Motorcycle Insurance for the NC700X in the USA

[NuckaMan]

Like others have stated, sooooo many factors that goes into insurance rates. More obvious things like type of motorcycle and driving record, to more obscure things like zip-code of where the bikes being stored to theft probability of your particular vehicle, being a renter or homeowner, married or single, etc. What I have learned over the years is, loyalty does not pay and need to constantly shop around if you are looking for the absolute lowest rate possible. This seems to also apply to telecommunications, internet, newspapers or other subscription based items.

For me personally when shopping for insurance, I also take into account of the service level of that particular insurance brand. Some are better than others and I'll happily pay a bit more to a company that offers better service, in the event the need is there. I have witnessed co-workers and friends go through some extreme pain in dealing with insurance claims when signed up with some of the smaller and cheaper insurance companies (usually offered by insurance brokerages). Just something to consider when shopping.

 

[ld_rider]

Anyone know of any other insurers besides Geico that likes bikes?

Lots of insurance companies cover motorcycles. I suggest a quick Google search of insurance companies in your area and give them a call. The insurance company recommended by Joe Blow who lives in Tennessee might not work for you in IA due to the multiple reasons already mentioned.

 

[Jeffro]

Lots of insurance companies cover motorcycles. I suggest a quick Google search of insurance companies in your area and give them a call. The insurance company recommended by Joe Blow who lives in Tennessee might not work for you in IA due to the multiple reasons already mentioned.

I did. After 30 minutes on the phone with Unprogressive and their human popsicle I was hoping for a specialty co. Iowa. Like other states that do not have helmet laws Iowa is more limited in options and will cost more for that freedom. I caved and went with Geico. I'm just waiting for the second email to drop: Thanks for choosing Gieco, BTW, that lower rate we calculated for you online is actually $$ + $."

 

[JimTid]

I have mine through American Modern, and for full coverage $224 a year.

There is no such thing as "full coverage" . I spent 22 years in the biz and we discouraged use of that term "Full coverage" because it implies everything is a covered loss.

When you buy insurance you are transferring risk to the insurer. You can buy as much as you can afford. The most important base we need to cover as a motorcyclist is the uninsured/underinsured motorist coverage. You need to insure yourself and don't rely on the at fault driver to have enough coverage to compensate you for your injuries. Depending on the statutes of your state, you may be able to stack UM coverage from your auto policies. For example: In Florida I have a million dollars of stacking UM coverage on my cars for a reasonable premium. I have minimum stacking UM coverage on my bikes because the premium is too high for high limits on the bikes. However, since I purchased stacking UM all the limits stack together. If I have a UM claim on the bike the million from the cars stacks with the lower motorcycle limit. This gives me more coverage for less money. Georgia has a similar rule.

 

[davidc83]

I have $100,000 comprehensive; $100,000 uninsured/underinsured and $25,000 property on my nc700 and c50 boulevard. I also carry property/liability only ($25,000) on my little Kawasaki KLX 250sf. I pay $40 per month via Geico...$200 less per year than Nationwide (I had Nationwide for years and they wouldnt meet Geico's cost, so no more Nationwide). I have USAA on my cars/truck but they only offer motorcycle insurance thru Progressive and Progressive didn't even come close to Nationwide...No motorcycle claims in 11 years (even when the deer t-boned me), no speeding tickets since 1990. I do have a USAA claim for a hit and run (in a store parking lot while I was shopping) which I have to have the back door on my Prius replaced. I have had Geico on my bikes for a couple of years now so soon I will be shopping again.

 

[MalcolmReynolds]

I was a little surprised. I added a Victory to my garage this year. It is a lot more expensive bike than my NC and the rate is about 30% more for the NC than the Victory. I thought that was a bit strange. Not sure how they are characterizing the NC, but it seems a little off.

 

[dduelin]

There is no such thing as "full coverage" . I spent 22 years in the biz and we discouraged use of that term "Full coverage" because it implies everything is a covered loss.

When you buy insurance you are transferring risk to the insurer. You can buy as much as you can afford. The most important base we need to cover as a motorcyclist is the uninsured/underinsured motorist coverage. You need to insure yourself and don't rely on the at fault driver to have enough coverage to compensate you for your injuries. Depending on the statutes of your state, you may be able to stack UM coverage from your auto policies. For example: In Florida I have a million dollars of stacking UM coverage on my cars for a reasonable premium. I have minimum stacking UM coverage on my bikes because the premium is too high for high limits on the bikes. However, since I purchased stacking UM all the limits stack together. If I have a UM claim on the bike the million from the cars stacks with the lower motorcycle limit. This gives me more coverage for less money. Georgia has a similar rule.

True on Uninsured/Underinsured. I stack liability on the cars to get affordable UM rates on the bikes.

I’m back with State Farm after 14 years with Allstate then Geico. SF just didn’t have competitive rates on bikes but now they are killing it. After 2005 hurricane season SF tried to drop my homeowners so I left. Coming back to SF and bundling everything got me a 20% saving over rates last year.

 

[PadrePoint]

American Family for my three cycles (plus three cars and a house.)
$100,000/$300,000 for about $100/year on each cycle... with Property, uninsured, comp. and col.

 

[Madison Sully]

American Family for my three cycles (plus three cars and a house.)
$100,000/$300,000 for about $100/year on each cycle... with Property, uninsured, comp. and col.

That's about where I am.

 

[showkey]

Older NC models have crossed that value where liability only with uninsured with no collision coverage starts to economic sense.

 

[TacomaJD]

Older NC models have crossed that value where liability only with uninsured with no collision coverage starts to economic sense.

