Motorcycle Insurance Articles
Motorcycle Insurance Premiums May Decrease Due To Low Theft Rate
2010-05-02
In order to lock in low motorcycle insurance premiums, riders need to look at the criteria that insurance companies use when deciding a quote. Obviously, this includes the record of the individual motorcycle owner, including any claims and traffic citations, but it also includes statistics about the motorcycle itself. If the motorcycle will cost an enormous amount of money to repair or replace, for instance, the cost of motorcycle insurance will inevitably increase. This is especially true for bikes that are covered with "comprehensive coverage" terms in their policies. For these motorcycles, theft rates are one of the most important factors in motorcycle insurance premiums, and bikes with low theft rates may see major advantages in their insurance rates.
Theft is one of the largest claims that an insurance company can deal with, and motorcycles with high theft rates pose a statistically greater threat to insurance companies' profits. However, there are a number of ways to get around theft issues that are pushing up the cost of your motorcycle insurance. Most obviously, you can buy a safer bike with a lower chance of theft. Before making a purchase, always head online to check insurance quotes for the bike (or bikes) that you're interested in. You can also look specifically for theft rates, although they vary greatly from city to city, and you're unlikely to find the exact stats that your insurance company uses.
If you drive a bike with a high theft rate, take steps to avoid theft and you'll decrease your motorcycle insurance premiums. Look into alarms and other anti-theft devices, and park in a locked, closed garage whenever possible. Inform your insurance company of these changes. They'll often drop your rates immediately when you prove that you're actively working to decrease the chance of motorcycle theft. You can also ask them for general tips--insurers have a definite interest in avoiding claims, and they'll help you learn how to avoid theft in whatever ways they can.
Before buying any motorcycle insurance policy, do your research and understand any statistics that work in your favor. If your bike has a low chance of theft, use that when negotiating with your agent. Get a variety of quotes from major insurance companies, and ask plenty of questions. Make sure that you understand why your policy costs what it costs, whether you're receiving a good or bad rate, and you'll find it much easier to cut your insurance costs. Regardless of the bike you ride, a little bit of research can make a huge difference when you're buying a new motorcycle policy. Comparing quotes online can yield affordable quotes for your bike. A little research goes on a long way.