Looking for Tow Truck Insurance, Turn to Urban Insurance.
Our expert staff has been a dependable source for Towing Insurance for over 54 years. We understand the requirements that the Secretary of State has placed on Flatbeds and Tow-Trucks
prior to granting them the “TW” plates needed to operate a towing company. Whether your company specializes in towing, auto transport, salvage, or if you do work as a repossessor, collateral recovery or relocation services; Urban Insurance will find you the coverage you need at the lowest rates.
While many companies are pulling back from offering Tow Truck coverage, for example, Progressive does not currently offer insurance for commercial tow truck businesses that do repossession work, Urban Insurance still has a variety of companies to provide your Towing business with the coverage you need at the lowest rates. We have been doing this by constantly maintaining contracts with a multitude of companies that we believe provide our customers the coverage they need at the lowest prices
I spend time each month reviewing our list of carriers, as well as searching for new companies worth adding to our list. By listening to comments and suggestions from our customers, in addition to reading industry reports and third-party evaluations; we will add or remove companies from our list. There are also times when one of our current companies might decide to add or remove a particular class of business, when that happens we will search for alternative options for renewing policies that we believe will continue to provide our customers the commercial insurance they need at best possible rates.
One of the companies we use is Stonegate Insurance. They have a dedicated commercial team; so as a business your policy, or any claim, will be handled only by commercial experts.BB Accredited Business since 02/01/2012
Stonegate InsuranceOn a scale of A+ to F
- Tow Truck Liability Insurance: Coverage for what the policyholder is legally obligated to pay because of bodily injury or property damage caused to another person.
Tow Truck Liability = $500,000csl
If you are required to have an ICC Authority (Relocation license) the limits change to $750,000csl Liability also pays for your legal fees and court costs stemming from a if you’re sued for a covered liability claim.
- Physical damage insurance: Portion of an auto insurance policy that covers damage to the policyholder’s truck involving a collision (including damage from fire, explosions, earthquakes, floods, and riots), and theft. For Commercial trucks the rate is based on a % of the “Stated Value.”
- Uninsured or underinsured motorist insurance:
- Garage service insurance: Optional garage liability insurance is designed specifically for businesses that offer towing services or service stations. It provides coverage for any damages that may be sustained by a vehicle in service while it is parked or being stored in a covered location. These damages can include those caused by fire, theft, vandalism or even collisions.
- On-hook towing insurance: Also GKLL) The “On- Hook” coverage must be no less than $25,000. This covers damages to the vehicle being towed.
If you have a question, please contact us at 1-800-680-0707
As the cost of living continues to increase, learning how to make your dollars stretch as far as they can is an important part of survival. The prices in Chicago can be significantly higher than other states, and finding ways to make it on $13.00 an hour can be challenging. How much does that equate to? In annual dollars, that’s about $26,000 per year or a little more. While that may not seem like much to work with, there are a few things that will give you immediate savings:
Create a Budget
Creating a budget is the first step in making sure your money is being well-spent. Using a resource like YNAB (You Need a Budget) will help teach you the rules of managing your money. Knowing how to assign a task to each dollar you spend will show you where you can cut costs and save.
Get Creative With Housing
Housing is one of the most expensive items in the budget. If you lack the funds to reside in an area you like, consider getting a roommate or two to help trim your costs while allowing you to enjoy of the area. Food and utilities can also be shared to give you more flexibility with your funds.
Manage Your Meals
Food shopping is another big budget-buster. Planning your meals in advance based on advertised sales can help. Seek out resources that can provide low-cost recipes and join a warehouse club to get certain items in bulk, which will add to your cost savings. Buying generic can be advantageous and can help enhance your cooking skills and experimentation with spices and other flavor-enhancers.
Kick Your Habits
When you’re on a budget, going to the movies every week, or having a latte every day is out of the question. Limiting your extras will not only keep money in your pocket, but you will learn how to make use of the things you already have. Using sites like Groupon or Living Social can help you plan for entertainment at a discounted cost.
Watch The Thermostat
In Chicago, the summer is hot and the winter months can be brutal. Putting your thermostat on a timer will help regulate the temperature in your home and utilize your air or heat only when needed. Using a fan will also help circulate the air in the room when the thermostat is off to keep your temperatures level.
