Insurance?

[NorthDakotaRider]

Hello, just wondering how much you think insurance will be for me when i get my m50.

A little background:
I am 18 years old. i had my license cancelled when i was about 16 (6 points) so i had to retake drivers ed and get the permit and do the whole deal over again. I got it back before i turned 18 and i havent been pulled over on my new license yet.

I was wondering if your driving record carries over when you turn 18 or if you start fresh. if not, im probably pretty screwed on insurance rates huh?

BTW: i didnt notice a change in my automobile rates oddly enough.

[Clint]

Dude, you're in ND. Don't expect any sympathy for being in the cheapest state in the union. J/K!

I have no idea, really.

[jaydog19833]

I would expect everything bad on your record to last for AT LEAST 5 years. Especially as bad as having it taken away for points. That most likely will affect your rates considerably for the worse.

P.S. I just turned 21 with a clean license and until I turn 25 I can expect to pay out the *** for horrible insurance (full coverage that is) on my 04 GSXR 600.

[NorthDakotaRider]

so your driving record stays with you after you turn 18 then? damnit, i was hoping it was like criminal records which is wiped clean once you're 18

[jaydog19833]

Originally Posted by NorthDakotaRider

so your driving record stays with you after you turn 18 then?

Yeah....otherwise I would have a had a heck of a lot of fun the night before my 18th birthday

I'm not saying you're screwed but chances are you will pay more than the usual 18 year old.......you never can tell until it's time to insure the thing.

[c50tiger]

You, my friend, are screwed, blued and tattoed. Your driving records is not expunged like a criminal record except on the usual time frame like any other mortal. And being under 25, well... prepare to bleed a little for that insurance. But hey, it's only temporary.Of course, those 7 years don't seem to pass as quickly at your age as they do at mine...

[Samsonskeg]

yup, get ready to pay a crapload of money.

[Pinhy]

at least you are in ND...i am in Tampa...one of the top (if not the top) counties in the country for vehicle insurance.....

there are other threads around on insurance...do a search and that should give you some ideas as to what people are paying around the country.

.

[NorthDakotaRider]

I have been checking around and getting quotes from various websites. It only lets me put up to 3 traffic violations in and it doesnt say anything about suspension.

Just with that it ranges from $900-1400 a year full coverage.

If i dont get full coverage its only about 200-400.

I think i will be getting liability.

[axel_2078]

Unless you're paying cash for it and not financing it, I don't think you'll be able to get liability only.

[Pinhy]

actually...i drove my M50 out the door with NO insurance on it...and i financed it. was very surprised. i was asking the guy at the dealer "i'll need to contact my insurance agent and get something faxed to you once i have the VIN" (and it was a sat, but my agent had given me his cell number for this occasion)...he said Honda required that, but Suz and Yamaha (i think) didnt. so i got the insurance on monday...

[md2lgyk]

The dealer wouldn't even give me the keys to my new Marauder until I provided proof of insurance.

[jsvickers]

Virtually all insurance companies will look at least 3 years back on your driving record. Some will go back as much as 5 years.

Many states have a points system where you get points against your license when you get tickets. Often, you can take safety classes to reduce or eliminate these points. The insurance companies don't care about this. They just care about how many tickets and accidents you've had.

BTW: i didnt notice a change in my automobile rates oddly enough.

That's because most companies only look at your driving record when you are applying for new insurance. They don't routinely do searches of your record to look for tickets. Once you are with a company, the only thing that will typically raise your rates is if they have to pay out more than a couple of hundred dollars for a claim.

If you're concerned about the insurance costs, then save your money and pay cash for a bike that you can afford (used if necessary). Then at most you will only have to carry liability insurance, which is considerably cheaper than full coverage.

There is no reason to pay 30% to 50% of what a bike is worth every year for full coverage if you don't have to. Keep in mind that what an insurance company will pay for a totalled bike is probably quite a bit less than what you might think it is worth. As soon as you drive that M50 out the door, that $6,900 value will probably be about $5,000 as far as the insurance company is concerned.

[SuzukiGirl1]

At least you don't have a sportbike...you're insurance would probably be double of what you'll pay for the M50!

[Pay_The_O]

im getting my first 2-5 years under my father, he's had his license for about 25 years, no tickets no accidents, no nothing, so i should be set with a nice price

[NorthDakotaRider]

Originally Posted by axel_2078

Unless you're paying cash for it and not financing it, I don't think you'll be able to get liability only.

Not to worry, i'm paying with 100 dollar bills, 68 or 70 of them

[md2lgyk]

Bye the way, C50, the correct phrase is "screwed, stewed, and tattooed." Old Navy saying from WWII.

[trini0]

Originally Posted by Pinhy

actually...i drove my M50 out the door with NO insurance on it...and i financed it. was very surprised.

As I understand it, in Florida, you dont need insurance for motorcycles.
Insurance only comes into play when
1. You want to ride without a helmet.
2. You want peace of mind in case something happens to the bike.

[themeatmanlandry]

I thought the financing provider would require it as a condition of financing. Or at least GAP coverage to pay off the loan. I would think htey would be especially strict on motorcycle loans, due to the high probability that you'll be smeared before you pay the thing off, and you'll most likely take the poor bike with you when you go.

[jsvickers]

As I understand it, in Florida, you dont need insurance for motorcycles.
Insurance only comes into play when
1. You want to ride without a helmet.
2. You want peace of mind in case something happens to the bike.

And

3. You want peace of mind in case you cause an accident and have to pay someone else's bills.

It seems like almost everyone just talks about 'insurance' without thinking about the three basic different and seperate coverages you can get for automobiles and motorcycles.

Collision: Covers your vehicle if it is in a wreck, whether or not another vehicle is involved. It has a deductible that you have to pay out of pocket. It will cover your car whether or not you are at fault, although if you are not at fault, it is usually best to make your claim directly against the other person's insurance.

Comprehensive: Covers your vehicle in most other instances where collision does not. This includes theft, fire, vandalism, etc. It also has a deductible that you will have to pay out of pocket.

Liability: Covers damage you do to other people, their vehicles, or their property. There is no deductible, but there are limits to how much the insurance company will pay out. Higher limits mean higher insurance premiums.

Each of these types is included seperately on your policy, and you can mix and match what you need. Personally, I have liability and comprehensive. Comprehensive only added a small amount to my bill (about $100 a year) and covers my bike if it gets stolen. After a couple of years, I'll probably drop that coverage and just carry liability.

In states that require proof of insurance, they want you to have liability. They don't care about collision or comprehensive. Banks, on the other hand, want you to carry comprehensive and collision because until you have the vehicle paid off, it is collateral on your loan and they want to protect their investment.

If you are looking to save money on insurance, then pay cash and at worst, the only coverage you will be required to have is liability.