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Discussion Starter #1
After reading the various posts on the forum regarding the re-classification of the SV to a sportbike, my wife called today to get a quote from rider.

The rate for my 2005 SVS will be just about what it will be had I bought a 2005 CBR600RR!!!!


My question is this...


Prior to now, why was the SVS NOT considered a sportbike? I mean it looks like a sportbike (with full fairings anyway), it has the same power as a sportbike.

How did owners get away from not having to pay a sportbike rate?

Don't get me wrong, I'm not happy about the rate AT ALL. It won't deter me from getting the bike, but it really is annoying. I would just like some insight into what determines the classification. I mean it basically is the same bike it was 2 years ago (obviously some things are different but...), so how did it all of a sudden become a sportbike?

If it's all about risk, then could a V-MAX or other muscle-cruiser get "sportbike" status? Is that just another way of saying "High-Risk"?


abellboy
 

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Eagle one
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All it takes is a rise in claims from insured to re-classify a vehicle.

So I would assume over the past few years insurance companies are having to pay out on more comp/collision claims on the SV.... and they need to re-classify the bike in order for it make sense for them to insure it.
 

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squids like me flying around dallas on an SVS. that and pretty much every1 around here recommends it as a beginner bike.
 

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lkm said:
squids like me flying around dallas on an SVS. that and pretty much every1 around here recommends it as a beginner bike.
i've been saying exactly that. no more telling people this is a good beginner bike. we should tell people to start on an ex500 and then go onto a gixxer or something.
 
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Technically, it's a far cry from a sportbike. Down 40+ hp, at least a decade behind in suspension, "skinny" tires, no Ti, magnesium or CF and no where near enough bodywork. All of which is why it's been slipping under the radar for so long. As has already been said, if they're paying out more than they're taking in on it you can hardly blame them for upping the price.
But...are there any reports from companys besides Rider in NJ? I haven't heard of anyone else bumping premiums yet, so maybe it's time to take your business somewhere else?

:)
 

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nc_sv650 said:
Technically, it's a far cry from a sportbike. Down 40+ hp, at least a decade behind in suspension, "skinny" tires, no Ti, magnesium or CF and no where near enough bodywork. All of which is why it's been slipping under the radar for so long. As has already been said, if they're paying out more than they're taking in on it you can hardly blame them for upping the price.
But...are there any reports from companys besides Rider in NJ? I haven't heard of anyone else bumping premiums yet, so maybe it's time to take your business somewhere else?

:)
I agree. I renewed with State Farm for full coverage for my 2002 SVS at $502.00/year. Definitely not sportbike rates. Try a new insurance company. Thanks, Mike.
 
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Discussion Starter #7
When I got my `01 SV650, I was amazed that the comprehensive was higher than my tuperware-clad R1100RS. Even when I got the `02 R1150RS, comprehensive was still less on it than the "nekkid" SV.

It's all a game of statistics. Regardless of the fact that a tommy-tip-over on the BMW would be much more expensive than on the little SV.
 

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Shop around, there are companies who still think it's not a sportbike. Insurance companies don't know a sportbike from a Harley, they only look at the numbers. A rise in claims from squids or beginners crashing, or from increased theft means their cost is passed onto the rest of us.
 

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The SVS with statefarm would cost me more than my RR. They simply go by displacement. :lol:

I pay about 350 for the RR. :shock:
 

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lkm said:
squids like me flying around dallas on an SVS. that and pretty much every1 around here recommends it as a beginner bike.
This is pretty much it in a nutshell. Stunters and Squids love this bike and beginners have been encouraged to use it as their first crash toy.

I paid less for full coverage on my 1200 Bandit than I do for my SV.
 
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Discussion Starter #11
State Farm uses displacement for collision only coverage (if I have my terminology correct), figuring that a bigger bike will do proportionately more damage when it hits something. Comprehensive, though, goes by model because repair costs & claims vary from bike to bike.

:)
 

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Actually the coverage is pretty reasonable on my State Farm policy until you get to the "uninsured motorist" line which alone is $157!!!!! Unfortunately with all the uninsured losers here in FL (yes, that includes cagers AND motorcyclists WITHOUT insurance), you HAVE to have it or you're sunk if/when they hit you.
 

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My girlfriend bought an old CX500 to learn on. Allstate wanted to charge her something like $900 a year, because it was an old bike and the parts would have to be "special ordered". She got him down to like $300, but she had to argue with the guy.

She only paid $700 for the bike. You would think that they would just total it instead of spending big bucks on "special ordered" parts. Most motorcycle parts have to be ordered anyway, so I'm not sure what their deal is.

I don't think most ins companies know motorcycles very well.
 

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The other thing the Ins Co takes into consideration is where you live. If you have a ton of tools on that particular bike racing around and wrecking, then claiming on their insurance, you're going to pay more.
 
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Discussion Starter #15
PricklyPear said:
"...Allstate wanted to charge her something like $900 a year, because it was an old bike and the parts would have to be "special ordered"..."
...but why would you want to pay for full coverage on a $700 bike in the first place?

:)
 

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I live in ca and you'd all laugh at some of the quotes I got. I think highest was 3400/yr for full coverage. I shopped around for 2 weeks and finally got 800 a year full coverage with roadside/towing. Almost everyone lumped it in with 600cc+ sport bikes.
 

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I've seen the bike on another forum go from "girls bike" to the hottest thing on two wheels especially for the "racers" and the kids who want to work on their corner speed. For some reason it's become recognized as a great twisty bike.... go figure.

I've had mine for 3.5 years and just recently dropped full coverage in favor of liability only. At $133 it's not exactly a pricy maching to operate... but i really want that buell....
 
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