question on license laws and insuring S3 2005

Moved over the Pond more than a year ago.... and have recently ordered an s3 2005..should be getting it any day now

I'm really confused with what the motorcycle license laws are in New York
I have gone and got a Learner Permit which is valid for a year... is that good enough for me to ride and be insured on? one of the bike shops here said it was fine. I've had a full British Motorcycle license for 12yrs now.

Also does everyone out here get liability only ?... quotes I'm getting for collision and theft is USD 5grand..is this normal or is it cause I live in Manhattan ?

[Diego]

> I have gone and got a Learner Permit which is valid for a year... is that good enough for me to ride and be insured on? one of the bike shops here said it was fine.

I don't know NY law, but what the bike shop said is generally true in most states. With learners' permits, ome states have restrictions on hours when you can ride or whether you can carry passengers.

> Also does everyone out here get liability only ?

Depends on the age of the bike.

If it is a new vehicle that will be financed, your bank will mandate collision and comprehensive coverage. It is often advisable to also have "gap" insurance as well, because standard policies now only pay fair market value of the bike at the time it is stolen or totalled. That payment goes directly to the financial institution. If fair market value is not as much as the payoff amount of the loan (and it generally won't be during the first two or three years) then you may find yourself having to make payments on a machine you no longer possess.

If there is no lienholder, but it is still new enough to have substantial market value, I would still insure it against theft and collision for so long as the bikes have significant value (and have done with the three Triumphs for which I paid cash).

However, the quotes you have gotten are astonishing! I cannot imagine paying a premium equal to half the price of the bike! Incredible.



[ This message was edited by: Diego on 2005-05-24 08:54 ]

[Legman]

Sounds like a premium for a new, never before licensed rider on a learner permit.
I don't know about NY law but here in OZ, if you have had a full licence in another country and can prove it, you will be granted a full licence after passing a test (written) on the road laws. I would investigate this possibility in NY. If you are successful, I would imagine the premium would take a huge dive.

Good luck.

[crashmasterd]

Since the 05 S3 is classified as a "Superbike" by the insurance companies, collision and comprehensive insurance is outrageous. For me, a rider with no points (tickets or wrecks) and as a 13 year holder of an unlimited license in Washington State, full coverage is over $1300 through Progressive. OUCH!

Of that total, only $250 was for liability and uninsured motorist.

That's all US$ of course.

[rudebwoy85]

Hey Ponnrah,

I'm not so certain that the Speed Triple gets an insurance classification of a SuperBike, I was quoted twice as much as I pay for my S3 for a Gixxer 1000. My agent tells me that the S3 gets the same rank classification thus rates as the S4.
My policy was based on that as they did not have all the details about the S3 in their system when I went to start my policy with them at the very end of March.

Be sure to check around with insurance companies, I would understand that insurance can be crazy in Manhattan, but I'm 35 and live just outside of Philadelphia and went with Dairyland insurance (800-526-4252), they gave me a quote of $704 per yr, full coverage (15k/30k) w/o underinsured motorist coverage and a $500 deductable. A friend of mine in S.C still tells me us guys "up north" get ripped for insurance, he pays $400 per/year on a 2004 Yamaha R1.

I dont know how NYC does it but in PA if you take the MSF course, the last class are riding exercises that if you pass you get fully licensed (or you can just go and take your motorcycle riders test at the DMV). I would advise persuing insurance as a fully licenced rider, perhaps your insurance inquiry disregarded taking into account of your more than adequate licensed riding experience and stuck on the New York State riders permit thus dumping you in the high risk pool. I got a !0% discount for completion of the MSF course (faxed them a copy of signed card for verification).

Also give McGraw Insurance a go (800-303-5000), I got some decent quotes from them but I had already establised a policy with my current by the time they mailed me a quote. I doubt if you would even consider it but if you by chance had a mind to park your bike on the street, dont even dream of telling the insurance company this when they ask, tell 'em secure public storage facility. More than likely most of your quote was for collision, if financing your bike there is no way around full coverage, if not maybe play with what you think you can do without.

I did get pretty nice quotes from State Farm also (I believe it was about $650 or so) but that was on condition that I move my Auto Insurance over with them also, and I was just satisfied with my existing so declined, with that my State Farm Quote climbed to $960 for the bike alone. You never know, they may be an option.

Good luck with finding decent rates, be sure to shop around big time. Hopefully others on the board will chime in with some helpful insight!

[Captain_Rat]

ponnrah,

$5K for insurance is rediculous. Frankly, it wouldn't be worth it for me. I know we have one or two others on the S3 forum that live in Manhattan. Do a search on the word "Manhattan" and see if you can find them. Then you can send them a private message/email and ask them what insurance company they use.

I live across the river in NJ (granted, a very rural part) and pay $721/year. I thought that was high! Unfortunately my insurance company won't do you any good because they only insure in NJ.

Capt.

[Diego]

Legman makes a good point. It will probably make a big difference if you can get rid of the learner's permit as soon as possible.

And it's also true that premiums vary widely (and totally without rationale) from company to company in the States... sometimes different insurance agents even get quoted different prices from the same company, for the same bike and rider. Makes no sense at all. Sometimes, all you can do is keep shopping until you find a worthwhile rate.

But still--half the price of the bike? That's highway robbery, literally.

[motocyco]

Well, it's your lucky day because I'm a lifelong NY resident, hailing from Long Island about 50 miles east of NYC. As such I'm familiar with our rather twisted/draconian MC rules and regs. To answer your questions in order: A New York learner's permit will get you insured (at the kind of ridiculous rates you were quoted) mainly because it is not a full license. It is also highly restricted in that you may only operate your MC within about 1/4 mile of a licensed NY operator (visual range), only during certain hours, etc. Legally anyway. That said there are a great many NYers that kind of don't bother to get licensed, but they pay a lot extra for insurance. As the holder of an equivalent foreign license, you can legally ride in NY. Our NY mounties will accept as valid your British License until you become a permanent NY resident. At that time you'd have to convert to NY DMV paperwork, possibly even take the NY road test. BTW NY accepts the MSF rider certificate in lieu of the practical riding exam. As for insurance, you can purchase liability insurance WITHOUT coll/comp if... a) you own the bike outright (otherwise the lien-holder will insist on coll & comp to protect themselves for the entire loan period) and b) you're completely unwell because you really, really need that kind of protection on the mean streets of NYC. Finally your insurance quotes are about double what you'd normally expect to pay in Manhattan. This is mostly owing to the learner's permit surcharge. Realistically for a brand new 05 S3, $2,500 to $3K would not surprise me. Discounts will apply for alarm systems, light winter usage, locked storage, experienced rider, etc. To let you know where I'm at, my 01 S3 is about 850/yr with 500 coll/comp ded, and 25/50 liability coverages. But... I'm in the suburbs. Best of luck with your new bike and with livin in the USA....just stick to the blue states and you'll be fine...