Idk, I pay 22/mo for full coverage. That's on $264/yr. That's pretty minimal, especially when the alternative you mention would probably only be $10+/- less per month or $100-130 less per year. And I usually get a speeding ticket every few yrs, have one against my policy now.

I used to carry liability only on 2 different bikes before, one is my other bike (Vulcan Nomad). Same full coverage on it right now is same cost, around $22 or $23/month. But when I had liability only, no extra coverage on anything/underinsured/comprehensive/any of that, it was still around $100-110/yr. So I pretty much pay an extra $150/yr for full coverage.

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[showkey]

That’s OK until the 2012 or 2014 is totaled and the insurance will pay $1500-2000.
Think it would be a huge fight to get them to pay $3000.

Many others might pay $500 or more per year just for collision coverage......plus the liability and other coverage. Obviously rates vary widely by location and driving record.

Liability plus uninsured motorist for my 4 bikes is $140 per year.
Full coverage on my 1200x is $220 witha different company than the other bikes. They wanted $480 just for the 1200x.

 

[Junkie]

I'm shocked that liability and un/under is only $140/y. Is that property only or something, as I think it'd be in a no-fault state? For me, un/under costs more than liability (100/300/100), comp ($250 deductible), combined. On some bikes it's less than liability, comp, collision combined.

 

[showkey]

Liability would cover claims for damage caused by you.........Property or persons. Property only would be useless, if you hit pedestrian you would have no coverage and could easily cause $500k in damages.

My state is not “no fault”. No fault states usually have very very high rates for motorcycles. (Usually high for car too)

I don’t carry comp or collision on the NC.
I also don’t ever carry passengers, so I don’t carry medical, as I have medical coverage in medical policy.
Medical on motorcycle with any decent dollar value can get very expensive........due to the high risk.

 

[670cc]

My free advice is to buy a million dollars coverage for bodily injury/proper damage liability and a million dollars for uninsured/underinsured coverage, or at least as much as you can afford. Forget about buying collision and comprehensive on an inexpensive bike like the NC. For most people, the loss of the actual motorcycle is an inconvenience, maybe a major inconvenience, but it’s not likely to be a catastrophic loss that might force you to change your lifestyle or standard of living.

 

[TacomaJD]

My free advice is to buy a million dollars coverage for bodily injury/proper damage liability and a million dollars for uninsured/underinsured coverage, or at least as much as you can afford. Forget about buying collision and comprehensive on an inexpensive bike like the NC. For most people, the loss of the actual motorcycle is an inconvenience, maybe a major inconvenience, but it’s not likely to be a catastrophic loss that might force you to change your lifestyle or standard of living.

I wish I had a $1M umbrella policy, need to look into just how much it would cost. We have a couple rental houses, but each rental policy carries $500k for general liability, so I figure that should be enough....but in the event that it wasn't, it sure would suck. We also have underinsured coverage on all 3 of our autos (not on either of my bikes as Allstate doesn't offer that) at $50k per vehicle, and it's stackable, so I have $150k worth of underinsured coverage.

Actually had to use the underinsured coverage a couple years ago, I will never have policies without underinsured coverage. That is hugely important today. Some douchebag ran stop sign out onto busy road in front of me and my wife and knocked us into another truck at the stop sign on the other side of the road. He had basic bare minimum liability with Good 2 Go Auto Insurance....backed my Omni....and they were a nightmare to deal with. He didn't have enough coverage to cover even half of mine and my wife's doctor bills. Couldn't get ahold of anyone at his insurance company to get the claim started, had to hire my lawyer buddy to step in, it was a mess. Ole boy that hit us was piss-poor, so there was no getting any money out of him directly either. I suspected him to be on something when he hit us, made no sense how he ran that stop sign straight out on a busy 2 lane 55mph main road. Us having underinsured coverage really saved us from getting royally screwed.

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[TacomaJD]

As for collision coverage, if they would pay out $3k on my NC and full coverage is only $150ish more per year than basic bare minimum liability which was still around $100/yr, then at the $150 extra per year for collision, it would take 20 years of paying $150 extra per year to equal the $3k they would pay you for the bike in the event of a totalled crash. If the difference between carrying collision and basic liability was greater, I'd probably drop it to basic. But it doesn't make sense to do so at only $150 extra per year. And that's compared to basic liability, not including other coverage like comprehensive or underinsured motorist, which would cost more per year.

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[ld_rider]

I wish I had a $1M umbrella policy, need to look into just how much it would cost.

Single data point: My $1,000,000USD umbrella (auto, motorcycle, rental property, primary residence) was about a $54/year add on to my policy. Had no idea it was that inexpensive.

 

[ld_rider]

That’s OK until the 2012 or 2014 is totaled and the insurance will pay $1500-2000.
Think it would be a huge fight to get them to pay $3000.

My 2014 books for $5,000+ on both KBB and NADA used values. My experience has been that insurance companies pay way, WAY more than you could ever actually sell for. When my Goldwing was totaled and and my Harley was stolen the insurance payout in both cases was very high. They included the sales tax, my helmet, and my Aerostitch riding suit.

I pay about $214/year for full coverage on the NC w/ a clean 3 year driving record.

 

[showkey]

Umbrellas are very important if you have a net worth. Umbrella add on is usually sold to cover the entire insurance package as mentioned by LD in post 118. So, if you have a stand alone policy for your motorcycle umbrella coverage may not offered. So there’s an incentive to have all the vehicles under one company.

UN and underinsured my not be offered with some policy packages in some states. Also in a hit and run accident uninsured and under insured is not in play. The dirt bag has stay around or be found. So a run off the road accident or single vehicle accident in just regular coverage.

Not to turn this political, in states issuing drivers license to anyone is causing stress on under and uninsured coverage. So if shop for this coverage and it’s expensive that can be the reason.