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Thread: Insurance

  1. #1

    Insurance

    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.

  2. #2
    Senior Member Alan Etheredge's Avatar
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    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.
    Last edited by Alan Etheredge; 09-03-2019 at 11:07 PM.
    Alan Etheredge, Associate and Interested Observer ~2003-2019
    At-Track Registration Staff ~2003-2017; CMRA Administrator 2009.

  3. #3
    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.

  4. #4
    Senior Member Rodrigo DaCunha's Avatar
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    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!!!
    CMRA#672

  5. #5
    Thanks for the input guys ill keep all this in mind.

  6. #6
    Senior Member
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    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

  7. #7
    Senior Member Staton Shed's Avatar
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    Excellent advice.

  8. #8
    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.

  9. #9
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    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.
    Provisional Expert #98

  10. #10
    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.

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