Watch Those Phantom Electronics
Turn off appliances and other electronics that aren’t being used. Televisions and computers left on suck up energy, adding to your utility costs. You can also unplug your DVD player, cell phone charger and video game console for effective results.
Reevaluate Your Policies and Contracts
Look at your insurance and other contracts that have costs associated. If you can get a discount to cut your premium, do it. If you have a good track record, you can increase your deductible to reduce your current payment. This will free up funds that you will be able to apply to other areas of your budget.
Using public transportation can help save money in your budget. Driving an automobile can get very expensive, especially if you have lengthy commutes. Riding a bike can also help in getting exercise and enjoying your surroundings. This is a smart tactic when reevaluating where you can maximize your dollars.
Although making $13 an hour work can be a lot of work, these are simple and effective ways that will make a significant difference in having a decent quality-of-life while maintaining your budget.
Halloween is a time when kids get to dress-up as a favorite character, gather with friends and roam from house to house collecting as much candy as possible. When I was a child, I can remember starting early and putting in hours of ringing bells till I had shopping bags full of candy. As a parent in Chicago, my wife and I took our son and his friends trick or treating, ever careful that in their excitement they paid attention to cars while crossing streets, alleys and driveways.
Halloween in Chicago should be a fun and safe time for children, if you follow these trick-or-treating safety precautions.
It is important that driver’s in cars can see your child. Sure in an idea world children will cross streets only at cross-walks, only with the light, and after careful attention to traffic- In reality, enthusiasm can win out over judgment. Kids pick their costume based on a TV show, not on what is easiest to see at night. Here are a few tips:
1. Help your child pick a costume that has bright colors, if not then add reflective tape.
2. Every child has some kind of bag to hold their collection of candy- selecting a bright color, adding reflective tape and or flashing LED lights, will greatly improve the ability of driver to see your child.
3. Make sure your child’s vision is not hampered by ill-fitting masks or hats.
4. Give kids flashlights, test to make sure the batteries are fresh. These will not only light their way, it will also make them easier to see.
Beyond visibility, clothing can have other dangers, here are a few things to watch.
1. Make sure that shoes or boots fit properly and that costumes are short enough to prevent tripping, and are free from loose items that can get caught or tangled as they walk.
2. Buy costumes, wigs, hats or other accessories that are clearly marked confirming they are flame resistant.
3. A lot of outfits just are not complete without a sword, cane, or lightsaber and there is no way your child is taking to the streets without a critically defining object, Ok, but make sure it is not too long, too sharp or to solid.. These items can hurt a child if they fall, but can also hurt others if they start swinging them around, while I’m sure all of our children are perfect angels, it is very tempting for a six-year-old carrying a sword to want to act-out scenes from the show.
4. For older kids, make sure to avoid gang-colors or guns that are too realistic.
Despite that fact your child might be dressed like a super hero, if they are under 10 years old they should not be out walking the streets after dark. I know they might want some degree of independence but you must let your better-judgment win out.
1. A parent or other trusted adult should always travel with young children as they make their way through their neighborhood. If they are with a group of friends and you want to give them a bit of space, try staying on the sidewalk and let them walk the path to the door.
2. There is safety in numbers, it’s also probably more fun if they can go trick or treating with a few friends, but keep in mind that one adult can’t watch 12 kids at once.
3. In the unlikely case a child gets separated (It happens) wake sure children know their parent’s cell phone number and how to call 911.
4. Put a name tag, with your phone number, on your children’s costumes
5. When dealing with older kids, clearly they are going to be trick-or-treating on their own; so make sure you know where they’re going when they’ll be coming home, confirm they have a cell phone, its charged, and that they go and stay in a group.
As a driver around the time of Halloween, pay special attention to children, you might not be use to seeing kids out after dark and they might not always show the care they should. As an adult, you need to be extra careful.
The horror stories of razor-blades and poison in food were around when I was a child, in fact stories like that go back to tales of wicked witches and poison apples, without over reacting, it’s wise to inspect candy before it ends up in your child’s mouth. By following these trick-or-treating safety precautions, Halloween in Chicago should be a fun and safe holiday.
