Sell to make money, or keep?

I recently bought a 1980 XJ650 Maxim. The story I know behind the bike is a lady used to drive it, but parked it 6 years ago. She was asking $750 for is, so I offered her $250 and she took it.
It's got 27,000 miles which would be about 17,000 miles. It needs a bit of work, such as front brakes were siezed, most likly both tires, new battery, couple other odds and ends, but nothing major.
I could fix the stuff up that's wrong with it, and make a quick $750, or I could do it right, paint the tank, clean it up all nice and keep it for long term.
Problem is, insurance for that thing is about $1100/year. which is alot of money considering you can only drive may-sept or oct

 

$1100 a year?? Man I paid under $200/year for insurance on my 81 750 seca and i have a driving record bad enough they tried to pull my license....

 

In canada the insurance is all gov't ran, so they just screw everyone over. In the bigger city's it's not unheard of to have a rocket with $2-3000/year insurance

 

I guess if your location was in your profile, it wouldn't have been such a shock when you stated $1100 a year. But still, holy cow!!! I think I pay less than $80 a year to insure my 81 XJ550 Maxim. I am also looking at adding a policy for a 2006 Ducati Monster 620, and even that is only coming out to about $440 a year with full coverage and a $1000 deductible.

 

I'm in Canada... and I pay around $200 on my 83 650 Seca per year... And it gets less every year (so far).

I'm in NL, though. Not gov't controlled as of yet.

 

I'm in manitoba, (sorry, I don't know how to change my location)
it's ran by MPI which is manitoba public insurance. Bike insurance increases about 100/year here

 

Ouch, that hurts. I'm in MI, which has really stupid insurance rules (no fault...don't even get me started) and I'm <25, but I think I'm still paying ~$400/year. Here's to gov't run companies...Amtrak, anyone?

 

Uuum... you also do not need to buy a Years insurance IF the weather precludes riding for 6 months of the year...is not a 6 months policy approx 1/2 of that and 4 months 1/3 ???.
A friend in Los Angeles pays $75/year for 4 ! bikes . But he has almost no coverage.. only $15,000 liability.. Insurance is not mandatory in California... Lovely.

 

here in manitoba they have it so that the prime riding months are about way more money, and then in the winter your only actually paying like $15/month for insurance. Can't even cheat the system

 

Hardly "cheating the system' it's perfectly acceptable to buy a specific length policy. So it's another of the Joys of living there ? .. along with the Bugs and the horrific winters.
Explains Why you only had to pay $250 for the thing

 

Maybe I should just move away, what way I get no cold winters, and it'll be cheap to drive!

 

Not sure you want to come to the states. Looks likely we'll be copying Canada's worst ideas. And the fishing sucks.

 

wow, my 79 xj1100 is only 150/year

 

All the insurance companies i contacted before I bought mine had two options, 6-month (two yearly payments) or 12 month. But the 6 month wasn't pay 6 months worth now, other half 6 months from now. It was pay half now, other half in 30 days. So i just paid in full and I'll cancel come winter and get a partial refund. Annoying, but saved me about $50 in the long run.

 

I'd say keep the bike and move somewhere with reasonable insurance rates.

At $1100 per year, you're paying more for one bike than I'm paying to insure two bikes and a car - that's full coverage on the car and the R6.

You gotta love government-run programs.

 

Wanna bet?

The California DMV would like to take issue with that statement.

 

Here is a thread right up you alley.
http://www.xjbikes.com/Forums/viewtopic/t=9207.html
Why do they make you suffer!?

 

can't you get club plates in Manitoba? it's a real good way to get your bike on the road here for small bucks, if you just use it occasionally.
last time i was in Manitoba was in '79, on my way from Montreal to Edmonton, driving a new Cougar, good memories.

 

HOLY CRAP BATMAN

I called progressive here in the states and got a qoute of 75 dollars a year, thanks to taking a safety course

 

holy crap, and I thought one of the coolest things about this motorcycle was that I paid $80 up-front for a year's worth of minimum coverage insurance.