PDA

View Full Version : Insurance



Tyler Whitley
09-03-2019, 05:55 PM
Hey guys looking to get a street bike to get some street miles under my belt to start some track days. Ive found a couple cbr1000rrs that im interested in. As of right now I do not have my motorcycle endorsement on my license. Planning on going to a course in the next couple of weeks. Ive road dirt bikes and road on the street before just nothing serious. My insurance agent is trying to find a cheaper rate than $480/month. Info about myself 27 year old, male, ive had my license since I was 15, moving violations or accidents in the last 7+ years. Never any wreckless driving convictions. Credit is not perfect but I am a new first time home buyer. So i have a safe place to store the bike. I would be the only person riding it seeing as my wife doesnt want anything to do with it. Ive held a CDL for the past 3 years and currently im only home a couple times a month so it would be purely recreational. Does anyone have any recommendations on any companies that wont be so harsh or the wallet? Full coverage of course since id be financing the bike to help build my credit more. Sorry if this doesn't belong in the section of the forums just new to the website not to the CMRA. Been hanging out with yall since i was like 15 with my dad. Thanks for the info in advance.

P.S. The Whitleys are coming back from a long separation from the CMRA. Life gets in the way sometimes. Thanks everyone.

Alan Etheredge
09-03-2019, 10:01 PM
Your insurance agent should be able to advise the factors having the biggest effect on your rate quotes.

Given your 'backstory' I suspect bike classification and credit score will be at the top of the list among things you can affect. Obviously improving your credit score can take time, choosing a different bike might yield instant gratification.

Just for grins, ask your agent to quote an assortment of different / smaller bikes for comparison, say down to ~300cc and including non 'sport' models.

You may find that the total economics for a different / smaller machine are so much more attractive (not only insurance cost but purchase price, expendables (tires), etc) that you'll be able to afford many more track days. IMO that'd be a good 'tradeoff'.

Aside from economics, I'm sure you'll find many seasoned racers advising that you can learn just as much if not more (and more quickly), that will ultimately make you quicker on the track, starting astride machines smaller and less 'aggressive' than a 1000RR.

Just for your consideration.

Michael De Simone
09-04-2019, 08:10 AM
Excellent advice, as usual, Alan.

There is no point, IMO, in 1000 on the street. You can't get out of 1st gear without breaking the law on almost every road in the country. You are definitely breaking the law if you make to 3rd gear. Even 600s are overkill for the street and they are much more economical and your insurance should be less. The R3 and Kawi 400 have plenty of power and, again IMO, are more fun once you get them to the track - at least to get started. Those should be MUCH less of an impact on your wallet as far as insurance goes and should hold their value reasonably well if you care to trade them in when you decide to upgrade.

Rodrigo DaCunha
09-04-2019, 05:03 PM
Alan and Michael are on the spot IMO!
I myself if I could start all over again, I would start with a ninja 250 or 300
They are fun and inexpensive, tons of them available and very forgiven when you make a mistake :)
I would also forget about riding the streets, because of safety, insurance, registration and you will not learn anything that you need to know to ride track.
IMO get a small bike and spend your money with some good gear, trailer, gas jug, stands, lap timer, tire warmers, easy-ups, cooler, tires, bike setup and go do track days!!!
When you feel the time is right, get your license and start racing!!!

Tyler Whitley
09-05-2019, 11:22 AM
Thanks for the input guys ill keep all this in mind.

Cody Stewart
09-09-2019, 07:34 PM
You're young, male, and want to insure a liter bike with a past consisting of tickets and not optimal credit score...you're SOL bud. Not trying to be harsh, just giving it to you straight. There are "sport bikes" and "super sport bikes" in the insurance industry. A super sport bike would be your CBR1000. A sportbike would be the CB1000R or CBR650R or Interceptor. They are significantly cheaper on insurance. Also cheaper to purchase.

I would get your license before you purchase...or at least sign up for the course. Depending on where you live, there can sometimes be a several month waiting period to even take the class. They're rare, but there is also an intermediate level class that you can take to get your license, but that class you do have to bring your own bike. The beginner class supplies the bike for you.

Just in general - 1000cc bikes aren't great beginner bikes. Find something cheap and used to learn on. You're likely going to drop it. Buy one that's already been dropped and the value already lost. A lot of new motorcycle sales have better rates when you buy them on "the Honda credit card". That doesn't really help your credit anymore than a regular credit card would. Motorcycle loans are also high interest because they're high-risk recreational vehicles. So what I'm suggesting is...buy something used, cheap, and in cash. Don't waste money trying to build your credit score up when you can achieve almost the same by getting a couple credit cards and paying off the balance every month. Don't forget to factor in money to buy quality gear...and wear it. Gloves, helmet, jacket, boots, overpants, or riding specific pants/jeans.
-Cody

Staton Shed
09-10-2019, 09:06 AM
Excellent advice.