Chicago is a city made up of neighborhoods, each with their own history and ever changing demographics. As immigrants made the city home, they tended to congregate for comfort and support, each new wave reshaping the neighborhoods . German shops slowing giving way to Polish restaurants, that in turn find a new identity with each new group entering and enriching Chicago. “River North” has a similar rich ethnic history, but the near-north area also is a tale of gentrification.
The actual boundaries are determined by the Chicago River on the South and West, Division Street on the North and Wabash Avenue on the East. The area at the turn of the 20th century got the name “Smokey Hollow” owing to the massive number of factories and the burning of coal needed to power them. Raw goods could be brought in by ship or rail, and the manufactured products could then be sent out to the world with the river and trains linking the district to Chicago ports. As traffic became a problem above ground, transporting all that coal went underground. Chicago was reminded about these long abandoned rail lines when one morning, many dozens of major buildings found water rushing into their basements filling them, up to 30 feet deep. It turns out, a construction company tasked with fixing a bridge, pounded a pylon too deep into the Chicago river, puncturing one of these old-forgotten tunnels giving the river a path into this vast network of tunnels.
The Merchandise Mart is the most prominent building in River North, and until the completion of the Pentagon, was the world’s largest building. Built in 1930 by Marshall Fields and Company, the Art Deco masterpiece was used as the central warehouse for its stores. Later The Merchandise Mart was sold to the Kennedy family who converted its use to a central hub for architectural and interior design firms and venders. Retail stores would go there to see the newest offerings and place orders, Decorators would walk their clients from one showroom to the next selecting furnishings for their home or office.
Every major city has infamous criminals connected to its past, when Prohibition was signed into law, Chicago quickly became ground-zero in the nations bootlegging trade. The 20s were roaring and liquor was still invited to the party; so organized crime filled bathtubs up with gin, poured into bottles and sent them to “Speakeasies,” brothels and other clandestine drinking clubs. The booze was flowing so the was the money and the crime bosses would do anything to keep a rival from moving into their territory. The war between the bootleggers and between them and the feds made household names of Elliot Ness and Al Capone. All those shootings meant a lot of funerals, Dean O’Banion made his money selling illegal alcohol and was in need of a front, since his hobby was flower arraigning, he figured buying a River North flower shop was a natural fit. Located just off corner of Chicago Avenue and State Street. Holy Name Cathedral, was and still is the dominate Catholic church in Chicago,with O’Banion’s shop across the street, and his ties to organized crime, he was the one providing flowers for most of the funerals of gunned-down mobsters. As always, when you tie your star to ruthless killers, it’s only a matter of time before flowers are being delivered to your own funeral. A florist shop still stands on that same spot, I’ve been in there over the years, the owners seem like lovely people and have no connection to the place’s dark past.
The name Al Capone still haunts our city. He reached a level of infamous, pushed in part by popular “Gangster films” that, till Michael Jordan, his name was one that tourists best knew. This fact resulted in the most offensive business concepts to ever hit Chicago- a Al Capone-themed restaurant equipped with animatronics, depicting Capone, Frank Nitti and other violent criminals with fake Tommie-guns. Happily the venture failed, and became the Rain Forest café, otherwise we might have seen someone open up a restaurant for John Wayne Gacy.
Over time, the factories and manufacturing left the district leaving a Albert Friedman, that saw the potential in these buildings and in the early 70s started buying, and restoring them, appealing to young professionals who loved the “Cool Factor” of the lofts for both work and play. Friedman Properties saw how the large open interior spaces were flexible, and worked well for galleries, and photographers and design firms, the low rents that were possible back them resulted in a flood of art dealers escaping from high rents on Michigan Avenue resulting in the creation of what is now referred to as the ”The River North Gallery District”, which boosts the largest concentration of art galleries this side of Manhattan. Friday nights the streets are filled with people parading from one “Opening exhibition” to the next, all that shopping makes one hungry; so we have seen an explosion in restaurants and clubs.
Urban Insurance has been a proud part of the River North neighborhood for most of our 54 year history. We have watched the area evolve as buildings have fallen into disrepair, only the be renovated to their former glory, others torn-down to make way for new high-rises. The Merchandize Mart became a backdrop used in the Divergent series of books and movies, the look of the neighborhood is such classic Chicago, that there is seldom a month that goes by when a major film or TV series is not being shot within a few blocks of our office. The history of River North continues to be written, and Urban Insurance Agency has been a part of that record.
