Motorcycle Financing: Insurance Question.

[Zealous]

This one is for all of the members in the States. I'm going to be purchasing a new motorcycle instead of used, with a cosigner. I was researching insurance quotes, and I saw that comprehensive and collision may be required if you're financing. I have no problem with paying for good coverage as a new rider, but I was wondering if anyone had experience with financing, and knew a good price range to expect for the insure. Obviously the cheaper the better, but all input is appreciated.

 

[Denver_FZ6]

Here goes:
$280/yr premium through Progressive for 07 FZ6, with:
25k/50k injury/property damage
$500 deduct for comp/col
no under/uninsured coverage.

Rates will of course vary on your age, bike age, driving record, moon phase, etc.

If you want a laugh, get a quote for a Hayabusa through Geico. It's outrageous... $3500/year.

 

[schaefz6]

Upstate NY
07 FZ6
Progressive $397 / yr
50K/100K property/injury
$200 deductable comprehensive
$500 deductable collision

$273 of the total is for collision.

It is my understanding that if financed the Institution doing the financing will require collision until loan is paid off. At least that is case in New York

Progressive was the cheapest I found

 

[VEGASRIDER]

There are numerous threads regarding insurance. I've included one of the links on the bottom of this post. As far as financing, I know from the past with financing and leasing vehicles, they require some type of minimum, which is going to cost more money vs owning the vehicle outright where you can pick and choose what you want. My roomate has an R6 and he's 22 and he pays big time because of the type of bike and his age. One good thing abuot the FZ6 is that it's not considered a sportsbike, at least with Statefarm.

http://www.600riders.com/forum/fz6-general-discussion/140-insurance-costs.html

 

[JayWalk]

OK, well I bought and financed a new FZ6 about 3 hours ago. If you are financing through Yamaha they DO NOT require full coverage...just liability. I was actually kinda shocked about that.

Also the cheapest insurance I can find is ~$700 a year through Progressive with $1K deductible coll/comp. I am 30, single and clean driving record.

 

[ENSU3]

One benefit of being a male, higher insurance.

 

[08fz6]

Upstate NY
07 FZ6
Progressive $397 / yr
50K/100K property/injury
$200 deductable comprehensive
$500 deductable collision

$273 of the total is for collision.

It is my understanding that if financed the Institution doing the financing will require collision until loan is paid off. At least that is case in New York

Progressive was the cheapest I found

that deffinetly depends on age and state, I believe ny is the highest state as far as insurance. they wanted $1000.00 a year for me being 22. i went with comp which was 255 and i am in ny. instead of doing a vehicle loan i did a personal loan through my credit union and the interest rate was cheaper and i didnt have to follow any regs on insurance and i get the title no leans.

you should have gone through a credit union, not sure about out there but here the interest rate with a new motorcylce was 5.75 percent. what did they approve you on? yamaha uses HSBC and they are the highest rate out of anyone here in NY. State Farm must be missing the boat becuase with every other insurance company the FZ6 is listed as a Supersport

 

[JayWalk]

I plan on paying off the loan after a few months (2-3), so I just went with whatever was the easiest for me. Plus going through a credit union would have taken a while and I have a problem with being impulsive!

 

[08fz6]

lol i understand that i got everything taken care of while i was on the road so when i got home monday i went and got everything signed and done had the bike tuesday! I guess i take for granted that the ladies at my credit union are family friends so my stuff gets done like super dooper fast! lol if you are paying it off that fast then it didnt really matter what way u went.

 

[HavBlue]

OK, well I bought and financed a new FZ6 about 3 hours ago. If you are financing through Yamaha they DO NOT require full coverage...just liability. I was actually kinda shocked about that.

Also the cheapest insurance I can find is ~$700 a year through Progressive with $1K deductible coll/comp. I am 30, single and clean driving record.

How long have you been riding? That seems awfully high for just PL&PD.

 

[08fz6]

would say that is all because of the state hes in

 

[dako81]

OK, well I bought and financed a new FZ6 about 3 hours ago. If you are financing through Yamaha they DO NOT require full coverage...just liability. I was actually kinda shocked about that.

Also the cheapest insurance I can find is ~$700 a year through Progressive with $1K deductible coll/comp. I am 30, single and clean driving record.

Yea, that's because their financing is actually a credit line, and not a normal vehicle loan. I guess that's what makes the difference between them requiring full coverage or not. They probably did this on purpose though, because otherwise all these noobs couldn't afford to go out and buy their R6's for $69 a month with Yamaha's financing because they wouldn't be able to afford full coverage.

 

[JayWalk]

How long have you been riding? That seems awfully high for just PL&PD.

By the end of the week....I will have a total of one week riding time!!!!