Possibly, several companies won't quote for bikes over 20k, but to say its eight times more expensive than my GS is astounding. Incidentally, I had a deal worked out with my dealer and was happy to buy the bike but not if the insurance is that bad
The eight times number can possibly be explained in several ways. Here are some illustrative examples:
1. Your current insurer may favour BMW GS motorbikes over other brands and types, discounting their prices accordingly.
2. Your current premium for your GS might be close on a year old. If the renewal price for your GS doubles when it renews, the price difference will halve, from eight times to four times.
3. Possibly your current insurer will only accept BMW branded motorcycles under the particular branded scheme (for instance, BMW Motorrad) and is unable to include any other make. This forces you to buy an additional policy, to which no NCB can be applied, which simply costs more, being eight times. In effect, this is the same as point 1.
4. Many insurers have apparently put warning markers on their records vis-a-vis bikes with a declared value greater than £20,000 (some at £15,000) or when the accumulated values of two or more bikes is greater than £20,000. I had this problem in that my new 1600 had on its own a value of more than £20,000 along with it being garaged in a London E1 post code, with an HP4, a MegaMoto, an HP2 Sport. Yes, I can only ride one at a time, but at some point all four are sitting there, whilst three will be sitting there whilst I am out hooning the third.
5. The simple truth is expensive bikes are being pinched. The reasons as to why and by whom will vary. In parallel, bikes of all sorts and values are being crashed, written off / repaired and or nicked, to never be recovered. Again, the reasons for this will vary. It is costing lots to pay the claims.
6. Insurers chased market share, which drove insurance premiums down, to extraordinarily low levels. At some point, simple economics takes over: Cash in is considerably less than cash out. The insurer(s) put up prices or simply say, “We are not going to do it any more” or they go bust. Either way, prices rise.
If you want your new bike badly enough, you’ll find the premium, even if it means selling your GS to pay for it. I sold three motorbikes in order to create a cash pot to fund the insurance and servicing cost of one bike and three ‘sports’ cars for maybe 10 years, by when I will be in my early 70’s.... when I’ll probably think, “Feck it, can I really be arsed with cars X, Y and Z and a bloody motorbike ?”, when I’ll get rid of them, for whatever they are worth. That is the hard economics - and realism - of life.
If you don’t want the new bike that badly or cannot justify / afford the cost of ownership, then you’ll not buy it. That too is the hard economics - and realism - of life.