Although some insurance companies state they have “Mexican Insurance” coverage this usually means within 25 miles of the border. If you stay within those 25 miles and something occurs either an accident or theft your company might cover the expenses however US insurance WILL NOT provide any type of Mexican liability insurance, which is required by Mexican authorities. So if you cause any damages to third parties, your US insurance won’t provide any coverage.
Bottom line, you do not want to find yourself in a foreign country police station, debating the exact legal fine points of what is, or is not, covered under your American Insurance policy. At Urban we have policies that have been pre-approved in Mexico and meet each of their requirements.
If you have a question, please contact us at 1-800-680-0707.
In 1989 the Illinois General Assembly voted to require all motorists to carry auto liability insurance. At that time, Auto insurance liability limits in Illinois were set at a minimum of $20,000/ $40,000/ $15,000, and for more than 25 years those same limits have remained. Effective January 1, 2015 a new law increases the mandatory minimum auto liability insurance coverage’s to $25,000/$50,000/$20,000 on all new car insurance policies.
Liability coverage pays for damages you cause to other peoples person, or property. It is divided into three parts. Bodily Injury Liability pays for damages to others caused by covered drivers on your auto insurance policy. In Illinois the minimum limits are increasing to $25,000 per person and $50,000 total Bodily Injury per accident if multiple people are injured. The third part involves damage done to others property. Property Damage Liability will be going up to $20,000.
The reason for the state of Illinois raising the required minimum limits of insurance is based on the realization that over the past 25 years the average cost of an accident has risen substantially while the required coverage has remained level. According to Truecar.com, the average new-car was $30,084, twice the current insurance requirement of $15,000 for property damage. The cost of cars has not increased as much as the cost of a trip to the hospital, so the legislators were most concerned about the gap between the cost of injuries, and the coverage in place to compensate the victims.
One of the vocal proponents for the new auto insurance law is state Rep. Laura Fine, her own husband received serious injuries in an auto accident with a driver that carried minimum coverage.
“These rates have not been changed in 24 years and do not keep pace with rising medical costs,” “This will save people who are injured in an accident that is no fault of their own from some of the out-of-pocket medical costs they may incur.”
Even with these new limits, it is still vital that you carry enough liability insurance, because if your the cause of a serious accident, you could be sued for a considerable amount of money. Medical bills arising from a serious accident, particularly if several people are hurt, will certainly exceed the basic mandatory limits. While obtaining the State required limits will allow you to be in compliance with Illinois laws, remember, you can be held responsible for damages in excess of your policy limits. Yes they can take your home or other assets. It is for this reason that people often opt to by higher limits.
Should we take a month-long rafting trip down the Amazon, or trekking up to the top of Everest, these were two options from a list of potential adventures my son, (Lane) and I compiled. With him starting at Northwestern in a few weeks, it seemed a milestone that called out for some great journey- An opportunity to test our fortitude, combat fear and bond as father and son. Our minds filled with visions of Odysseus path to Ithaca, Lewis and Clark mapping out a continent, but as often does, reality lowered our sights.
I could speak of the Large, looming tuition costs and my responsibilities at Urban Insurance and reasons why such an adventure were not possible; but I would be neglecting to mention that our mutual fear of spiders, insects and snakes would rule out sleeping in a jungle. As for Everest, even the Base Camp elevation of 17,700 feet, would result in air far too thin for a father and son team who’s asthma mandates medication to ride the CTA. No we needed something closer to home and further from danger.
It was Lane that suggested we walk the length of the “Bloomingdale Trail.” He uncovered the path, after some brief research online, where he read of how the former train line, abandoned in the late 1990s, had been converted into a collections of parks linked by miles of former train tracks. The website was chocked-full of picture of gardens and prairie grass- couples looking lovingly into each other’s arms as they sat on a bench. Images of families strolling slowly or pushing their kids on swings. All of this green space to be enjoyed while views of Chicago’s skyline are in the background. How could we NOT spend the day roaming such a beautiful and vibrant part of Chicago, more to the point, how could we not have visited these miles of trails before today?
