hey now, could anyone give me some insight as to how i nsurance co.determine cost?is it horsepower or brand?  I have been riding on and off for years, and have a valid motorcycle endorsement for several years. Why are similiar bikes have such a wide range of insurance cost?Any recommendations of insurance companies? thanks- rock  

You don't say where you live, so a definite answer for your locale is difficult.  But here in Canada, bikes are categorized by displacement.  For example, under 750cc's, under 1100cc's etc.  The bigger the engine (more power), the higher the rate.  I'm not sure, but I would presume that the type of bike being insured is an issue as well, for example the power to weight ratios of a cruiser versus a sport bike.  Brand names could be a factor.  For example the probability of theft of a high-end Harley or Gold Wing compared to a lower-priced Suzuki or Kawasaki.

Do you store it in a locked garage when not in use, or in an open carport, or are you an apartment dweller with the bike out on the street, very vulnerable to vandalism and theft?  There is also consideration given to the geographical area in which you live.  Less densely populated areas may have a lower per capita accident rate, which translates to lower insurance premiums.  Another factor is your age, and length of time you've had a valid motorcycle licence, along with your accident record and/or traffic violations record (speeding, etc.).

I'd have to assume that, regardless of where you live, most (if not all) of these factors would play a part in your insurance rates.  Shop around, make sure you have the coverage you need and want, and get the best rate you can for that coverage, also ensuring that whoever the insurer is has a good track record of promptly handling claims.  There very often is a very good reason why the cheapest rate is just that!

But ultimately, your best insurance is your own riding habits and how you maintain and store your bike.  So keep your wits about you and make good decisions.  Cheers.  Herb.  

In the USA, it varies drastically from one insurance company to the next with each one charging whatever they think they can get away with, so shop around among your local agents, starting with the one who carries your car policy. The only thing you can really depend on is, they will charge you an arm and a leg if you have a low credit score.

Get whatever medical coverage you think you need, but don't waste money insuring the machine itself. If you can't afford to replace it, you can't afford to ride it.

regards,
Joe  

That seems like a pretty irresponsible attitude to me.

Insurance coverage should also include insurance to cover damage you may cause to another person's vehicle and/or personal injury to your passenger or occupant/rider of other vehicles, or other persons who might be injured ot killed as a result of an accident you might be judged to have caused.  

Replacement of your bike should be the LEAST of your worries, but certainly deserving of your concern and attention.

Uninsured vehicles of any kind should be legislated off the roads.  If you can't afford to insure your vehicle, regardless of the type of vehicle, you should be walking or riding the bus!

Your medical coverage is a whole separate issue, but something everyone should have, regardless of your means of transportation.  If your were injured as a result of an accident involving an uninsured vehicle, you'd be wishing they had coverage you don't think they need.  You're a long time paralyzed, and even longer dead.  Your wife and kids need you alive and well and able to provide for them.  If you're gone, the other guy's insurance is their only hope if you haven't personally provided for such an event.

As I said before, keep your wits about you and make good decisions.  Cheers.  Herb.  

herba said...
That seems like a pretty irresponsible attitude to me.

Liability insurance pays for other people's expenses, not yours. Choosing to insure your own machine's repair has nothing to do with liability insurance. If I choose not to insure my machine's repair costs, that is me accepting full responsibility for those costs, not me being irresponsible. Irresponsible is when you expect someone else to pay for the damage you cause them.

herba said...
Uninsured vehicles of any kind should be legislated off the roads.  If you can't afford to insure your vehicle, regardless of the type of vehicle, you should be walking or riding the bus!

An uninsured vehicle and a driver without insurance are two totally different concepts. My insurance company will not pay even one cent for any damages to me or my truck or my motorcycle, but I carry Liability and Medical insurance for other people and their property.

If someone manages to smash up my rusty old truck while it's parked somewhere, it would probably take me a couple hours to find another for less than $500. The bike would take longer to replace, since it took me several weeks to find a shop with that model available. Neither of them would cost nearly as much as the money I have wasted on government mandated insurance premiums over 4 decades of driving.

regards,
Joe  

Hi Joe.  Good rebuttal and fair comments.  Here in Canada (probably in the U.S. as well) the clause you refer to regarding insurance for damage or destruction to your own vehicle is referred to as "collision" insurance, and means excatly what you describe for coverage of your OWN vehicle.  And I do agree with you.  Depending on the value of the vehicle, and the amount of "deductible" stipulated in your insurance contract, and what, if anything, you're prepared to pay for it, the owner can opt to not buy that specific coverage.  Quite often, depending on the age and condition of your vehicle, what might be considered to be relatively minor, easily repairable damage, would probably be considered by the insurance companies to be more costly to accomplish than the vehicle's real market value, so they just write it off and you'd end up with next to nothing for it.  So you're right in that instance...you pays your nickel and take your chances and hope lady luck is on your side.  Cheers.  Herb.