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Thread: Insurance

  1. #1
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    Insurance

    My brother in law is buying a 2010 f650gs with abs. This is his first bike and he lives in st. Louis. His quote from various insurance agencies is about $1000 annually--very steep since I've always paid $400 or lower. Where he lives and that he's a new rider probably accounts for the cost.

    Does anyone have ideas for how to get a cheaper rate?

    He's considering co-titleing the bike through me or his dad since we both live in a rural area.

    Thanks in advance for any ideas.
    2011 R1200GS
    2004 R1150R Rockster (traded)

  2. #2
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    Is he 18 or 45? Does he have a great driving record or is he on verge of having license suspended? Is his credit rating 388 or 810? These and many other questions need to be answered before an educated answer can be given...I assume.
    MOA #46783

  3. #3
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    MOTODAN
    Is right on, age, experience, past driving record and where you live are all considerations
    Be glad it's not a 1000RR understand under a certain age it's $500 per month OUCH

  4. #4
    Old man in the mountains osbornk's Avatar
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    Quote Originally Posted by mclintoc View Post
    My brother in law is buying a 2010 f650gs with abs. This is his first bike and he lives in st. Louis. His quote from various insurance agencies is about $1000 annually--very steep since I've always paid $400 or lower. Where he lives and that he's a new rider probably accounts for the cost.

    Does anyone have ideas for how to get a cheaper rate?

    He's considering co-titleing the bike through me or his dad since we both live in a rural area.

    Thanks in advance for any ideas.
    He might want to be careful about misrepresenting the true ownership, who is the primary rider or where the bike is garaged to get a lower insurance rate. He might go along and have no problems ever but if there is a serious accident, the insurance company might be able to deny coverage due to fraud or misrepresentation. I worked insurance claims for 31+ years and we looked closely at the accuracy of applications when the potential payout was large. Remember, the LARGE prints gives and the small print takes away.
    'You can say what you want about the South, but I almost never hear of anyone wanting to retire to the North.

  5. #5
    All-round Motorcyclist MarkM's Avatar
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    He might be able to get a safe rider discount by completing a Beginning Rider Course.
    Mark M, St. Louis, '13 R1200GS

  6. #6
    Registered User K1600_gtl's Avatar
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    I have been happy with USAA on my auto for a few years, but recently switched to Liberty Mutual after calling BMW North America Insurance... they basically sent me to them and I got a quote for $240/year on my 2012 R1200R... Before that I had a $481/year on it with GEICO (cheapest I could find).. the only catch is I had to switch my auto policy over to Liberty Mutual from USAA, but I got an identical premium on my X5 and Chevy Volt, so in the end I saved and got better coverage with the motorcycle add-on since they gave me the same 300/500 coverage instead of the meager 25/50 I had with GEICO.

    I'm also over 40, have been thru the BRT and have more than 3 years total experience, which all give you a discount.
    2016 K1600GTL - All Optons
    2012 R1200R - Classic / ESA II, ABS II, ASC, Heated Grips, Sports Windshield, Computer. - GONE
    2005 Honda Shadow 750 Spirit - GONE

  7. #7
    Unfunded content provider tommcgee's Avatar
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    Every state is independent when it comes to insurance. Comparing one state to another is pointless.
    Salty Fog Rally 2007, 2009, 2011, 2012, 2014 And DRAT! Missed the last one in 2015!

    -Tom (KA1TOX)

  8. #8
    Registered User K1600_gtl's Avatar
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    Quote Originally Posted by tommcgee View Post
    Every state is independent when it comes to insurance. Comparing one state to another is pointless.
    true, uninsured rates vary from state to state, for example Alabama has almost 25% while Oregon is under 10%
    2016 K1600GTL - All Optons
    2012 R1200R - Classic / ESA II, ABS II, ASC, Heated Grips, Sports Windshield, Computer. - GONE
    2005 Honda Shadow 750 Spirit - GONE

  9. #9
    Don't know about any other state/commonwealth, but in VA, if there are two names on the title, both parties are responsible/liable, regardless of who purchases the ins policy or whose name the policy is in. I found this out recently when I bought my daughter a car. The dealer had it titled in both names and she got her ins in her name. Then, I found out just by asking, that if she had an accident, not only could the folks go after her, they could come after me. I retitled the car in her name only with the loan in my name and 'her car' as collateral. YMMV
    Gear Up and Ride Safe
    Jim Rogers
    2010 R12GSA aka Heidi
    Yorktown, Va

  10. #10
    Dale Rudolph
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    I started riding again at age 57 four years ago, I took the Rider safety course
    and then bought my 92 K75RT.

    I went to AAA, it turns out that provide motorcycle insurance through Progressive.
    It was $110 a year for full coverage, I just got my bill for this year, it dropped to
    $84 a year because I had no accidents or tickets.

    I live in Oregon.