The Bloomingdale eastern most point begins at Walsh Park, 1722 N. Ashland Ave, less than a mile from our home; so we select to leave our car at home and walk, still baffled that we had not seen this oasis on prior walks and bike-rides. Three blocks in and our enthusiasm was high, despite our walk taking us under a graffiti covered viaduct, that looked more like a location a director would select to film a drug deal gone bad, than the approaching entrance to a world-class park. We do arrive at Walsh Park and find it to be a small pleasant neighborhood playground with a few families enjoying the nice weather. To one-side we see a fence separating the park from some parked construction equipment. All indications led us to conclude we had found the trail, but this particular set of stairs had not been completed.
“Dad,” they can’t build the entire place simultaneously, we need to walk to the next entry point.” so we follow The street a few more block till we can find a point to ascend to the elevated path of beauty that awaits. Walking down Bloomingdale Ave, two thoughts struck me: why have I never heard of this street, and when did they build all these up-scale homes. Well in truth, one more question periodically popped into our conversation, “How do we get up-there?”
We passed a home with a backyard prominently displaying a habitat for two roosters- they seemed happy. Intersecting streets were familiar- “Hey, Jake lives over there,” he was right, we just never arrived via the East-West running Bloomingdale Avenue. Urban areas are filled with surprises, easily missed, as we all hurry through our days propelled by our cars and deadlines. That day we were explorers. We were on-foot with the time and inclination to observe rather than reach a destination.
It had been nearly two hours with little more than a few snacks to keep us going; so we detoured down Damon walking a few blocks south, passing through “Wicker Park” and a dozen restaurants before selecting one with outdoor seating. Each of us armed with an iPhone, we researched some history on the rail-line as well as the surrounding neighborhoods of Wicker Park, Humboldt Park, Logan Square and Bucktown. Chicago is a city of immigrants, each of these areas were built, shaped and then constantly reshaped with each new ethnic wave. Streets were given German names till a historic influx of Polish immigrants changed them as they called Chicago home. Jews fleeing Nazi controlled parts of Europe were later followed by newcomers from Mexico. A city is a living, every-changing thing, new people and new technology result in evolving needs; so the landscape alters to meet those requirements.
Well nourished, we returned to our search for the Bloomington trail pictured so beautifully on their website. I should have recognized the ease with which Photoshop, in the hands of an architect, can produce photo-realistic renderings of what they hope will be the product of the completed development. Rather than the “Hanging gardens of Babylon,” we found barricaded ramps leading to what will be parkland once they complete the infrastructure, and the fill the spaces with the plantings to hopefully match the pictures (and now my expectations).
The array of parks connected by miles of former train tracks, were simply far from completion. The great new wonder we sought failed to ready for our walk, but our day was far from a waste. We saw more, learned more about Chicago, and we observed the making of what will be a great addition to our city. We also went exploring without the need for malaria shots for a trip down the Amazon river or oxygen masks mandatory for us even reaching the base-camp of Everest. As the days slip by till Lane heads-off to that distant land of Evanston, every moment spent hanging-out together is an adventure I will cherish forever.
. Larry Lubell / Urban Auto Insurance
Downers Grove is a highly popular vacation spot located in york, DuPage County, Illinois – just 25 miles outside of Chicago. Known for its quiet, quaint surroundings, Downers Grove has become a model for small-tourist towns in the region. The town is home to more than 140 community events and festivals every year. With a population of just 47,833, the 600 acres of parks and recreational space have made the area a popular location choice for vacations, day trips, and events. Five reasons why you should consider spending an extended stay in Downers Grove include;
Forbes Friendliest Towns
Downers Grove was honored with its inclusion on the Forbes “America’s Friendliest Towns” list. It finished in 8th place. Other cities included on the list include Sammamish, WA and Orinda, CA. The list was created in conjunction with Nextdoor.com, using data pulled from their local social network. Forbes determined that home ownership played a key role in neighborhood stability. Downers Grove enjoys an 80% home ownership rate.
Tons of Events
Downers Grove is home to more than 140 events each and every year. Planning your day trip around an event is a great idea and can help you to greatly improve your trip. With the focus that the city has placed on tourism, there are an unending number of events and activities that you can indulge in while visiting this beautiful area.
Some of the Regions Best Restaurants
Downers Grove is also home to some of the regions best restaurants – and that is saying a lot, given how close the city is to Chicago. The downtown area is home to more than 15 restaurants, spanning many different food types. Popular options include;
- Chama Gauch – An upscale Brazilian Streakhouse that is considered one of the best restaurants located in the Chicago area. Located downtown on Finley Rd, Chama Gauch attracts individuals from all around the region with delectable Brazilian steak.
