I'm from India and trying to understand how the insurance premium works in other countries.
Below is a sample split up of the price. In this the insurance is comparatively less which is for the bike and rider. How does it work in US and other countries? Why is it very high in there?
Ex-show Room Price ₹ 3,30,778
Insurance ₹ 6,913 (around 104 us dollars for one year)
Road Tax ₹ 19,847 (15 years tax collected for new vehicles)
Other Charges ₹ 12,570
On Road Price ₹ 3,70,108
Wow, this is too much money for insurance when compared to here for a 300cc bike. Almost premium sedan car insurance money. Is your insurance calculated upon the risks conditions in US?
Well, Insurance tends to vary quite a bit. Anything from where you live, to your age, prior driving(car) or riding(motorcycle) history, how long your average riding season is, and how comprehensive your insurance plan is. Here in the US at least, there's also many insurance companies, all giving different rates for different reasons.
Here, you don't get insurance at the dealer. You have to get it on your own and show the dealer you have it in order to take the bike home. It's a separate but required product that seems to have very little consistency.
Thanks for explaining, these seems like several sitting down sessions with the insurance companies to get your desired insurance.
here we get the insurance along with the bike when buying for the first time, then only bike is allowed to be ridden on road. Second year onwards the user has to update the insurance although the current company and competitions will call you and remind of getting insurance.
My insurance just went up by $12 a month because I guess this bike is being seen as more risky than when I fight got it from people crashing and making insurance claims. That's a 30% increase!! I'm about to drop collusion on this bike since it has gone up I feel stupid paying about $450 for a 300cc bike. I currently have 100/300/50 w/ $250 deductible. collision, uninsured motorist, towing all that jazz
Do you have the No claim bonus or something when you haven't claimed any insurance this year, your insurance premium which you have to pay will be marginally lesser next year.
Many here, they will fix scratches and minor things from their pocket from third party repair centers or leave it like that(like my car has scratches) instead of claiming it in dealership where you still have to pay some amount (service charge,labour etc) if you claim insurance repair.
In oz it goes by Age or rider, years of licence, years without claims, parking, and postcode.
ie a young new rider in a city (where more thefts and incidents take place) could pay $2000 per year
vs an older rider in a rural area, and vehicle parked in a lock up garage.
thus I only pay $222Au full comprehensive low excess of $400, riding gear covered as well.
These sound ridiculous at least from my perspective coming from a country where there is no distinction in age/location etc doesn't matter for getting insurance. Only the rate differs slightly from one company to another(reliability is another factor). in fact the insurance is another paper which the dealer will give for first time unless you opt out for a different one.
Maybe this is another reason why bikes are so less in other countries where it doesn't make any sense to put a load of money on two wheels just for insurance.
It's because if you deregister it before the full 10 years you get back a sum. Once the 10 years is up and you renew it the sum is gone haha. It's really a pity because most 10 years old vehicle are still pretty good but it's just not financially wise to renew it
Approx US$743 a year for the 20 year old boy from Singapore :lol:. Supposed to have a 10% No-Claim Discount for having no insurance claim from my past 1 year of riding but because I was not the main owner of the previous vehicle so I wasn't entitled to that 10%
$97.00/yr liabilty only
$177.00/yr liabilty + theft (I'm 46,clean record and took MSF course)
The Phoenix-metro area has high accident rates, and even higher theft rates. I paid cash for bike so that helps keep rates low, if you finance, the cost to cover the bank's will add $1000/yr to the quotes above..
I have neighbors with 600cc bikes who are under 25yrs old and pay $2000/yr and more
Our insurance covers most of the clauses unlike theft separate and don't have much choices other than full body of vehicle's coverage which might also include the plastic parts etc and the normal one where customer has to pay half or more for plastic parts.
Ownership cost seems to be very high in other countries and I guess this is why people tend to service their vehicles by their own to reduce some cost.
that's like one third of the bike's price itself?
I'm not sure if I will buy a bike there. Maybe I'm not considering the average income and maybe this is affordable for an average person in there. :|
$422/yr. full coverage on both the R3 and 78 CB400. The CB400 would've been only $80/yr if I renewed it by itself. Clean record
$1000ded on collision
$100 on comprehensive.
Roadside service included.
Y'all will be surprised how much i have to pay to be able to ride a R3 in my country: Approx US$12650
Singapore being a small country, got something called the Certificate of Entitlement(COE) on every vehicle to control vehicle population, and people have to bid for it, and is limited to only 10 years. You need to renew it at the end of 10 years or scrap your vehicle. It currently cost around US$4.8k (fluctuates with supply and demand). So machine price + COE + registration fees/agent mark up + insurance and so on and bam, US$12650
I know it well. Over here, in New Zealand, we import a lot of the second-hand cars from Singapore as is not worth re-registering a ten year old car and better to buy a new one.
I'm 19 and am currently paying 191$ a month for full coverage. Living in the city of Los Angeles. Plan to be paying a lot less after a year of riding experience.
Just licensed this year and my premium is $374 CAD / Year includes Liability & Comprehensive through TD Insurance. Hopefully the premium will drop once I get a couple more years of riding experience.
Saskatchewan Canada I am and experienced rider with a perfect driver record and I pay $56 per month, ($672 a year) for the R3. Now if I were to jump up to an R6 I would be paying $230/month ($2780 a year). Anything over 400cc jumps up huge out here.
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