My name is Dave too..
I have 18 years riding experience..

Quote from: MrDan19 and a faired bike.  go with a naked one and it will drop.  and it should go down when you hit 21, 25, 26, etc.

So, why do fairing raise the insurance cost? Simply because there's more crap to replace?

Add to the list get married, that drops it too. I'm a married 22yo with 0yr exp, two accidents (more than three years ago though...) MSF class on a new 04 unfinanced GS500F I pay $300/year with progressive. Had I waited a couple days for Gecko's (sp, I know) quote it'd be $217. Both for just liability.

Is there anyone that can explain these atrocious rates to me?

Short bio:
25 yrs old
single
no accidents or tickets on bike or car
Portland, OR
Financed bike
Faired and first bike (but removed and sitting in basement)

Anything else that affects it? Accountant, college educated, ...

I am baffled. What a rip. Granted, I need full coverage. But how does that add so effing much to the rate? The bike is $5K, not $50K.

Keep shopping... Don't throw stones or anything but I'm an insurance agent and sales manager for a P&C company (we don't even cover bikes)...

Most insuance companies start with an ISO rating for the vehicle. Then they look @ where you live. Areas with higher claims pay higher prices. Then they look you! Your claims history, driving record, age, marriage status, other drivers in your household, how you plan on using the vehicle, and some companies even base their rate on your credit (somebody did a study a determined people with good credit turn in less claims).

The best thing to do is insure your vehicle, house, apartment, anything else with the same company. And of course shop around. If you move or change vehicles or your policy is up for renewal make some calls. I have a good deal through statefarm and have no complaints about them (and I don't work there).

my $.02

Quote from: dionysus

Quote from: MrDan19 and a faired bike.  go with a naked one and it will drop.  and it should go down when you hit 21, 25, 26, etc.

So, why do fairing raise the insurance cost? Simply because there's more crap to replace?

Not replacement cost.  When I used to deal with bike shops on a daily basis (floorplanning bikes), I was told that most states consider a bike with a fairing a sport bike.  Sport bike = faster = higher chance of an accident/theft/whatever and subsequent payout.  Not sure if that applies everywhere, but that's what I found in PA, NJ, MD, and GA.

Figuring insurance rates is more voodoo than anything else...

So...  My first few cars were junkers... The Basic State Required Liability insurance cost was low (at the time), but still didn't make sense...

1989 Nissan Pulsar - $80 per month
1969 VW Beetle - $90 per month
1979 Jeep Wagoneer - $110 per month[/list:u]Why would the bug cost more than the Pulsar?  When I asked them, they couldn't tell me...  They guy guessed that the year had something to do with it...  But, then why did it go up MORE when I got a newer car?  VOODOO!!!

This was all through the same insurance company (Progressive)...  The best part is that when I called Geico, the quoted me EXACTLY double the Progressive quote...  When I told them that, they told me that it was impossible for Progressive to give me that rate and I must have been mistaken.   :lol:

I am 29 and pay $75 a year for liability on my 98 GS500E through Progressive.  I think that is the absolute minimum you can go on cost as giving them my MSF # didn't change the number at all.

Chris

ISO didn't have many vehicle ratings back in '69. So most old cars have a high rating. Another thing with old cars (not a problem with the bug) replacement factory parts. And I mean factory parts! Nationwide got their asses sued big time about six years ago for aftermarket parts. Bugs are a little different because they were still made by VW abroad. But it's next to impossible to find a GM warehouse with parts for an old corvair or something...  Sometimes newer cars are cheaper to insure with just liability than older cars, you get discounts for safety features. You'll find imported cars sometimes have higher ratings due to the price of parts. Also factored into the rating system is the ratio of total losses per claims of a specific vehicle... It's amazing... When I first started in the business I messed around with computers at work. I gave myself quotes for all kinds of vehicles. Would you believe a person would pay more for insurance on a KIA Sportage than a Lincoln navigator... but the KIA will be a total loss after a good hit (high rating) and $40k navi (low ISO rating) would be in the shop getting a new front end (smaller payout for insurance company)... It took me a couple years in the industry to understand these things... It's a bit confusing but sometimes it's actually fair...

To get the best rate sleep with your insurance person my wife gets me the good rates   :lol:

Quote from: fettcolsISO didn't have many vehicle ratings back in '69.

It was only liability though....

They weren't covering MY car...  Just the damage my car could do to someone else...  The bug can't do much damage 'cause it's so light and the engine is in the back...  The hood was like the first "Crumple Zone."  I've seen bugs after they rear-end someone...  There's not much left in the front.

But, it also doesn't really make sense that the GIANT Jeep would cost only a little more than the bug.  If I hit someone in that thing, they'd be TOAST.  Mass vs Mass, I would have had to hit a bus to screw up the Jeep...  It was 0-60 in 5 minutes and 60-0 in 5 minutes...  9 MPG...   Glad that thing is gone.

my 98 e runs me about 230 a year for liability with geico full coverage of the gse went up with the production of the gsf even though the e is the older model and not classified as a sport bike but a touring bike the gsf is classified as a sport bike and this has screwed up the prices on all the gs500's i checked with several companies this past year and 90 % of them said mine was classified as a sport bike a couple agents told me that same story of the gse to gsf and that changed the whole classification.

Most peoples best bet is to us ya daddy or ya mommy or even better your grammy lol agents love them 66 y/o women on those sexy 200hp+ gsxr1000's

The ISO rating still applies to cars with only liability. If it hadn't you would have been paying the same price for all three. You're on the right track with the bug jeep comparison but the rating is more for the expense of that front axel than it's weight. There's also another factor, uninsured motorist property damage. It's usually included with a liabilty policy and the rate is usually determined by the same factors. Some state insurance departments have some funny rules about UMPD but in most states it's per vehicle not per policy.

Here's the deal with state farm (in Ohio). They look at the year and engine size and that's it. That's what my agent told me (I trust her) and I haven't slept with her.

On a side note my girlfriend is an insurance agent too... and off limits... Damn I wish she sold cycle insurance I would be so hooked up..

Did you finance the bike? In Florida bikes don't require insurance to be tagged and registered like the cars do.  When you finance a bike the finance company requires it as part of the loan conditions.  If you bought your neighbor's bike, you wouldnt need insurance to get a tag.

Add the assholes and the idiots to the main reasons bike insurance is so high.

If they required insurance down here, you wouldn't find many bikers on the road.  I know for along time it was my only transpo DUE to the fact I couldn't pay car insurance and the rates that Florida has. SOUTH Florida being the worse end of the state, as it's where everyone wants to visit, from mickeys place on down to J.B house.  

What is the going rate for state minimum on 2 cars and a bike in like PA? 2 drivers over 30 no points past 35 months?