Motorcycle Insurance Categories
250CC motorcycle insurance-How much should I expect to pay?
I am looking to buy my first motorcycle. I am looking in the 250CC category.
I have narrowed down to
1. Yamaha Virago
2. Honda Shadow
I am 29 yrs old male with good driving record for car. Have good credit history.
How much should I expect to pay for insurance for the motorcycle if I buy
1. NEW
2. USED (my preference). I would probably look for a MB with 10-15K on it.
The insurance is based on two things:
- How expensive it’s going to be for the insurance company if you destroy the bike
- How expensive it’s going to be for the insurance company if you destroy someone else’s car/tree/cat/house.
If you go with liability only or a cheaper bike then your price goes down because you crashing into a tree is your own fault and the insurance company doesn’t have to worry about it. If you buy new, you have to get coverage on the bike because the bank wants it’s money (whatever you owe) if you destroy it.
You have to get liability, so the insurance company tracks how likely you are to do something stupid. More bike = more capacity for stupid and years of data backs that up. Since you’re looking for a bike with a small capacity for stupid, your rates will be lower.
The area affects your odds of getting the bike stolen or smashed or whatever, so rural is better than urban and well off is better than slums.
Finally, you have the magic zero for years on a bike, so your only hope is to take a safety course which will help a little.
So: hard numbers.
I bought an old used standard bike with 600cc and had zero experience. Took the MSF course and live in a nice, rural area. I pay Progressive about $75 a year, liability only.
Buddy bought a used GSX-R 750 and lives in the same area. Zero years and safety course. Bike has a few grand more value. He pays $600+ a year, some comprehensive.
