If you are considering purchasing a motorcycle, aside from the technical specs, one aspect that you should also pay attention to is motorcycle insurance. However, you may be wondering why the insurance rates vary from one person to another. In this blog, we will take a closer look at what factors impact motorcycle insurance rates.
1. Type of Motorcycle
The type of motorcycle you own is a key factor that insurance companies consider when determining insurance rates.
Generally, sports bikes and other high-performance motorcycles are more expensive to insure because they tend to have a higher risk of accidents and damage.
Make sure to check with your insurance provider ahead of time to know how much it will cost you based on your motorcycle’s type and model.
2. Your Age and Experience
Another factor that affects motorcycle insurance rates is your age and experience.
As a general rule, young and inexperienced riders are considered to be at higher risk of accidents compared to seasoned riders, which is why insurance companies are more likely to offer higher premiums to the former.
To reduce your insurance costs, make sure to complete a motorcycle safety course and meet the minimum requirements for licensing in your area.
3. Driving Record
As with auto insurance, your driving record is a significant determining factor when it comes to your motorcycle insurance rates.
If you have a clean driving record, your insurance rates are likely to be lower than those who have a spotty driving record with several accidents or traffic violations.
4. Location
The place where you live also plays a role in motorcycle insurance costs.
If you reside in a neighborhood with high crime rates or a region with many accidents, your insurance rates may be higher. Additionally, different regions or states have different insurance requirements and regulations, which can impact your insurance costs.
5. Amount of Coverage
The amount of coverage you choose for your motorcycle insurance is also a factor that directly affects your rates.
Generally speaking, the more coverage you have, the higher your premiums will be. However, you should make sure not to skimp on coverage just to save on costs as having inadequate insurance coverage can mean financial losses in the long run.
Need help making sense of it all? Seek the advice of our insurance agents to help you find a balance between coverage and costs that works for you.
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