 years in the future) at an extra cost. In my experience, quoting cars and bikes that are the same identical model but a few years apart never really results in significant premium differences.
 
Thanks for the responses. If I do a quote specifying a used 2012 Ninja 650, it's only about $15 less per year than a new one. I guess I'm just surprised that a Ninja 650 would cost me the same to insure as a new GSX-R600 or ZX6R. And a 2012 YZF-R6 would only cost me $740/year. :confused: Their pricing seems heavily dependent on CCs rather than horsepower or sport touring/supersport classification.
 
delroy666 said:
I'm considering buying a new 2012 Kawasaki Ninja 650. I've got some insurance quotes, and the cheapest I've found for the Ninja is about $870/year for full coverage from TD/MM. I have been riding for about 18 years but have always owned older bikes, with only liability coverage, so I'd like to know from others who have bought brand new bikes: does your rate decrease in subsequent years as the bike depreciates? $870/year seems a little steep, even compared to quotes I've got on other new bikes, but if that rate is likely to decrease in the next few years of owning it, then it's less of a concern for me. Any input would be appreciated.
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If you've been riding for 18 yrs i think the rate is steep, i got my M1 on June 28, RTI on June 15, brand new Ninja 250, july 17. Total cost for full coverage $1000, i got a quote for 2011 Ninja 650 at the time about $1200. No previous riding experience in Canada
 
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