Motorcycle Insurance Articles
What To Know About Garaging Location And Your Motorcycle Insurance Quotes
2011-04-30
Formal motorcycle insurance quotes factor in a ton of information used by an underwriter in determining policy premium cost. One of the factors that definitely affects the cost of a motorcycle insurance policy is the bike's garaging location. For those who don't personally own a garage where they can park their bike, it may be worthwhile to see about either borrowing some space in the garage of a friend or relative or renting out a secure space from someone who has such a place available and accessible.
Statistics show that annually, in the United States, about 50,000 motorcycles are stolen. This represents hundreds of millions of dollars in losses to insurance companies that hold comprehensive coverage contracts on those stolen bikes and many millions more to owners who neglected to buy theft insurance and must bear the brunt of the loss on their own. Someone who owns a motorcycle should absolutely have comprehensive coverage in force, even though this isn't the type of protection required by law. Motorcycles are just too easily stolen.
By keeping your motorcycle in a safe and secure garage when it's not being ridden, you significantly lower the risk of it being stolen. You also lower the chances of it being vandalized, knocked over, hit by a flying rock or baseball or suffering from any acts of nature such as lightning, hail or hurricanes. Anything that lowers the risk of your motorcycle being damaged and creating a loss to the insurer should be reflected by a lowering of the premium amount given in any motorcycle insurance quotes you may receive. Garaging location is one of the factors that definitely alter a bike's level of risk in the eyes of an insurer.
Parking your bike within a safe, dry garage will also allow it to maintain its value longer than if was kept outside in the weather. It will look better and will also perform better without the wear and tear associated with leaving a motorcycle outside in an unprotected environment. A garaged bike will also be a safer bike since parts don't rust and weaken on a garaged bike like they do on a motorcycle parked outside in the elements.
Another factor going into figuring accurate motorcycle insurance quotes is the address of the insured or the address where the bike will be kept when not in use. Neighborhoods with high crime rates, especially vehicle theft or vandalism, will represent a higher risk to the insurance company covering the bike, in which case premiums are likely to escalate. The garaging location definitely plays a part in the cost of insurance coverage, both for cars and bikes.