- Angelo’s Pizza – Looking for something a little cheaper, but still delicious? Angelo’s Pizza is regarded as one of the best Pizzerias in the Chicago area – which says a lot about a region that is known for their tasty pizza.
- Kyoto Japanese Restaurant – Kyoto Japenese Restaurant has excellent sushi available at a reasonable rate. This well-reviewed restaurant has been a hometown favorite since opening their doors.
Morton Arboretum’s Beautiful Grounds
Morton Arboretum’s beautiful gardens are a huge attraction, located just nine miles outside of the Downers Grove city center. The arboretum is home to more than 222,000 plants, spanning 4,300 species. Every plant housed within the gardens are from the northern temperature zone, from a total of 30 different species. There are more than 90 species of plants located in the arboretum that are currently listed on the endangered species list – making this one of the only opportunities you will have to see many of these species.
Tivoli theatre is a popular attraction in Downers Grove. This old-style theatre features a film noir theme. Viewers are seated in old fashioned seats, the curtain is pulled back from the screen, and an organ plays in the main hall. Many movies feature intervals, especially movies with longer run-times. Best of all – the theatre features many discounted second-run movies that allow you to experience the old-style at an extremely discounted rate.
Downers Grove has become a popular locations in the Chicago region. Their excellent attractions, delicious restaurants and quiet environment make the town an excellent choice for a summer or autumn day trip.
If you operate a Nonemergency Transportation company (Medicar), then you know that your MC plates come due on June 30th. You also know that the police will be out looking for any Medicar driving on expired plates.
The limits of liability required are set at $250,000/$250,000/$50,000 in the state of Illinois. Without an Accord certificate of insurance proving you are covered to at least the minimum limits, the State of Illinois DMV will not sell you your commercial plates. The required limits of insurance needed in the City of Chicago are set at $300,000 CSL. Fail to obtain the required insurance coverage, and you become a target for any police officer looking to write some rather pricey tickets.
Whether you run a Medicar business or any public transportation service, it is critical you are protected by the proper insurance coverage. Any time you have a business that carries passengers, these customers stand the chance of being injured and filing a claim against your company for large sums of money. It is important to remember your Personal Passenger policy will not offer protection if you are using your vehicle for commercial applications. Urban Insurance offers rates from multiple companies to find you the lowest rate on you business policy. We have saved transportation companies 30, 40 and even more than 50 % savings.
Urban offers Low-Cost insurance for companies that provide Public transportation services. Whether your company provides non-emergency patient transit, carries people back and forth from casinos, or runs an Airport Shuttle; Urban Insurance can shop multiple companies to find you the coverage you need at the lowest price.
Urban Insurance has been saving companies on their insurance for more than 50 years.
We can provide:
Illinois & Federal ICC Filings. Commercial Auto Liability
General Business Liability. Coverage for Wheel-Chair Lifts
Urban Insurance understands the special needs and commercial insurance requirements required of Transportation companies in order to get PT Plates. We have the experience to help Public Transportation, Medicars or Van Service companies navigate the demands of the ICC (Illinois Commerce Commission. We can also help file the needed ICC documents for the Indiana Commerce Commission, as well as the Federal Commerce Commission.
Urban was awarded an A+ rating with the Better Business Bureau
In the 28 years I have been selling for Urban Insurance, I am still amazed by how wide the range of insurance prices can be between one bike and another. What might shock you is that it is the “Style” of the bike that makes a larger difference than the “Cost” of the bike. This is important fact to consider before coming home with that new “Sport Bike”. For most people, a motorcycle is driven only a limited number of days per year; and some people who would by no means drive without car insurance will at times let their motorcycle coverage slip. All of us are looking for ways to save money, but driving with out motorcycle insurance is not only foolish, it’s illegal in Illinois, Michigan Indiana and most other states. With the high price of vehicles, ever-increasing medical costs, and new bankruptcy laws that can make it more difficult to eliminate your debits; it is financial suicide to drive without insurance. No one wants to pay more than they have to in order to get their cycle covered.
Below are some suggestions to help you lower your insurance costs.
