Tips and tricks to lower insurance rate???

[faded reality]

Hello BARFers!!!

I'm getting a bike insured within the next two weeks and want to know how I can get the lowest possible rate. My current quote is about $200 (Progressive)/$375 (Geico) a year w/ minimal coverage, which is Bodily Injury Liability 15k/30k, and Property Damage Liability 5k.

- I'm 18 years old and live in San Francisco
- I have had my license and insurance for 2 1/2 years
- Completely clean record
- My bike will be a 2007 ninja 650r, stock
- I am taking the MSF course this week
- I will be going to college this Fall and have a summer job
- I had a 4.0+ G.P.A in high school (not sure if there is a "good grade" discount for motorcycles. I get it for my car insurance)
- I will be using the bike only during the summer and on weekends once school starts. Will be riding in the city only

I am currently insured for 3 cars through Geico's family plan. To lower the rate for my car insurance, I put myself as a secondary driver (5-10% of usage) on my dad's 1997 one way insured van, and third driver for the other two cars (emergencies only).

Would it be wise/cheaper to do the same to my bike insurance? I don't mind putting my dad (over 60 w/ a clean record the past 8 years) as the owner and primary rider, and me as the secondary rider. He may very well end up riding it on weekdays.

What are some other tips/tricks I can use to lower my insurance rate?

 

[ChrisOro]

Hi. 450 a year doesnt seem bad, I was paying 50 a month when i first started riding. Shop around for the best deal, the MSF course should help lower your rates.

 

[Caddywumpus]

your age and whatnot, thats a good deal. Once you clear oh... the MSF and a year or 2 of riding expect it to drop

 

[Ant]

Sounds like you are doing everything right and $450 a year is pretty good considering your age.

 

[CRAZ88]

With my record, for the r1 is 8500 a year so if you find ways lowering it let me KNOW

 

[originalsturge]

check with other insurance companies as well. but shit at 19 on a gs500 it was crazy expensive due to only one place would insure motorcycles in onslow county at the time.

 

[n8]

450/yr is what i get. msf barely makes a difference in our cases. but it's good that you're taking it.

just consider what you really need. i skipped out on so much insurance cuz i dont ride my bike much during the week.

i find that price perfectly fine :]

 

[faded reality]

Actually I just redid the quote w/ both Progressive and Geico and my rates are:

- Geico: 375 a year for Bodily Injury Liability(BI) $15,000 / $30,000, Property Damage Liability(PD) $5,000.
- Progressive: 15k, 25k, 5k , decline on everything else (eek...!) = 200 a year

Should I be putting a deductible on comprehensive or collision? The bike's worth is only around 3-4k. A 1k deductible on comp brings me up to $480. Adding a 1k deductible on collision on top of comp boosts me up to a 1.3k! Holy smokes! <-- W/ Geico

 

[MTechR1]

when I was 18 my half year insurance on my R6 was $900 =(

 

[DucatiHoney]

Buy a house and put it and your bike on the same policy. I'm gonna guess at 18 that's not really an option, and if it is, then you can suck it, rich boy.

My other recommendation is to make a few calls, get something that seems reasonable and don't worry about it. You're 18 and on a sport bike. If you're paying anything less than a gazillion dollars a month and haven't had to promise your first born then you're probably getting a decent deal. Stay upright and don't get pulled over all the time (like I do) and your rates will eventually come down from the stratosphere. Your life from an insurance standpoint is just going to suck for the next 10 years or so. No biggie. All the 'tang your bike's gonna get you will be worth it.

 

[JO EBRMC]

Should I be putting a deductible on comprehensive or collision? The bike's worth is only around 3-4k. A 1k deductible on comp brings me up to $480. Adding a 1k deductible on collision on top of comp boosts me up to a 1.3k! Holy smokes! <-- W/ Geico

I don't understand this question or the prices you quote.

A deductible is what you pay before the insurance company pays any claim. If you cause $1100 in damage to someone's car and you have a $1000 deductible you will have to pay $1000 while your insurance company will pay $100.

However, a Comp/Coll policy is really a good idea since this is really what can screw up your life though I know I couldn't afford it when I was your age.

 

[Burning1]

My suggestion is to buy whatever liability is necessary, get comp, and crank up your UIM policy as high as you can.

Motorcyclists don't generally expose themselves to high liability. Worst case, you hit a pedestrian or put your bike through someone's windshield. If you're a responsible rider, those are all low risks.

