wow i was looking at getting a ducati and found out pergeccive wants $1000 a month!!!!!!!!!! then checked geico much better at $3900 for 12 months. who the hell would pay $1000 a month in insurance just to ride a bike.
motorcycle insurance
- Thread starter whenmunkysfly
- Start date
Adjuster
Supramania Contributor
There are lots of factors they consider when you rate a policy for coverage.
Your experiance level is one of them. Your age is another. The cost of the bike is another.
Credit scores come into play. (It's a good indicator of your risk taking attitude, and that is a better score than your driving reccord actually.)
They do also look at your DMV reccord, and what you have been cited for if anything.
So yep, one company might rate you a very high risk where others don't. (The ones that generally do rate you high however, have good reasons for the data based on crash results of similar drivers with similer qualities.)
My bike insurance is 80.00 per year.
Insurance for my 3 cars is 720.00 per year.
Pays to be older, married and have a good credit score I suppose. (The reality is I'm less likely to have an accident that will cost them money, so they rate based on risk.)
Good luck, and buy the lower rate coverage so you save money.
Your experiance level is one of them. Your age is another. The cost of the bike is another.
Credit scores come into play. (It's a good indicator of your risk taking attitude, and that is a better score than your driving reccord actually.)
They do also look at your DMV reccord, and what you have been cited for if anything.
So yep, one company might rate you a very high risk where others don't. (The ones that generally do rate you high however, have good reasons for the data based on crash results of similar drivers with similer qualities.)
My bike insurance is 80.00 per year.
Insurance for my 3 cars is 720.00 per year.
Pays to be older, married and have a good credit score I suppose. (The reality is I'm less likely to have an accident that will cost them money, so they rate based on risk.)
Good luck, and buy the lower rate coverage so you save money.
My insurance company used them as an underwriter when i signed my bike up, they don't insure bikes on their own anymore...
Yeah, full coverage on a bike can get quite pricey. Especially since they have to take into consideration that you can have body damage just from dropping the bike in your driveway. Obviously the price also varies greatly depending on where you live and where you are storing the bike. I never did have full coverage on a bike, though.
I'm 23 and the most I have paid for insurance was $240/year in Michigan through Progressive on an '03 Honda CBR 600 F4i. Insurance in Pennsylvania (my home state) is way better.
I'm 23 and the most I have paid for insurance was $240/year in Michigan through Progressive on an '03 Honda CBR 600 F4i. Insurance in Pennsylvania (my home state) is way better.
JustAnotherVictim
Supramania Contributor
Adjuster
Supramania Contributor
Well, I can tell you this.
As someone that works for the largest insurer of motorcycles in the USA, everyone does not get the same rate.
As I posted before, your rated on your risk. There are people who do nothing but look at data, and then determine how much you should be charged for insurance so the company has a good chance of making money.
The goal where I work is to make .04 cents on the dollar. So you pay them a buck, and they handle your policy, pay the claims and make 4 cents. Does not sound like much right? Untill you see a company that has a written premium book of a few billion dollars. (And they are not operating at a 96 CR, but more like 70, so they are making 30 cents on the dollar....)
The goal is a 96CR. (Combined ratio, a term used by insurance companies to determine how profitiable they are. The CR has all the costs of the company and the claims built into it. My pay, the cost of the building where I work etc. It all adds up to the cost of doing business v/s the preminum paid out by the people we insure.)
Try running a shop with a profit of only 4%... You would go broke in days.
So guys, stop complaining about your insurance payments. They are rock bottem, and you can't afford to take the risk of not having insurance. Nothing sucks more than to tell someone they don't have coverage because they did not pay for their policy, and they just caused a huge amount of damage, and possibly even death. Your reponsible for what you do, and if you have no insurance, you get to pay out of pocket for it all. Welcome to losing all that you own in most/many cases.
As someone that works for the largest insurer of motorcycles in the USA, everyone does not get the same rate.
As I posted before, your rated on your risk. There are people who do nothing but look at data, and then determine how much you should be charged for insurance so the company has a good chance of making money.
The goal where I work is to make .04 cents on the dollar. So you pay them a buck, and they handle your policy, pay the claims and make 4 cents. Does not sound like much right? Untill you see a company that has a written premium book of a few billion dollars. (And they are not operating at a 96 CR, but more like 70, so they are making 30 cents on the dollar....)
The goal is a 96CR. (Combined ratio, a term used by insurance companies to determine how profitiable they are. The CR has all the costs of the company and the claims built into it. My pay, the cost of the building where I work etc. It all adds up to the cost of doing business v/s the preminum paid out by the people we insure.)
