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Re: [St] Insurance
- Subject: Re: [St] Insurance
- From: Dan Wetherington <dnlwthrn@xxxxxxxxx>
- Date: Wed, 12 Mar 2008 10:26:21 -0500
rlnm2000@xxxxxxxxx wrote:
> A guy I work with is thinking of getting a 2006 Yamaha R6. He talked to someone with Progressive (supposedly) and was quoted $7000/yr. I'm not sure of the coverage he was asking for, but he tryed scaling it down a bit but it was still $4000/yr.
>
> IMO THAT'S INSANE. I thought Progressive was decent motorcycle insurer. I used them for my 2000 Sprint RS and my insurance was only $360/yr.
>
> Does anyone know if insurance for R6 type sport bikes is really that insanely high or was he being taken?
>
> Rich
>
Rich,
LOTS of factors go into insurance for bikes. One of the biggest, at
least with Progressive, is the style of bike and the model's history of
claims. I'm guessing that the R6 is a very popular bike for getting
wrecked, and that your coworker is younger than 35 or so. This means
astronomical insurance rates. When I got my Sprint, I got several
quotes in the $3,000-5,000 range (keep in mind I was 24). Progressive
was one of the lowest, but I still ended up paying over $1,000 for the
first year. It has since dropped, but my premiums are still over $700
per year for full coverage.
The insane part is that, if instead of paying insurance you put the
premium $$ into a savings account, you could buy the bike new in less
than a year! I know it doesn't cover medical costs or legal costs, but
that's why insurance companies suck...
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