Motorcycle Insurance Articles
Parking A Motorcycle And Why Location Matters To Insurance Companies
2011-03-02
To most insurance companies, a motorcycle is a risky piece of business. Motorcycle insurance companies are used to dealing with the risk potential a motorcycle insurance policy represents and most are specialists in determining precise ratios of risk versus reward. They collect and study statistics regarding a long list of factors, all of which go into the formula for determining how much a specific policy will cost.
The major factors used in determining the cost of motorcycle insurance coverage include make, model, year and size of the bike, age and driving history of the rider and type of usage expected, i.e., pleasure riding or commuting. There are numerous other factors that come into play during the underwriting process also, such as the neighborhood in which the insured lives and where the motorcycle will be parked when not being ridden. From the insurance company's point of view, any increased risk equates to the need to charge a higher premium rate.
In a known high vehicle crime area, where theft and vandalism have been problems in the past, a car or a motorcycle insurance policy is most likely going to carry additional costs. If the vehicle is always garaged when at home and not in use, premium rates should be lower. The reason for this is because a motorcycle locked in a garage is safer than one parked at the curb or in an open lot.
Because motorcycles are relatively small and lightweight, they are often the targets of thieves, especially when left out in the open. Even a heavy chain and padlock can be easily removed by a thief with a bolt cutter. Vandalism is also a very real concern for any motorcycle left out in the open for any period of time.
Motorcycle insurance companies, like any other type of insurance operations, are always on the lookout for ways to reduce risk exposure. They know that if a motorcycle is kept in a protected area when not being driven a policyholder claim is less likely. For this assurance, they are willing to charge less for a policy than if the motorcycle is left out in the open when not in use.
In addition, keeping your bike safely stowed will also protect it from certain dangers posed by natural occurrences such as lightning, flood and hail storms. It will also be safe from being accidentally struck by another vehicle. Finally, protecting your machine from the wear and tear associated with being parked outside on a regular basis will allow it to remain in better operating condition, making it safer to ride and less likely break down. Parking your motorcycle inside is better for everyone and will save you money too.