Bike Insurance

Discussion in 'General Harley Davidson Topic' started by DDogg, Oct 5, 2008.

  1. DDogg

    DDogg Junior Member

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    I'm curious, Glider asked where you all are from and I got thinking. Since I'm from Michigan, I"m lucky if I can ride 8 months out of the year. You guys that live south or where you can ride 12 months a year have got to pay more insurance than I do. Not getting into all paticulars, I pay thru Harley approx. 500 bucks a year to insure my 08 Fatbob. I'd like to hear what others are paying and where you live. I'd like to see if cost is based on riding time or just sitting in my garage when it's 20 below.
     
  2. DDogg

    DDogg Junior Member

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    Here in Michigan we have what they call No Fault Insurance. Basically you pay no matter who's fault. It's been 30 years ago since I owned a bike and didn't have a house then. My home owners insurance will cover my ride while it's in the garage. I was suprised to find out that my leather is covered too.
     
  3. bernhardz77

    bernhardz77 Member

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    I live in South Texas, riding season is pretty much 12 month of the year if you can handle the cold. It snows here once every 30 years, unless you head for North Texas.

    I shop around each year for insurance to get the lowest cost. I have no love or loyalty for insurance companies, got shafted big time with my car insurance. I insured my Dyna Super Glide the last five years from about $400 down to $320.

    I now have a '09 Streetglide and pay $378 for a year. Again, shopping around and getting quotes is the way to go. Progressive, who had insured my Dyna last for $320 wanted over $500 to insure the Streetglide. You would figure that as an existing customer with no claim record you would get a better deal.
    So I went with the HD quote, which is simply a broker and I ended up with Foremost.

    Bernhard
     
  4. dangerdan

    dangerdan Junior Member

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    I got to get out of this country.

    I am 58 , been riding since 98 , have had no automotive insurance claims since 78 and I pay $960 for my 95.
     
  5. Romain

    Romain Active Member

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    That sounds like a good deal.
    I have to fork out over £800.00 for my 1200 Sportster and irrespective of the no claim bonus the price remains the same from one year to the next.
    Maybe it's one of the many (dis)advantages of living in central London.
    I was surprised that HD Insurances refused to cover my machine as, although it is parked in my front garden with several security devices, it is not inside a lack up garage.
     
  6. whatyardwork

    whatyardwork Banned

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    Its all about driving record,age,policy preferance here in Mass.Over 6 years on a scoot and it drops a little.No accidents or moving violations and it drops a little more.Add 100/300 and it goes up a little.The insurance companies lose their shirts on all the investment money they overcharged us for and it goes up a little more.
     
  7. glider

    glider Veteran Member

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    The insurance companies also consider your credit rating. I went around and around with my company about this because I pay in full up front and they couldn't give me a valid explanation for it. It should apply to those who do installments only.
     
  8. Sadist112

    Sadist112 Active Member

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    The credit rating does not have to do with the fact that you are or will pay for the insurance. In fact, insurance company don't consider that at all because the second you fail to pay your policy lapses and you lose coverage. The credit rating has to do with anticipated losses and historical data. It has been proven time and time again that individuals with higher credit rating historically have better accident rates (ie lower Loss Ratios). Thus if you have sucky credit, your are getting charged higher rates.

    All my clients (Fortune 500 Insurance Companies) have different tiers which you can qualify for which is directly a result of your credit rating among other things like clue reports and driver records. But it has been proven that credit rating directly correlate to the amount of losses insurance companies pay. Some believe it is more driven as a result of need.

    i.e. people with higher credit ratings may have more money and if they are involved in an accident that results in $1,000 of damage may be more apt to pay the entire thing themselves and not involve insurance where individuals with lower credit ratings may not have the money to fix it and have to utilize insurance even if they are only netting $500 (after a $500 deductible).

    I have progressive for my '09 Street Glide and pay $1350 a year. I have 3 years of riding experience and no crashes my limits are in excess of $1M which is probably why my rates are so high.
     
  9. glider

    glider Veteran Member

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    I also had Progressive and payed $800 a year for the 07 RK with full coverage.

    Thanks for he explanation.
     
  10. glider

    glider Veteran Member

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    Yep, good old NY where everything is overpriced.:D