Yamaha R3 Forums banner

1 - 20 of 22 Posts

·
Registered
Joined
·
54 Posts
Discussion Starter #1
Was on the phone with Progressive Insurance... was trying to get some insurance quotes for a few possible rides. Just planning ahead and i live in California by the way

I currently have a zuma 50F so the the first quote i asked about was for the yamaha zuma 125... Without changing anything on the plan other than the bike type, my premium stayed the same. This is because all though the 125 has a larger engine Progressive puts both scooters in the same class... therefore no change in my insurance policy premiums.

however when i was trying to get a quote for the new R3, i gave the agent the cc and the model number... and she found the bike. However the bike came up in the same class as the R1 and R6 and therefore had an outrageous insurance premium...

im going to need a VIN# to get a more accurate quote and if the bike is still classed in the same category as the R1 and R6 we can send the information over to the motorcycle division to get the new bike vetted

I am aware that premiums are a case by case basis depending on the riders history and what not but to classify the new R3 in the same category as the R6 and R1 is historical


Has any one called in to get an insurance quote for the R3 and have you been given a class or an accurate quote?.
 

·
Registered
Joined
·
10 Posts
I did some shopping around for quotes online and everything was ridiculous for the r3. I'm under 25, so most were just over $100/month for full coverage, GEICO wanted over $4000 a year!! I did the same quotes for the ninja 300, barely $30/month for me for full coverage. How long does it take to get the bike reclassified??
 

·
Registered
Joined
·
222 Posts
I just carry liability as required by Texas law, so my motorcycle costs are low, as are my car insurance costs. Adding a new motorcycle to an existing policy costs $20 a year and the size of the bike or selling price doesn't matter. For 4 motorcycles I pay $176 a year. The 1st motorcycle is $116 a year, then $20 for each additional bike. I guess Progressive figures you can only ride one motorcycle at a time. The $20 is for paperwork. This all changes of course if you get other kinds of coverage and is age dependent as well, so if you are 20, you are going to pay more than $116 for liability. What I have always thought about insurance is that the people who need it are the ones who can't afford it. Well, they can of course, but it's a drain on their budget often. I also like to point out how Warren Buffett, The Oracle of Omaha (as in Mutual of Omaha) became a multi-billionaire in large part by investing in insurance companies.


If I possibly could, I would save up and pay cash for the motorcycle, then just get liability. I realize this would not be either possible or wise for some people though. It's just that having owned over 25 motorcycles and dozens of cars and only ever having to put $1500 into one motorcycle that got damaged in a parking lot, I have saved probably $100,000 over the years just paying cash and having liability coverage. I've been riding and driving 45 years.
 

·
Registered
Joined
·
54 Posts
Discussion Starter #4
I just carry liability... If I possibly could, I would save up and pay cash for the motorcycle, then just get liability. I realize this would not be either possible or wise for some people though.
I have cash for the bike but im trying to leverage my money and take out a loan, pay it off in a year or two and get a little credit bump... mean while saving money for gear and parts...

after its paid off i'd like to keep comprehensive coverage on the bike... im more afraid of it being stolen than wrecking... my little 50cc has been tampered with too many times not to have theft and vandalism coverage...
 

·
Registered
Joined
·
54 Posts
Discussion Starter #5
GEICO wanted over $4000 a year!! I did the same quotes for the ninja 300, barely $30/month for me for full coverage. How long does it take to get the bike reclassified??
i have a recent DUI which is gonna rape me on insurance... but with out proper classification... progressive quoted me $6,000 a year... thats the price of a new bike... i could just buy a new one if anything happened... when i asked about a 2015 ninja 300... it dropped to $2,300 a year.. about $200 a month for full coverage...

now add the bike payment and braces for my teeth :D
im not saving as much as before and im also trying to buy a house... i know i know priorities... but the 50cc is soooo slowww
 

·
Registered
Joined
·
15 Posts
I got quoted $315 a year for a full coverage. I am 34 with no tickets. In comparison, CBR300R is just $10 cheaper. Intact Insurance, Canada.
 