Try running a shop with a profit of only 4%... You would go broke in days.
So guys, stop complaining about your insurance payments. They are rock bottem, and you can't afford to take the risk of not having insurance. Nothing sucks more than to tell someone they don't have coverage because they did not pay for their policy, and they just caused a huge amount of damage, and possibly even death. Your reponsible for what you do, and if you have no insurance, you get to pay out of pocket for it all. Welcome to losing all that you own in most/many cases.
ummm...i dont care how little profit they are making.This is of course the way every buissness work write off everything. trying running a buissness and at the end of the year paying full taxes with no write offs then tell me about broke. $1000 a month is stupid expencive. anyway found a loop hole. my dad is going to be co-owner of the bike. (he helping me build my 19year old credit). if he rides the bike 50% of the time(hahaha yea right that what they think anyway.) and i ride it the other 50% then my insurance is only $150 a month not to bad a? yes i do realize its a ducati and im willing to have the valves adjusted every 6000miles for $600 but not pay $1000/month for insurance. the reason i chose the ducati is because the other bikes fell too much like plastic to me and i've always been the person the buy the best the first time and not waste money on the crap to find out its better to get the best. not to say anything bad about anyones bike but the ducati is just so right for me.Adjuster said:
why dont you get a different bike then if you dont want to pay 1000 dollars.
is this your first bike? jumping on an expensive sport bike right away? please say no.
is this your first bike? jumping on an expensive sport bike right away? please say no.
it is my first bike but deffently not the first time i have rode one. i wouldnt buy it if i couldnt handle it im a very well educated racecar driver so i know my limits. i dont have to pay $1000 as i stated above.OneJoeZee said:
Adjuster
Supramania Contributor
Well, fellow rider, I wish you the best of luck. Please take your local Star course, and pay attention. I'd rather not find out about another fatal motorcycle crash if possible. (It's the other people on the roads that you really have to watch out for, and your own lust for power too is not helpfull really.)
I own and ride, and I love my bike about as much as my Supra, or any fast and fun to drive/operate/ride machines.
I have a KTM 620 RXC, a nice enduro type bike that you can ride all day on the road, and it will keep up with most dedicated dirt bikes with the right rider on it. (Not me of course, I don't like pain, so falling down anywhere is a bad idea.)
I also really like some of the supermotards out there. The KTM's are fun, but I belive for the money the more street oriented V Strom is a better deal. (Nice upright seating position, and you have a great Vtwin 650 or 1000 cc engine depending on what you buy.)
I own and ride, and I love my bike about as much as my Supra, or any fast and fun to drive/operate/ride machines.
I have a KTM 620 RXC, a nice enduro type bike that you can ride all day on the road, and it will keep up with most dedicated dirt bikes with the right rider on it. (Not me of course, I don't like pain, so falling down anywhere is a bad idea.)
I also really like some of the supermotards out there.
The KTM's are fun, but I belive for the money the more street oriented V Strom is a better deal. (Nice upright seating position, and you have a great Vtwin 650 or 1000 cc engine depending on what you buy.)
whenmunkysfly said:
race car driver? what does that have to do with knowing your limits on a motocycle?
it just means that i know how to find out what my limits in general are without going out and blowing everything to hell and getting killed my dad told me a few weeks ago that one of my friends in elimtery school just got kill because he didnt know how to limit himself to see what he is capable of. i also said that i have riden bikes alot. so the point was im not some reagular 19 year old kid that will get the bike and try a 150mph pull on the first day i live 10min from pacific raceways and they have regular track days some im sure i can contain my self to the track:biglaugh:OneJoeZee said:
thanks for the warm welcome. The ducatis are alot easier to ride then the hondas and such because the power is all up top so if you not taking it up there its not like holy shit oops now im in a bush...or worse a car. but still not for the person whos never touched a bike lolyea im young so when the guy at ducati started showing my dad the monsters instead of the superbikes i was like what for. i guess sitting up more is more comfertable.:aigo: who knew lolAdjuster said:Well, fellow rider, I wish you the best of luck. Please take your local Star course, and pay attention. I'd rather not find out about another fatal motorcycle crash if possible. (It's the other people on the roads that you really have to watch out for, and your own lust for power too is not helpfull really.)
I own and ride, and I love my bike about as much as my Supra, or any fast and fun to drive/operate/ride machines.
I have a KTM 620 RXC, a nice enduro type bike that you can ride all day on the road, and it will keep up with most dedicated dirt bikes with the right rider on it. (Not me of course, I don't like pain, so falling down anywhere is a bad idea.)
I also really like some of the supermotards out there.