For those of you whose loyalties lie elsewhere, let’s be clear: Yamaha’s Jorge Lorenzo deserved to win the Gran Premio d’Italia TIM today. After a poor qualifying session on Saturday, he slingshotted his way into the lead in Turn 1 of Lap 1, withstood heated challenges from teammate Valentino Rossi and rival Marc Marquez, and crossed the finish line a blink of an eye in front of Marquez. But heading into the second third of the 2016 season, storm clouds are building on his horizon.
Because there is such a variety of vehicle and driver characteristics taken into consideration in order to derive a premium rate, it really depends. For example, vehicle make and model are two characteristics we have to consider and some two-wheel motorcycles will cost more, some will be less expensive, and some will be the exact price (given that vehicle make and model are the only differences in comparing two policies).
Most Test Rides Require Signing an Insurance Waiver Making the Potential Buyer Responsible for Any Damage During the Test Ride. Do ANY Companies Sell Test Ride Insurance?
Options vary from insurance company to insurance company, but at Progressive, our contract doesn’t typically offer comprehensive or collision damage during a demo ride, but the Liability coverage from the policy would transfer to the customer. So, to simplify the insurance jargon, damage to the bike wouldn’t be covered, but the Progressive rider would be covered if he or she hurt someone or someone’s property while on the test ride. There are state exceptions, but generally only liability coverage is the norm. From the dealership’s perspective it’s typically the opposite, in most cases the waiver simply releases the dealership from responsibility of any damages to others that might occur, but they cover any damages to the bike. My advice is to ask the dealership to walk you through their specific waiver before you test ride.
If the question refers to having a basic driver’s license, then the answer is yes but there will often be a surcharge on the premium. This may vary by state, however. If the question refers to having a motorcycle license endorsement, then the answer is still yes, except for in the state of Louisiana, where the law requires insurers to obtain proof that the insured has a motorcycle license endorsement.
If I Sign up and Pay for an Insurance Policy to Start on May 1 but I Get Into an Accident on April 15 (let's Say Under Another Insurer's Policy), Will the New Policy Be Affected?
This depends on the timing of the purchase. While it varies by state, insurers generally have a couple of months to underwrite a policy and review driving history. If the accident date is just a short time before the new policy is written, you might get lucky and it may not yet be reflected on the MVR at the time the insurance company does its underwriting review. Even if that is the case, however, there is a good chance that the accident will affect your rate when the policy next comes up for renewal.
Does Usage-based Insurance (or Pay as You Drive Insurance) Work for Motorcyclists? Is It a Reasonable Way to Save Money If You Don't Ride Much?
Usage-based insurance is a very real way for drivers to save money and earn the rate they deserve. To date, more than 1.6 million people have tried our UBI product, Snapshot, in their cars. There are no immediate plans to bring usage-based insurance to motorcycle policies but we’re constantly looking for ways to bring our customers savings right now through our many available discounts.
If you file a claim due to damage from hitting a pothole, it would be paid under collision coverage. A situation like this would generally be thought of as a single vehicle accident and would be considered the fault of the rider. As such, most insurance companies would consider raising your premium as a result. However, if the company offers some form of accident forgiveness, your rates may not go up.
How Much More Would the Insurance Cost for an 18-year-old (clean Driving Record) on a Kawasaki Ninja ZX -10R ABS Vs. a 30-year-old?
For an apples to apples comparison, the 18 year old would generally pay around 75% more than the 30 year old for the same bike. In reality, the difference would be greater if, for example, the 30 year old is married or is a homeowner and the 18 year old is not. In terms of the dollar amount this would generally translate to, it will depend on the age of the bike and the type and amount of coverage desired. On average, for a new Ninja ZX-10R ABS with full coverage, the difference in premium between the 18 year old and the 30 year old might come to around $500 a year, but so many other factors come into play, so this is just a rough estimate. Consulting with your local agent or current insurance provider is a great way to get the specific numbers for your situation.
The answer depends on several factors. For example, buying a used bike that’s say, five years old, would save you less than buying a bike that’s 10 years old. Also, the type of bike you’re interested in makes a difference: at Progressive, a five-year old sportbike can be more than 50% cheaper to insure than a new sportbike of the same model, whereas a five-year old cruiser will be more like 30-40% lower than the same model, brand new.
If Somebody Hits Me and It's Completely Their Fault (say I'm Stopped at a Light), Do My Rates Increase? What If It Happens More Than Once?
If you’re in an accident that’s determined to completely be the other driver’s fault, your motorcycle insurance rates with Progressive would not increase, even if there were multiple occurrences. Our practice is to only charge for accidents in which you’re found to be at-fault. Other companies may treat not-at-fault accidents differently in their pricing, so if you’re insured with another company, it’s a good idea to check with your agent or your insurance carrier regarding their treatment of incidents like this.
At Progressive, our motorcycle insurance premiums are based upon three years of claims history. Many other companies also use a three-year period but some companies may look back further, up to five or even seven years. However, not all claims will affect insurance premium. For example, a claim which is filed due to an accident which is someone else’s fault will not result in an increase in premium at Progressive, nor will a claim filed for theft or acts of nature. Also, Progressive Motorcycle customers who file a claim with a payout of less than $500 will not be surcharged, thanks to Progressive’s Small Accident Forgiveness.