Christopher Simmons
09-11-2019, 06:54 PM
Great advice from Cody except one thing. Do not pay the entire credit card balance off every month. You actually need to carry a balance for it to help you. Another thing to try is getting a $500 6 month signature loan from a bank. Just make the monthly payments on it. A couple of those will increase your score a ton.

Josh Henke
09-11-2019, 08:13 PM
This isn’t a financial advice thread but I have to comment on your advice, Christopher. For some reason, the”don’t pay it off” concept is commonly believed, or, rather, misunderstood. The truth apparently lies in not paying off the balance before the statement. Pay your entire statement every period, not the entire balance.

Christopher Simmons
09-11-2019, 11:04 PM
I think we are saying basically the same thing John :) Perhaps my wording was poor. You don't want to pay anything off before you receive the statement of course. What I was saying is that you want to make your payments on time always, but just not to pay off the entirety of the full balance. My understanding has always been that you want to always be carrying some portion over. If the balance is paid off in full every statement, then no interest is ever accrued. Some accumulated interest along with timely payments is the goal. At least that is what I was taught, but that was many years ago. If it incorrect, then I apologize.

Staton Shed
09-11-2019, 11:17 PM
https://www.daveramsey.com/?gclid=EAIaIQobChMIu-vivbbK5AIVDvbjBx3SAQfJEAAYASAAEgLwIfD_BwE

Steven Smith
09-12-2019, 08:18 AM
If it incorrect, then I apologize.

I thought you were just supposed to charge all of your racing to it and never look at the balance???

Michael De Simone
09-12-2019, 08:20 AM
I thought you were just supposed to charge all of your racing to it and never look at the balance???

That's what I do

Michael De Simone
09-12-2019, 08:26 AM
That's what I do

I make Daisy do all that horrible stuff.

Cody Stewart
09-12-2019, 08:38 AM
Great advice from Cody except one thing. Do not pay the entire credit card balance off every month. You actually need to carry a balance for it to help you. Another thing to try is getting a $500 6 month signature loan from a bank. Just make the monthly payments on it. A couple of those will increase your score a ton.


This isn’t a financial advice thread but I have to comment on your advice, Christopher. For some reason, the”don’t pay it off” concept is commonly believed, or, rather, misunderstood. The truth apparently lies in not paying off the balance before the statement. Pay your entire statement every period, not the entire balance.

To clarify, these are two separate things. Josh is saying that you have two balances...sometimes they can be the same if you stop using your card, but you have a "statement balance" which is the money you owe from the last statement and the "current balance" which is the money you owe from your statement balance PLUS anything else you've bought to current. Ideally, you pay the statement balance off in full on your due date. The reason you don't pay off the current balance has nothing to do with credit score and more to do with the fact that it is an interest-free loan up until the next due date. So keep your money in savings earning interest until then.

It is actually a myth to not pay your statement balance in full. Thankfully so. There's no need to pay credit card interest to help build credit - paying your bill on time is good enough. Here's the link from Experian (credit reporting company) confirming that: https://www.experian.com/blogs/ask-experian/better-pay-off-credit-card-full-every-month-or-maintain-balance/

-Cody

Ryan Tucker
09-21-2019, 09:22 PM
My Background: Starting street riding two years ago on a Ninja 650 (plenty of bike for a new rider). I rode for 1 year and did 2 track days on that bike. Then I got a 600 and rode that for a year, doing 2-3 trackdays as well. Then I got a S1000rr, and rode that for 4 months before an unfortunate accident while street riding (and 1 track day). I still miss her, tear.

My advice: Unless you have a track to get a 1000 up to 190mph, it's just going to get you into trouble or not be used. At the end of the day, it's your money so do what you want. I recently bought a 600 from someone who raced it, for the sake of only track riding for the foreseeable future. The reason, the tracks next to me do not allow a 1000 to open up. Lastly, track riding kills the street riding experience. IMO, if you're riding on the street like you ride on the track it's going to catch up with you. Lastly, I was only paying about $800 a year for full comp on the s1000rr... now that pays for 3-4 track days a year...

Tyler Whitley
09-29-2019, 09:16 PM
Hey guys thanks for the advice. Update I now have my M endorsement. I realized that I messed up in my first post I meant that I did not have any moving violations. I've since been able to find much cheaper insurance 1000 cc motorcycles. I'm not 100% set in stone on what my choice will be yet. Part of my thought process has been to get a sv650 or fzo7. And then get a liter bike later on down the road. I figured if I get one of the smaller bikes I could turn it into a track bike later.

Danny Dominguez
09-30-2019, 12:14 AM
SV to race? I, like a few others, have one for purchase. lol