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How much do you pay annualy for insurance for your Ninja 250?
$0 0%  0%  [ 0 ]
$0-$100 51%  51%  [ 15 ]
$100-$200 17%  17%  [ 5 ]
$200-$300 17%  17%  [ 5 ]
$300-$400 3%  3%  [ 1 ]
$400-$500 0%  0%  [ 0 ]
$500-$600 3%  3%  [ 1 ]
$600-$700 0%  0%  [ 0 ]
$700-$800 0%  0%  [ 0 ]
$800-$900 0%  0%  [ 0 ]
$900-$1,000 3%  3%  [ 1 ]
$1,000-$1,100 0%  0%  [ 0 ]
$1,100-$1,200 0%  0%  [ 0 ]
$1,200-$1,300 0%  0%  [ 0 ]
$1,300-$1,400 0%  0%  [ 0 ]
$1,400-$1,500 0%  0%  [ 0 ]
Cowboy Neal doesn't need no stinkin' insurance 3%  3%  [ 1 ]
Total Votes : 29

PriceR (Lurker) View all posts in this topic  
Tue Mar 08, 2011 3:58 pm
You really can't compare....        

This is my industry.

There is really no way to compare apples to apples where rate is concerned. Even the insurance companies with the least complex rating systems look at hundreds of factors when determining a rate. The larger more advanced companies look at thousands of factors.

Since we are all unique and beautiful snowflakes, none of our situations are the same. Companies that tell you "what you would pay with another company" are full of crap. They have no idea because they have no idea what rating factors are weighted in what way with any other companies. It's not like companies share their trade secret info or something....

Here are some thing off the top of my head that come in to play when deciding your rate:

Your age, other household drivers age, sex, years licensed, driving record, claims history, credit, location (down to the very street), miles driven, bike?s accident propensity, bike age, bike make, bike model, bike CC's, bike?s damage propensity, theft propensity of that bike, years with that company, other policies with that company, GPA if you are younger, MSF class taken, laws in your state, your selection for every single coverage, and I could keep going and going.....

My advice is the following:

1) Don't skimp. Everyone wants to write the SMALLEST check when they pay, but wants the insurance company to write the BIGGEST check at claim time. You don't get to have both.
2) Read the Insurance FAQ on this website. I agree with it completely.
3) Pay attention to what your coverage actually means, and what your monetary risk actually is. Making a mistake could financially or physically cripple you for life.
4) Contact the Office of the Insurance Commissioner in your state (easiest by website navigation) to see how companies compare in the arena of claims handling. Each company is ranked in each state by how many complaints the state receives about their handling of claims set against their market share. If a company scores poorly in this arena it means they do a terrible job when you need them most, or keep profits high by paying less than what is fair whenever possible. Your cheap insurance isn't going to seem like a good value when the company tries to screw you at every turn.
5) Be concerned with the VALUE of your insurance coverage, not the COST. When you need it, you will not care what your premium is.

Russ

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