- Shop Before You Buy The Bike
Insurance companies profoundly surcharge some motorcycles. That means that even though two cycles have around the same value, they might have dramatically different insurance rates. Sport bikes are fast and fun but bikes like the Yamaha YZFs, Kawasaki Ninjas, Honda CBRs, and the Suzuki Hayabusas, can cost more than 4 times the price that a “Standard Cruiser”. Caution: I have seen the combination of sport bikes and young drivers result in premiums higher than the total cost of the bike. After the bike is yours, it’s a bad time to find that the monthly insurance payment is more than your monthly note.
- Shop Several Companies
Remember that prices can vary widely from company to the next. The carrier that offers the lowest rate on a middle-aged married couple might be one the highest on a 20-year-old male single. Get quotes from different types of insurance companies. Some companies sell direct through a captive agent force. Independent agents, like Urban Insurance Agency offer policies from several different insurance companies. It is for this reason that Urban Insurance will shop out a variety of companies looking for the best rate and coverage to meet your needs. We represent more than thirty companies in order to get the best coverage and most competitive rates.
- Decrease Coverage on Lower Value Cycles
If your bike is new, or is being financed, of course it makes sense to purchase “Full Coverage” to protect your investment. However if your bike is no longer a “late model” or does not have a value over $3,000.00, consider dropping collision and comprehensive coverage. Ask your agent to provide you with a quote both with and without these coverages.
- Move to a Higher Deductible
The deductible is the amount you pay on a claim before the insurance company pays. By requesting higher deductibles, you can lower your insurance costs significantly. This is particularly true for motorcycles. For example, increasing your deductible from $250 to $500 could decrease your comprehensive and collision coverage cost by as much as 30 percent. Switching to a $1,000 deductible can reduce your expense by 40 percent or more. Just remain cognizant that if there is a claim you are going to need to come up with those funds in order to get your bike repaired.
- Exclude a driver
Not all drivers are created equal when it comes to insurance. The rates on teen drivers are much higher than drivers in their 30s or 40s. If you have young drivers in the household that do not drive your bike, you can save a considerable sum by taking them off your policy. A word of caution: If you exclude a driver from your policy and they do take your cycle out for a whirl and have an accident; you will not be covered for that loss.
- Part-Time Drivers
Most companies give a discounted rate for a part-time or occasional driver. This is of no use if the part time driver is an older driver, but can make a dramatic difference when the part time driver is a young driver. But remember to ask your agent, and not assume they gave you the discount.
- Check Your Driving Record
This might be hard to believe but people down at the Illinois Secretary of State’s office sometimes make mistakes. The same thing holds true for our customers in Indiana, and Michigan — I have had clients whose driving record show accidents and tickets that were inaccurate. Such mistakes happen more frequently than many agents or representatives at the DMV are willing to admit. These mistakes can significantly affect the cost of your insurance. Verify your credit record on a from time to time to check for any errors. At Urban Insurance we work with our customers to remove errors from your MVR reports.
- Maintain a Good Credit Record
It might seem that is no connection between “Good Credit” and low insurance costs, but many insurance companies will now run credit reports each time you apply for a quote on any insurance. Many people would be surprised to learn that a “Bad Credit Score” can raise your insurance rate more than having speeding tickets. Not all companies credit score; always ask the agent if they are going to run your credit. If a representative asks you for your social security number, presume they are planning on running a credit report. Confirm your credit record periodically to check for any errors.
- Remove Guest Passenger Liability
Guest Passenger Liability is coverage that protects you against the passenger on the back of your bike suing you in the event that they are injured in an accident. Again, with younger drivers and sport bikes, the Cost of Guest Passenger Liability can be considerable. Removing this coverage can save up to several hundred dollars. A word of caution: If you exclude Guest passenger coverage from your policy, make sure that you do not allow passengers on your bike. Remember if you have an accident; you will not be covered for those damages your passenger suffers.
- Don’t Put In The Small Claims
The fact is, insurance works best when it is used for which it was designed – to protect you against significant financial losses. Insurance companies today share loss data through a central network. As a result these losses follow you from one insurer to the next. Companies count “Frequency” as well as total payout; so if you have $610 in damages and a $500 deductible It might be prudent to avoid having evidence of a the claim on your record.
- Shop Before You Buy The Bike