Collision is up to you. IMO, not worth it on a $3500 bike. The only reason you'd carry it is if you had a loan. But it is your call.

I sleep better with comprehensive coverage. Lots of bike thefts out there, and comp isn't super expensive. I carry a $250 comp deductible, and a $1000 collision deductible.

UIM is very valuable for motorcyclists. A good UIM policy will cover you in the event of a hit and run, or in the event that someone hits you causing $300,000 in damages, when they only have a $15K policy (I've second hand experience with someone who was hit for a $300K figure...) It will also cover a lot of expenses that your medical insurance policy won't, such as lost wages.

Finally, you need medical insurance. As a student, I take it your covered by your parents policy?

 

[sliverstorm]

Would it be wise/cheaper to do the same to my bike insurance? I don't mind putting my dad (over 60 w/ a clean record the past 8 years) as the owner and primary rider, and me as the secondary rider. He may very well end up riding it on weekdays.

What are some other tips/tricks I can use to lower my insurance rate?

I advise you don't do that. I believe your insurance company can simply refuse to pay out in the event of an indecent if they find out you blatantly lied :|

Unless your father actually is the primary operator and legal owner.


Tips/tricks? Good GPA, MSF course, buy a crappy old bike instead (old dual sports have great rates! I paid $25/mo when I was 21 for a dual sport, and I wasn't even piggybacking on anyone's policy), grow older, get married, insure your house/vehicle/boat with the same provider. Oh, and don't ride recklessly and get into any accidents. That won't make your rate go down, but it sure as hell will avoid making it go up. That's all I know of.

 

[faded reality]

My suggestion is to buy whatever liability is necessary, get comp, and crank up your UIM policy as high as you can.

Motorcyclists don't generally expose themselves to high liability. Worst case, you hit a pedestrian or put your bike through someone's windshield. If you're a responsible rider, those are all low risks.

Collision is up to you. IMO, not worth it on a $3500 bike. The only reason you'd carry it is if you had a loan. But it is your call.

I sleep better with comprehensive coverage. Lots of bike thefts out there, and comp isn't super expensive. I carry a $250 comp deductible, and a $1000 collision deductible.

UIM is very valuable for motorcyclists. A good UIM policy will cover you in the event of a hit and run, or in the event that someone hits you causing $300,000 in damages, when they only have a $15K policy (I've second hand experience with someone who was hit for a $300K figure...) It will also cover a lot of expenses that your medical insurance policy won't, such as lost wages.

Finally, you need medical insurance. As a student, I take it your covered by your parents policy?

Yep! I'm covered by my parents policy. Should I max out UIM? It's adding about $400 to my yearly rate.

 

[Burning1]

I think it's worth it. I have a million dollars (pinkie in mouth) of UIM coverage, though in practice I can only collect 500K of that (1M is per incident, 500K per person.)

 

[JO EBRMC]

Yep! I'm covered by my parents policy. Should I max out UIM? It's adding about $400 to my yearly rate.

I think it's worth it. I have a million dollars (pinkie in mouth) of UIM coverage, though in practice I can only collect 500K of that (1M is per incident, 500K per person.)

I agree. UI is a really good idea. For some reason, hit and runs seem to be more common with riders than with cars.

 

[22348b cvc]

With my record, for the r1 is 8500 a year so if you find ways lowering it let me KNOW

$8500 per year!!. Now I remember you were the one posting about setting some land speed records to see some girlfriend.

For the OP just be careful, watch out for those other drivers/riders who are truly clueless, know you limits of your machine, yourself and the law and your rates will go down in time.

 

[SNsMoto]

With my record, for the r1 is 8500 a year so if you find ways lowering it let me KNOW

No freaking way. You are either a mad baller to afford that or you aren't paying for insurance or you mistyped a number

To the OP, there isn't really any 'tips or tricks'. The most cost effective tip that will save you ASS loads of money is growing old without doing anything stupid (and by stupid I mean don't get caught so things go on your record)

 

[Flying Pig]

I agree. UI is a really good idea. For some reason, hit and runs seem to be more common with riders than with cars.

People are scared/worried that their rates are going to soar. Hit & runs suck. I was lucky to chase down my runner....

 

[Burning1]

AAA quoted me ~$6500 a year for my GSX-R 600 when I first got it.

Hint with the R1: Make sure you get it quoted as a 998cc machine... Some insurance providers set a class cutoff at 1 liter. Also, shop around. It can make a huge difference. State farm seems to be one of the cheaper providers, but they won't take people with spotty records. Farmers will.