Why is motorcycle insurance insane for everything but cruiser types?
DoggyDooDoo asked:
I called Geico and they quoted me on a bunch of motorcycles. Cruisers were the only reasonable ones, but I thought the other types (sport, standard, touring, offroad) that I got quotes on were riduculously high! I even asked about the ninja 250 and that was 4 times the amount of a 750 shadow. How is that possible?
Financial news
I called Geico and they quoted me on a bunch of motorcycles. Cruisers were the only reasonable ones, but I thought the other types (sport, standard, touring, offroad) that I got quotes on were riduculously high! I even asked about the ninja 250 and that was 4 times the amount of a 750 shadow. How is that possible?
Financial news
April 22nd, 2009 at 7:07 am
Liabilty – they have the risk data, and they are in business of making money. The accident cost data is what they base rates on.
April 24th, 2009 at 7:55 am
It is simple math and dollars and cents for them.
They know from previous years that you are four times as likely to be involved in an accident with any sport bike as you are the 750 Shadow.
So your policy costs reflects this.
Don’t fight it, get a cruiser, you will get pulled over for nothing lots less also, the cops don’t have a hardon for cruisers like they do crotch rockets.
April 27th, 2009 at 12:06 am
Because everything else is more aggressive and more likely to kill you. I am surprised about the off road bikes though.
April 30th, 2009 at 12:49 am
dual sport bikes are less cost to insure than cruisers
May 3rd, 2009 at 3:20 am
They have the data in front of them they dont make it up its calculated risk, probaley 4 times more claims on ninjas than shadows ; )
May 5th, 2009 at 12:25 am
Unfortunately, Geico did not really tell you the complete background on their insurance rates which are primarily geared to how old is the motorcyclist and the number of years that the motorcyclist has been driving without any significant accidents or insurance claims. If you are at least 26 years of age and have been licensed to to drive a motorcycle since 18 years of age, your initial insurance coverage will be substantially quite lower than someone under 26 years of age who is just starting out driving a motorcycle. For example, I currently drive a sports bike, a BMW R850R and a early model Honda Elite 150CC scooter and the total coverage for both bikes for only public liability is $165.00 per year. And the insurer is not Geico but McGraw Insurance Services (800-303-5000).
I can only conclude that motorcycle insurance is still truly a bargain priced item which becomes more affordable once a motorcyclist becomes of age, that is, over 26 years of age.
Good luck!
May 6th, 2009 at 12:00 pm
well i use this company well good i had a gs500e slingshot full comp for hundred and eighteen quid a year. and i am 33 years old 3 points on my driving licence all the others wanted near to three hundred for the same policy. all so get a sold secure lock and chain and get a alarm fitted and tell them you have done so . give them a bash
May 9th, 2009 at 6:38 pm
This is the point I make to many riders seeking to purchase a sport bike for their first machine.
You did not mention your age.
This is a reflection on how many riders crash their machines within the first several years of riding.
Insurance companies are in the business to make profit. So they look at your age, gender, where you live, and type of motorcycle. And the answer in your case, you are less likely to crash on a cruiser than any other type of machine.
I would most definitely shop around some of the other insurance companies.
Another way to help reduce insurance costs would be to attend a Riding School such as the Motorcycle Safety Foundation course.
Good Luck
May 9th, 2009 at 8:41 pm
Price the insurance of a Shelby Cobra versus a Chevy Colorado from the same insurance company on yourself and you’ll see the difference.
May 9th, 2009 at 8:47 pm
It is simple, way to many “Joe Racers” getting to stupid on the streets
May 11th, 2009 at 5:10 am
I have a Ninja 250 and the insurance with my car insurer, Allstate, was almost 300 a year. This is for an ‘88 250. I called Progressive and got it for about $70 a year. As other people have stated, your rate depends on your age, driving history, what bike you have, and what type of insurance you have to get for it. Bikes can be insanely fast, and if you don’t have the temperament/skill to control it, it is a liability for them.
Cruiser bikes are usually fairly slothful, and easier to control for the normal idiot motorcyclist.
May 12th, 2009 at 10:42 am
another thing they look for is, the (R) on the end of the size
like 250R or in your case the (NINJA) the r stands for race.
May 14th, 2009 at 4:01 pm
They price it based on the accident rates of each model/ type of bike. When my son was 17, it was cheaper to insure him in a 1979 mustang (v8, 4 speed cobra) than a 1994 chevy cavalier.
May 15th, 2009 at 7:46 am
coffins cost alot when youre younger, older they just cremate
May 16th, 2009 at 8:23 am
state farm charges for insurance based on engine capacity, so for them a 600cc sportbike is cheaper to insure than an 1000cc+ cruiser