Where you live is one of the most important factors insurance companies use in determining your premium. Why? As with age, experience, the type of bike you ride and every other factor considered in computing your rate, where you live comes into the equation for one simple reason: risk.
Statistics show that some areas have higher crime rates than others. So if a higher crime rate equals a higher risk of damage to or loss of your property, it will cost you more to insure anything you own. And that includes your motorcycle. If your motorcycle resides in a location where statistics prove it’s at a greater risk for damage or theft, insurance companies are going to want you to pay a higher premium for coverage.
Overall, 2011 saw 46,667 motorcycle thefts in the US (including Puerto Rico and Washington D.C.), according to the National Insurance Crime Bureau (NICB). Interestingly, that number is down 6% from the prior year – welcome news, as the Motorcycle Industry Council says total motorcycle sales are on the rise, albeit slightly (0.3%).
The list below shows the Top 10 states with the highest rate of motorcycle theft in 2011 (Total number of thefts and most targeted brand in parentheses). Worth noting: these 10 states accounted for 25,983 thefts in 2011 – fully 56% of the total. If you’re trying to insure a bike in one of these states, expect to pay more. Still, experts say things like keeping your motorcycle garaged and hooking up a recovery system such as LoJack will have a positive effect on your premium.