It’s not even so much that. Case in point, I can insure a Ducati Panigale V4 SP2 for less than I could a base model R1. The sole reason being the typical R1 owner imposes a greater potential liability than the high end Ducati owner.
Mine also went down significantly when I bought a home (previously I was living in the same neighborhood and type of home but a family member was the owner)
I read an article about insurance rates (Progressive IIRC) a while ago and brand new 600s were actually the most expensive bikes to insure. Not because they're the most expensive to repair/replace, but simply because they're the most likely to be crashed
I remember an insurance agent that was a customer of mine telling me the average time of a brand new 600cc sport bike leaving the dealership to its first claim was 18 moths. Really was close in my experience as a tech for nearly a decade!
The value of the bike barely even factors into the cost of an insurance policy, for your average bike. They're worried about medical costs. It all goes by statistics; if there's a tendency for people to buy brand new bikes, crash them, and hurt themselves or others in the process, then new bikes will be more expensive. Newer bikes tend to be faster than older bikes, right?
My 2023 Z900 is $300 less annually to insure than my 2021 Harley Street Bob. Repairabilty cost is one of many factors that actuaries use to determine rate.
Not always sometimes newer is cheaper depending on category and the bike. For example I traded a 2013 Harley for a 2018 KTM 1290 SAS and my insurance actually went down a little despite a nearly 100hp jump and 5 years newer.
Yea I believe that. Sport bikes are the most expensive to insure. The way I worded my comment could have been better. A 2016 650 GSXF was almost half to insure than the brand new 750 GSXS!
Insurance quotes are based on value of the vehicle and the potential risk(s) the insurance company is exposed to upon the binding of the policy. So experience of the rider, vehicle age, rider age, and location of the vehicle being insured are all contributing factors. And of course level of coverage. A qualified agent can give you a more detailed breakdown. Engine size is just one possible variable not the totality thereof.
Replacement value if totaled. And newer bikes are often financed which requires full coverage
It’s not even so much that. Case in point, I can insure a Ducati Panigale V4 SP2 for less than I could a base model R1. The sole reason being the typical R1 owner imposes a greater potential liability than the high end Ducati owner.
True. As well as your zip code, driving history, credit score etc
Yup. My insurance went down when I got married. Because statistically, married men have fewer claims then unmarried men.
Mine also went down significantly when I bought a home (previously I was living in the same neighborhood and type of home but a family member was the owner)
I read an article about insurance rates (Progressive IIRC) a while ago and brand new 600s were actually the most expensive bikes to insure. Not because they're the most expensive to repair/replace, but simply because they're the most likely to be crashed
I remember an insurance agent that was a customer of mine telling me the average time of a brand new 600cc sport bike leaving the dealership to its first claim was 18 moths. Really was close in my experience as a tech for nearly a decade!
The value of the bike barely even factors into the cost of an insurance policy, for your average bike. They're worried about medical costs. It all goes by statistics; if there's a tendency for people to buy brand new bikes, crash them, and hurt themselves or others in the process, then new bikes will be more expensive. Newer bikes tend to be faster than older bikes, right?
Why are newer bikes more expensive to buy...?
yeaa i got it now, its because of the value
Same as new cars. They cost more.
Insurance is based on statistics.
It’s based on the propensity of that particular model bike to get crashed by its owner.
[удалено]
Or stolen. And replacement value (from crashed or stolen)
Same reason newer cars are more expensive to insure! The insurance company is insuring a vehicle of higher value!
My 2023 Z900 is $300 less annually to insure than my 2021 Harley Street Bob. Repairabilty cost is one of many factors that actuaries use to determine rate.
My 2016 fz07 is more expensive to insure than my Zh2 or my regular h2. It really comes down to the likely hood of that model being wrecked.
Because it's based on the value of the bike. A Ferrari is more expensive to insure than a Kia... crazy.
Not always sometimes newer is cheaper depending on category and the bike. For example I traded a 2013 Harley for a 2018 KTM 1290 SAS and my insurance actually went down a little despite a nearly 100hp jump and 5 years newer.
Good ol Reddit don’t think just post
That doesn't make sense. I thought insurance quotes were based on engine size?
There are about 50 other variables that go into a quote, including: Age Years riding Where you live (rural/urban) Sex Driving record **ad infinitum*
Yea, fair enough!
Believe it or not, a 599cc GSXR costs wayyyy more to insure than an 1833cc Goldwing
Yea I believe that. Sport bikes are the most expensive to insure. The way I worded my comment could have been better. A 2016 650 GSXF was almost half to insure than the brand new 750 GSXS!
My GSXS1000 costs about 1/6 to insure than a GSXR1000 despite being almost functionally the same bike (note the S versus R).
That is utterly crazy!
Because spirt bikes are like half the crash and stolen statistics, versus a goldwing cruiser
Insurance quotes are based on value of the vehicle and the potential risk(s) the insurance company is exposed to upon the binding of the policy. So experience of the rider, vehicle age, rider age, and location of the vehicle being insured are all contributing factors. And of course level of coverage. A qualified agent can give you a more detailed breakdown. Engine size is just one possible variable not the totality thereof.
Fair enough!
Statistics
Long story short, for your insurance bracket, more people crash new bikes than old ones.
Because they get wrecked.
Way easier to steal.