Insurance Companies use your garaging ZIP code as one of their primary rating factors. Generally, the further away you live from New York City, the lower your rate will be. Of course, there's not much that can be done about this, unless you are willing to relocate just to save money on the insurance. Of course, if you do live in the Five Boroughs, we highly discourage the idea of using a ZIP Code outside your area to save some money, because that involves a little thing called FRAUD!!! Your insurance company could deny coverage to you even if you've been paying your premiums on time.

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Age Of The Cycle:

If you're insuring for Comprehensive and Collision coverage, the newer the bike the higher the cost of insurance. Companies tend to lower rates as the bike gets older. There can be a big difference between two bikes that are the same make and model but a few years different. If you're insuring for liability only, the age of the bike doesn't matter.

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Size:

Whoever said that size doesn't matter wasn't thinking about insuring motorcycles. Rates are based on the CC size of the bike, or, with some companies, the weight makes the rate. So let's say you have a 600cc bike that weighs only 395 lbs., it may be better to choose the company that goes by weight rather than CCs.

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Type (or Model):

Most bikers already know which bikes are on the High Performance list. The CBRs, the GSXRs, the Katanas, the Ninjas, the YZFs and the FZRs., but there are some bikes that are on the list not because of their speed, but because of their claims records, for example, the GS500E has a high claims frequency and is on the "High Performance" list. Touring Bikes get special treatment with some companies by way of lower rates. Again, different companies treat bikes differently.

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Operator Age:

We all know that we get wiser with age, and more experienced. Well, most of us anyway. So as we get older, wiser and a more experienced rider, the rates get better. Some companies give a discount for experience (one or more years on a bike). Some companies have different age categories than others, so look for the most favorable for your age. Also, if you're going to turn 25 within a few months, think of taking a short term policy or have your agent rewrite the policy after your birthday.

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Driving Record:

The first thing to remember is that the insurance companies can only go back and look at the last 40 months of your record. So even if you had a DWI three and a half years ago, it cannot be charged against you. Keep in mind that it goes by conviction date, not the actual date you received the summons.

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Accidents:

Accidents that involve any injury or death, or property damage in excess of $1000 MUST be reported to the DMV, REGARDLESS of fault. If you are considered not at fault for an accident that appears on your record, make sure you maintain proof of what happened. Some good sources of proof can include:

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Safety Course:

If you complete a motorcycle safety course sponsored by the Motorcycle Safety Foundation, or an approved Defensive Driving Course, you will be entitled to a 10% discount on the insurance. In addition to making you a better rider, you will also save some money.

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Coverage:

Of course, the more coverage you get, the more the policy will cost. You can lower some of the cost by getting larger deductibles on the Comp and Collision portions of the policy. If you finance the bike, the finance company can dictate how much of a deductible you have, but if you were to get a personal loan, you can get whatever coverage you want.

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We hope that some, or all, of this information will help you get a better rate the next time you shop for motorcycle insurance.
Keep in mind that the above information also applies to automobile insurance. Good luck and good riding.

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