What is the most you would pay for insurance? | GTAMotorcycle.com

What is the most you would pay for insurance?

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CHRIS63

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As a 23 year old I have been quoted $4900 for my 2010 GSXR600 with facility. Must be paid in full, and no other insurance company in the province will insure me.

I have been debating whether or not to go through with it, I love my bike. Still haven't decided.

What's the most you would pay for insurance?
 
That's a tough question because everyone's financial situation is different. But realistically , when the insurance is more than what that what the bike is worth. I would either look elsewhere , a different bike etc. Not saying your quote is worth more than your bike. But it seems to be close to what the bike may be worth 70% Of its value?
 
I say do what you want within your means. If you love your Gixer, and you can swallow the cost......lifes too short to worry about what others think.
 
I'll be 23 later this year and I pay less than half of that a year on my sv650s. Perhaps consider a different bike? But if you love it by all means go for it. If I already had the bike in my possession I'm sure I'd end up going through with it. On a side note I guess I should reconsider my plan to buy a zx6r this year. :confused:
 
For me the limit is $1000 a year. Once it goes over that I'll sell the bike. Came close last year, but shopped around and found coverage for just under the magic number. With 40+ years of riding and no claims you would think the price would easily be less.

I have no idea how new riders can even consider a motorcycle these days. When I hear of insurance costing upwards of $3000 per year for something that sits in my garage for over four months each year I am shocked. There is no way I could justify that expense if I was a new rider.
 
What would your insurance be if there wasn't an R in the model, a more insurable choice?

Almost every bike over 250 cc's will handle Ontario roads so why do you need the "R"?

To the insurance company your answer is "speed and thrills" hence the $4900 tab.

The value is up to you. Five grand a year for four or five years buys you a new car. It pays for a decent vacation every year. It pays for a lot of education that makes the $4900 more affordable in the future.

I'm not sure if the "Must be paid in full" comment implies you prefer to finance things or is just a side comment. Personally, I don't finance toys that depreciate while absorbing from cash flow. Add depreciation, gas, maintenance, gear and storage to your costs and the bike could be costing you 7 to 8 thou a year.

If having an expensive toy encourages you to do more with your life it could be a good investment.

You don't mention your driving record. Have you been caught using some of that power?
 
Outrageous unless they know you are going to make a claim and that is hardly possible.
What is it you love about riding? Is it going fast on public roads, then you have a big problem, if you just love to ride motorcycles, now would be a good time to look at dirt bikes. You could easy buy a competition dirt bike with one riding season worth of insurance. Sell the 600 and you could buy a really nice competition dirt bike. ... does kind of require that you have a place to ride and/or a way to transport the bike to a place to ride though ymmv.
 
Age, marital status, driving record and category of MC play a part in rates. You're at the low end of facility rates so I'm guessing your driving record is good, you just picked a bike that insurance companies don't like.

For kicks, get a quote on 250 & 300CC Ninja - might be worth picking up a few years experience and getting over the 25yr old age hump. Learning to ride a small bike closer to it's limits is more of a thrill than tooling around at road peed on a race ready bike.
 
$180/month max.

When you`re young and not paying much for rent/bills/mortgage etc it's easy to consider it disposable income and just pay whatever makes you happy, there's nothing wrong with that. I would suggest however you consider just how big a dent this makes into your future plans of the above, to some it matters to others they live in the moment and don't care.

I'm also on the "do what makes you happy train." but responsibilities come first, if you don't have many then go at it.

On another note, having ridden a street monster and now on a relatively clown car of a bike, it's true what they say; Riding fast bikes slow is not so much fun. riding them fast gets you in trouble quickly.

If i were you and you still wanted all the thrills at a younger age, i'd ditch it and snap up a GSXS-750 or similar model. You'll still dust almost everything off the line, pay less in insurance, be more comfortable and all you`re giving up is some plastic. :cool:
 
For me, $2k is a hard stop. I just can't justify paying tons of money to insurance companies who don't really care about motorcyclists. I would assume that for new young riders $2.5k is a more realistic goal just because it might be difficult to find anything cheaper.

Even if you have a really good income, just think: are you ok to pay $5k to an insurance company (especially if you have a clear record)? If you love "speed and thrills" then try track events and track schools. Also, there are many not "R" bikes which have decent insurance and amazing performance..
 
Just remember that insurance money is not an investment unless you need to actually make a claim, otherwise it's just gone money and for all intent purposes to us, just totally wasted.

... is a perfect system if you are filthy rich.
 
The equivalent of $400/mo would be too steep for me, especially considering the riding season is so short, the weather is always so ****** and the only roads we have around the GTA are straight. That you are asking suggests it's too much for you too.

There's a huge ecosystem of bikes out there; you happen to be at the age where the supersport is the most expensive of those. Like the others have said, consider a different machine, like an MT07 or MT09 and get a quote for one of those. I guarantee you'll have as much -- if not more -- fun on one of those as the 600 and probably pay a fraction for insurance compared to the GSXR.
 
Everybody should ignore the per month rate numbers, you can't buy insurance by the month so why let them down-play the numbers like that. We pay for the year and the only way we can get our moneys worth is to ride all year here regardless of weather or migrate during the winter months, both of which you are totally allowed to do by the rules of engagement.
 
Trials said:
Everybody should ignore the per month rate numbers, you can't buy insurance by the month so why let them down-play the numbers like that. We pay for the year and the only way we can get our moneys worth is to ride all year here regardless of weather or migrate during the winter months, both of which you are totally allowed to do by the rules of engagement.
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Sort of. MC insurance is quoted on on an annual basis, you can pay many insurers in monthly installments. It differs from car insurance which is has 12 equal monthly periods. MC premiums are prorated monthly based on a predetermined usage formula - basically you pay for 8 months and get 4 months free.
 
Mad Mike said:
Sort of. MC insurance is quoted on on an annual basis, you can pay many insurers in monthly installments. It differs from car insurance which is has 12 equal monthly periods. MC premiums are prorated monthly based on a predetermined usage formula - basically you pay for 8 months and get 4 months free.
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That's the way they spin it, I don't buy it.
If you pay monthly do you pay a premium to do that? other then the money transfer costs.
& what happens if you miss a payment, or do they automatically take it out of your bank account or put in on your credit card anyway?
 
Trials said:
That's the way they spin it, I don't buy it.
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Not spin, call your ins co. If you try to cancel your policy now, they are going to tell you the Mar-Apr-May component of your annual premium is somewhere around 40% - not the 25% you might expect for 3 months.
Trials said:
If you pay monthly do you pay a premium to do that? other then the money transfer costs.
& what happens if you miss a payment, or do they automatically take it out of your bank account or put in on your credit card anyway?
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Differs. Some charge a finance fee, most prefer pre-auth monthly debit. If you miss a payment they do the same as most vendors -- double up or retry the debit.
 
36yo with M2 here. I was extremely lucky with Aviva to be paying $1034 a year $86/month. They cancelled me and everywhere else wanted $1500-$2500 a year for my "Sports bike" v-strom which isn't a sport bike. TD Meloche Monnex with my partner discount gave me the exact same price.
 
Trials said:
That's the way they spin it, I don't buy it.
If you pay monthly do you pay a premium to do that? other then the money transfer costs.
& what happens if you miss a payment, or do they automatically take it out of your bank account or put in on your credit card anyway?
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I pay monthly, pre authorized withdrawal from my chequing account.

If i were to miss a payment they would re try in 5 days and my policy would begin to cancel.
 
If it saved a buck my wife would insist on paying it annually anyway. ?‍♀️
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