·
Registered
Joined
·
24 Posts
May take a bit for the insurance companies to figure out the bike. This was unfortunately the case when I was going to buy 2 Honda Groms when they 1st came out. Hopefully they get the R3 situated correctly and in a hurry.
 

·
Registered
Joined
·
665 Posts
May take a bit for the insurance companies to figure out the bike. This was unfortunately the case when I was going to buy 2 Honda Groms when they 1st came out. Hopefully they get the R3 situated correctly and in a hurry.
We'll just have to keep on following up with them and checking the forums to see what other report. Hopefully it all happens in a timely manner.
 

·
Registered
Joined
·
47 Posts
It is currently a problem. I just got mine for $890 full coverage from State Farm for the year. I'm a 23yr old male with 1 accident on record from PA. I also got $1400, $1040 and $6000 for quotes. I went through 2 local brookers. They don't know who is buying them or crashing them so like the FZ-07 is will prob take at least 6 months for any change. I didn't even touch DairyLand just because I want good backing but I hear they are cheap.
 

·
Registered
Joined
·
57 Posts
Geico for my S1000RR is $753 a Year...I'm 52, Married, clean Record 30+ years riding.

Geico for the R3...these Nit-Wits wanted $840 ??? :eek: I told them your stupid Lizard better learn about bikes..because how can a Bike with 193 RWHP be cheaper than a 40 HP 321cc Bike.

So I went with "Rider insurance" here in Jersey....$210 for the Year...Bravo !! ;)
 

·
Registered
Joined
·
161 Posts
Geico wanted a crazy about the from me as well. I have auto through them, too.

Ended up a progressive for two people, one with msf endorsement, one at fault on there for $488 for the year.
 

·
Registered
Joined
·
10 Posts
Safeco has all of my personal policies. They came back with $2500+/yr for the R3 and claimed it is because they don't have it classified. Ended up with Progressive for $383/yr.
 

·
Registered
Joined
·
23 Posts
Geico wanted a crazy about the from me as well. I have auto through them, too.

Ended up a progressive for two people, one with msf endorsement, one at fault on there for $488 for the year.
Safeco has all of my personal policies. They came back with $2500+/yr for the R3 and claimed it is because they don't have it classified. Ended up with Progressive for $383/yr.

Full Coverage?
 

·
Registered
Joined
·
1 Posts
Hey Onyx,

My name is CJ, I work for an insurance company that specializes in motorcycle insurance called Quickshift.

Hit me up, I can see about getting your insurance cheaper on whatever you ride.

619-723-5733
 

·
Registered
Joined
·
42 Posts
Yeah I'm getting some pretty crazy quotes too. The first one I got from progressive was 3000
 

·
Registered
Joined
·
121 Posts
Funny this subject came up again. I just went through this with Allstate. I also have a '14 BMW RT which cost 4 times the R3 and the insurance is exactly half and I'm OLD with no tickets! Here's the problem, just look at the first page of recent posts and what do you see over and over.... crashes!! Somebody even suggested a Crash Club for Christ sakes! That's the problem. These bikes and similar models are sold to young, male first timers for the most part and they have a tendency to crash them. Somebody mentioned a BMW S1000RR. The point is that the guys buying that bike are experienced riders that have gone through their learning curve and even though the Beemer can go a million mph and cost $18K, they don't crash 'em! The insurance companies are rating the R3 based on their experience with other Japanese sport bikes and small newbie ones in particular like the Ninja 300 and and the little Honda. Undoubtedly they have a huge loss experience with those as well. On a rant here but if you compare this situation to what you see in Europe where there is a tiered licensing system and mandatory rider training you see something totally different. Ok, old man rant off! Grrrr....

Marc
 
1 - 20 of 22 Posts
Top