Extreme Insurance Prices On New Release Motorcycles

[MikeL]

Out of curiosity has anyone worked in insurance and can explain why new release motorcycles come with such a hefty insurance price tag?

I'm shopping around XSR900 prices and they come back extremely high. Quick Google searches show the same experience with others. The bike has the same engine as an FZ-09. One guy was quoted at $4k/year, his same FZ-09 was ~$500/year.

I had a similar experience when I shopped SuperDuke 1290 insurance prices for fun. ~$300/month with a completely clean record. At least I can justify that as being the extreme power that bike carries + price tag.

Is it a lack of data? Are they just covering their ass?

 

[mototireguy]

Twelve years ago new top shelf bikes ran $10-12k MSRP ?

Today top new top shelf bikes run $15-19k ?

Insurance replacement value of more expensive is more expensive.

That and the incidence of rampant bike thefts lately is only driving the premium rates formula upwards.

I had a similar experience when I shopped SuperDuke 1290 insurance prices for fun. ~$300/month with a completely clean record. At least I can justify that as being the extreme power that bike carries + price tag. Is it a lack of data? Are they just covering their ass?

Actuarial data would suggest KTM 1290SD owners are less likely to keep the shiny side up.

 

[mrzuzzo]

I pay $70 to insure my 2015 Diavel Carbon ($21.5K MSRP, 162hp) full coverage... but I guess insurance assumes it just sits outside of Starbucks or something.

 

[NoTraffic]

When you're getting the quote, are you attributing that you will own the bike outright or are you going through financing with a lien holder?

If it makes you feel any better, I got quoted for a 2009 ZX14 at $4k/year. I have no tickets or motorcycle claims history.

:teeth

 

[metalmaster]

my new Africa twin is 158 a year

 

[FreeRyde]

my new Africa twin is 158 a year

Are you 65 years old with no accidents on your record? :afm199

 

[FreeRyde]

Do you know how much it costs to replace a 19,000 dollar BMW S1000RR?
You guessed it, 19,000 dollars.

You know what the chances a S1000RR is crashed within the first year?
It's close to 50%

 

[MikeL]

Twelve years ago new top shelf bikes ran $10-12k MSRP ?

Today top new top shelf bikes run $15-19k ?

Insurance replacement value of more expensive is more expensive.

That and the incidence of rampant bike thefts lately is only driving the premium rates formula upwards.



Actuarial data would suggest KTM 1290SD owners are less likely to keep the shiny side up.

Do you know how much it costs to replace a 19,000 dollar BMW S1000RR?
You guessed it, 19,000 dollars.

You know what the chances a S1000RR is crashed within the first year?
It's close to 50%

I understand for an expensive bike and a young rider. The bike I'm looking at has an MSRP of ~$9.5k.

Clean record (one accident deemed not at fault).

 

[rebekahlynn]

My bf bought a 2015 Ktm super duke 1290. First company quoted $450 a month, but adding it to my Progressive multi-bike policy brought full coverage down to $230. We just got our renewal bill and we are now paying $120 a month for full coverage on my wr250r, his wr250x, and the super duke, plus liability on my cbr1000rr. I'm 30, he's 33, both have clean records. I don't understand the rate system at all, but I'm grateful lol

 

[Gawernator]

I'm 23, got my policy at 22 and spend about $212 a year for my 2015 ZX6R with $200 deductible comprehensive... USAA! New supersport

MSRP $12k

I also have two other vehicles on my policy. No tickets, one not at fault accident

 

[SuperMotoD]

Geico
2016 s1000xr 47.00 Month 500 deductible
2011 990 SMR 27.00
2007 R1 67.00 !

 

[Gawernator]

I pay $70 to insure my 2015 Diavel Carbon ($21.5K MSRP, 162hp) full coverage... but I guess insurance assumes it just sits outside of Starbucks or something.

Lol... $70 a year?!

 

[FreeRyde]

I understand for an expensive bike and a young rider. The bike I'm looking at has an MSRP of ~$9.5k.

Clean record (one accident deemed not at fault).

The data must be, very high crash rate in your area for that insurance carrier.
This is why each insurance carrier is different.

Geico
2016 s1000xr 47.00 Month 500 deductible
2011 990 SMR 27.00
2007 R1 67.00 !

They know you are old and slow

 

[Cookie Monster]

I'm paying $59 for full coverage on my FJ. I'm 25 and have one year of riding experience. Doesn't seem too bad to me.

 

[louemc]

Given my age (Years of riding) and never putting in a claim...

The insurance folk know the money is only going in One direction..
Into their pocket... And... they might just suspect, it wouldn't be a good idea,
To piss me off....So I pay near nothing to ride My ZX-10R.

 

[dittoalex]

I think I pay a little bit under $1000/year for pretty minimum coverage across my 3 bikes. I don't have a clean record.

 

[Eggman17]

Out of curiosity has anyone worked in insurance and can explain why new release motorcycles come with such a hefty insurance price tag?

I'm shopping around XSR900 prices and they come back extremely high. Quick Google searches show the same experience with others. The bike has the same engine as an FZ-09. One guy was quoted at $4k/year, his same FZ-09 was ~$500/year.

I had a similar experience when I shopped SuperDuke 1290 insurance prices for fun. ~$300/month with a completely clean record. At least I can justify that as being the extreme power that bike carries + price tag.

Is it a lack of data? Are they just covering their ass?

I believe its the bike your looking at Mike, Take a look at the FZ09 forums and just do a quick search for crash. When i bought my FJ09 they initially thought it was an FZ didn't have the FJ in their system yet and my rates were high :wow, then i sent them the info on the FJ and it went down to what it should be.

Egg

 

[FatCampChamp]

I'm 23, got my policy at 22 and spend about $212 a year for my 2015 ZX6R with $200 deductible comprehensive... USAA! New supersport

MSRP $12k

I also have two other vehicles on my policy. No tickets, one not at fault accident

What is your coverage limits for BI/PD and UIM? Sounds like you may be at the state minimum level.

 

[Entoptic]

Full coverage, 2015 Dragster RR 800cc @ around 600.00 a year.

 

[MotoCat]

I think I pay a little bit under $1000/year for pretty minimum coverage across my 3 bikes. I don't have a clean record.

About time someone without a clean record chimes in. These threads always turn into an "I only pay $xx a year" contest. Does anyone here pay north of $1000 per year for one bike?