I hate insurance

[iamlowsound]

As some of you know, I just bought a 1975 Honda CB750K motorcycle. Bike runs great and everything, but my problem is finding affordable insurance. My lowest quote so far is $2093 a year. That is insane for a 33 year old bike that is worth $500-700. There is no way that I am going to pay double to four times what the bike is worth each year for insurance. Not to mention that is should be considered a vintage bike and that would mean cheaper insurance as well.

/rant

lowsound

[peterbright]

Why insure it?

[hbarcat]

I think the majority of the cost is to cover the statistically very high risk of rider injury.

[mike_v_s]

Originally Posted by hbarcat

I think the majority of the cost is to cover the statistically very high risk of rider injury.

+1

Mike

[dinghy]

Well considering bikes have a much higher chance of you getting ****ed up than a car, it's something the insurance companies have to account for. Enclosed space and safety and lower insurance rates versus fun to ride, unsafe and high insurance.

[iamlowsound]

Originally Posted by peterbright

Why insure it?

Because I can't get plates without it? I just don't get how three years ago I insured a 8 year old sport bike for $800 a year. Yet a 33 year old classic cruiser costs $2093 to insure

lowsound

[fdeck]

Here in the states, we can get basic liability insurance as required by law, but skip the property insurance. That's what I typically do on older cars, where I can afford the risk.

[iamlowsound]

Originally Posted by fdeck

Here in the states, we can get basic liability insurance as required by law, but skip the property insurance. That's what I typically do on older cars, where I can afford the risk.

That was with only liability, no collision or "fire and theft".

lowsound

[fdeck]

Originally Posted by iamlowsound

That was with only liability, no collision or "fire and theft".

lowsound

Maybe you are pre-paying your hospital bills.

[iamlowsound]

Originally Posted by fdeck

Maybe you are pre-paying your hospital bills.

Canada dude, free health care. I am trying to find a company that deals with vintage motorcycle insurance and does it in Canada. No luck so far.

lowsound

[HollowBassman]

It's probably to cover vet bills in the event that you hit a moose.

[iamlowsound]

Originally Posted by HollowBassman

It's probably to cover vet bills in the event that you hit a moose.

http://www.youtube.com/watch?v=AKKZclvMKdg

lowsound

[TrooperFarva]

Automobile and motorcycle insurance is based on 4 things, more or less. The vehicle, how much you intend to use the vehicle each year, how old you are, and your driving record.

[FL Knifemaker]

Originally Posted by HollowBassman

It's probably to cover vet bills in the event that you hit a moose.

I hear you man!! I know people that have had to put their bikes up in storage or insure only one of several that they own. All I can say is when you get older put your car, home and all other insurance with the same company and it's not too bad. I just can't afford the long term dissability to survive even a minor crash. One of the downsides of being self employed. If I can't work, I'm ****ed.

[tkozal]

my bet is the insurers in Canada have that classed as some sort of high performance antique, and the experience may be worse in that class then for other bikes. There is usually a valid statistical reason for the price, especially in Canada.


as a former insurer of motorcycles, I can tell you you are all paying for the foolishness one sees in places like the Palisades Interstate parkway or Harriman state park in upstate NY on a warm day.....

[CrashClint]

I have GMAC/Integon on my 1993 Yamaha Virago 750. Even though the bike looks like it is only a couple years old they would only go liability on an older bike so I am paying $150 a year.

[cheezewiz]

Wow. Glad I'm old and live in Ohio. The last bike I had, a few years ago, was a late 90's Yamaha 1100. I think the insurance cost me around $400 a year for full coverage.

[Pilgrim]

Originally Posted by iamlowsound

As some of you know, I just bought a 1975 Honda CB750K motorcycle. Bike runs great and everything, but my problem is finding affordable insurance. My lowest quote so far is $2093 a year. That is insane for a 33 year old bike that is worth $500-700. There is no way that I am going to pay double to four times what the bike is worth each year for insurance. Not to mention that is should be considered a vintage bike and that would mean cheaper insurance as well.
/rant

lowsound

Don't feel like the lone ranger. In 2000 when I was 50 and driving a 1983 280ZX Turbo, it cost more to insure it than to insure my wife in a 1993 Audi that was worth at least twice as much, and more expensive to repair.

To this day, I defy them to say that they were at more risk insuring that 280ZX and a 50-year-old driver with a clean record than to insure a 44-year-old female with a car worth twice as much.

When insurance companies say they insure the driver, they're freakin' LIARS. They take a look at the driver and at the car, and they rate whichever one lets them charge more money. Consistency and actuarial tables have nothing to do with it...they just charge according to how they can maximize their bill.

BUT - I also have steel plate in my left shin and almost lost my left leg in a motorcycle wreck back in 1966. The car hit me, not vice versa. There is NO WAY I would ever ride a bike without solid medical insurance and a good helmet....required by law or not.

PS: don't hit a moose. You lose big-time, and it annoys the moose.

[Bryan316]

That bike is older than me.

FREAKING AWESOME. Come cruising in Michigan!

[iamlowsound]

Originally Posted by Bryan316

That bike is older than me.

FREAKING AWESOME. Come cruising in Michigan!

I plan on taking it on some long cruises once it is done. I am turing it into a cafe racer, but now I am definitely not telling any insurance company that I am doing it, my insurance would skyrocket. It looks like I am just going to have to bite the bullet and pay that much

lowsound