  11. #11
    Registered User K1600_gtl's Avatar
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    Quote Originally Posted by RUDYJO View Post
    I started riding again at age 57 four years ago, I took the Rider safety course
    and then bought my 92 K75RT.

    I went to AAA, it turns out that provide motorcycle insurance through Progressive.
    It was $110 a year for full coverage, I just got my bill for this year, it dropped to
    $84 a year because I had no accidents or tickets.

    I live in Oregon.
    I think we must have some of the lowest insurance rates here in Oregon for some reason... with the rain we get, I'm surprised, but then there aren't' as many of us it seems here as in CA or FL.
    2016 K1600GTL - All Optons
    2012 R1200R - Classic / ESA II, ABS II, ASC, Heated Grips, Sports Windshield, Computer. - GONE
    2005 Honda Shadow 750 Spirit - GONE

  12. #12
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    My bro in law is about 28 years old and has a good record, as far as I know.
    I just bought a 2011 gs and my insurance is going up about $200 from $350 on my 1150r. I'm not happy at all ESP since I have a flawless 20 year motorcycle riding record (excepting a few speeding tickets). Ive had two tickets in 5 years. The new bike also has abs so I feel I can do better. I live in rural Illinois. What do you other 1200gs owners pay in Illinois?

    Also I took the safety course when I was 16, so I have no documentation to prove that. I just can't understand why my rate would more than double on a slightly bigger, safer bike.
    2011 R1200GS
    2004 R1150R Rockster (traded)

  13. #13
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    Arrow

    Insurance is all about risk assessment.

    Here are some things that increase or decrease your potential risk to an insurance company.

    #1 Your credit score. Nobody thinks about this. This is a big predictor. It is used to extrapolate a lot of other stuff. Insurance companies see people with bad credit as a much higher risk to insure.

    #2 Riding history. How long you had your Motorcycle endorsement matters. Not the actual riding history.

    #3 Claims: How many claims you have made in the past. These are all stored forever.
    Any fishy claims will be recorded in the NICB database and cause rates to stay high forever.

    #4 Age/ Sex/ Marital status
    Older married people typically have cheaper insurance.

    #5 location: Cites are more expensive than Rural areas typically.

    #6 Tickets raise rates.
    It is better not to get caught or go to court .

    #7 The item you are insuring. Some items are thought to be less of a risk.
    For example, a flashy red R1000 may cost more to insure than an old R1150 RTP.
    Just because you think a BMW F650GS is less risky doesn't mean the insurance company does. To the insurance company, heavy touring bikes are less risk because less people crash them.


    #8 Rider education and MOA membership reduce rates.
    Join a MOA and get a 5-!0% discount
    Take a rider course and get a 5-!0% discount
    For some reason, insurance companies think MOA members are less of a risk than non-MOA members. Also, insurance companies think rider education makes you a better rider.

    #9 the replacement cost
    High replacement cost raises the rate.

    #10 deductible
    A high deductible will reduce the rate. This shows you will pay for the little stuff.
    Last edited by LuckyGrownup; 06-19-2012 at 11:31 AM. Reason: adding stuff

  14. #14
    Old man in the mountains osbornk's Avatar
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    Quote Originally Posted by tommcgee View Post
    Every state is independent when it comes to insurance. Comparing one state to another is pointless.
    That is true. It is even difficult within the same state. I have lived on both ends of Virginia as well as the center of the state. My insurance rates varied considerably with the same company with the same vehicles as I moved within the state. It's like with real estate-LOCATION, LOCATION, LOCATION.
    'You can say what you want about the South, but I almost never hear of anyone wanting to retire to the North.

  15. #15
    Registered User K1600_gtl's Avatar
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    Quote Originally Posted by mclintoc View Post
    My bro in law is about 28 years old and has a good record, as far as I know.
    I just bought a 2011 gs and my insurance is going up about $200 from $350 on my 1150r. I'm not happy at all ESP since I have a flawless 20 year motorcycle riding record (excepting a few speeding tickets). Ive had two tickets in 5 years. The new bike also has abs so I feel I can do better. I live in rural Illinois. What do you other 1200gs owners pay in Illinois?

    Also I took the safety course when I was 16, so I have no documentation to prove that. I just can't understand why my rate would more than double on a slightly bigger, safer bike.
    two tickets in 5 years is not going to help your cause. No history of accidents not withstanding. As for MSF, take a fresh motorcycle safety course, both for your own good and to save on the insurance.

    I don't mean that to sound harsh btw, just the reality of how they assess tickets.
    Last edited by K1600_gtl; 06-19-2012 at 04:25 PM.
    2016 K1600GTL - All Optons
    2012 R1200R - Classic / ESA II, ABS II, ASC, Heated Grips, Sports Windshield, Computer. - GONE
    2005 Honda Shadow 750 Spirit - GONE

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