I have an interesting question. Im looking to get a bike on finance. Insurance is the biggest killer for me. My grandfather did a quote for the bike and got a rate about 8x lower than my rate given age. Now my question is that if we put the bike under both our names as co apps. Would this get me a better rate closer to his? Or since we're both still riders would this get me my rate. Or would we be able to make it where hes the main rider. Or something along those lines. Or would I just be better off keeping him a cosigner and doing it on my own as I found cheaper rates elsewhere than what his insurance quoted me at. Thanks for reading all that.
Posted by Willing-Ad9310
1 Comment
Depend on State and Carrier. For example Farmers, Liberty, and State Farm all have a policy of lowest rated driver to highest rated vehicle, meaning you would be considered the driver of the most risky vehicle on the policy say the motorcycle vs the Tahoe.
However some carriers have rating variations depending on “safe drivers” for example in CA you can not rate based on Gender, so there is more leeway with how the drivers and vehicles associated risk is calculated.
I would even as a captive recommend reaching out to a broker so they can shop around. Some carriers have some sneaky ways of established registration, drivers, and mileage that can really lower rates for a young motorcycle driver.
Also consider if available in your state any advanced riding safety courses, I have seen those certs drop premiums by 50% for young drivers.