What Factors Affect the Cost of Motorcycle Insurance?
If you're shopping for motorcycle insurance, you may be surprised by how much insurance premiums can vary from one rider to another. The cost of motorcycle insurance isn't based on just the motorcycle itself, it also depends on the rider, driving history, coverage choices, and other factors.
Understanding what affects your motorcycle insurance premium can help you make more informed decisions when comparing policies.
What Determines the Cost of Motorcycle Insurance?
Several factors can influence how much you pay for motorcycle insurance, including the following:
1. The Type and Value of Your Motorcycle
The motorcycle you ride plays a significant role in determining your insurance premium.
A more expensive motorcycle may cost more to insure because it can be more expensive to repair or replace. The make, model, year, and overall value of the motorcycle can all factor into the premium.
Different types of motorcycles may also have different insurance costs. For example, a sport bike may be priced differently than a standard motorcycle, cruiser, touring bike, or other type.
2. Engine Size and Power
Engine size and performance can also affect motorcycle insurance rates.
Motorcycles with larger engines or higher performance capabilities may have higher insurance premiums because insurers may consider them to present different levels of risk.
If you're comparing motorcycles before making a purchase, don't forget to consider the potential insurance cost, not just the purchase price.
3. Your Age and Riding Experience
Your age and experience as a motorcycle rider can affect your insurance premium.
Newer or less-experienced riders may pay more because they generally have less riding experience. As you gain experience and maintain a clean driving record, your insurance costs may change.
Your age is another factor insurers may consider when calculating your premium.
4. Your Driving Record
Your driving history can have a significant impact on the cost of motorcycle insurance.
Tickets, traffic violations, accidents, and other driving-related incidents may affect how an insurance company evaluates your risk.
A history of serious violations or multiple accidents may result in higher premiums, while maintaining a clean driving record can help you avoid some of the additional costs associated with a higher-risk driving history.
It's important to remember that your driving record may matter even if an incident occurred while you were driving a car rather than a motorcycle.
5. How You Use Your Motorcycle
How and how often you ride can also influence your insurance premium.
For example, there may be a difference between someone who rides occasionally for recreation and someone who uses a motorcycle regularly for commuting.
When applying for motorcycle insurance, be accurate about how you use your bike. Your insurer needs the correct information to determine appropriate coverage.
6. Where You Live and Store Your Motorcycle
Your location can also affect motorcycle insurance rates.
Insurance companies may consider factors such as accident frequency, theft rates, weather conditions, and other characteristics of the area where you live.
Where you keep your motorcycle when it's not being ridden can also be relevant. A motorcycle stored in a secure garage may present different risks than one regularly parked outside.
7. Your Coverage and Deductible
The amount and type of coverage you choose will directly affect your premium.
Depending on your policy and state requirements, motorcycle insurance may include coverage such as:
Liability coverage
Collision coverage
Comprehensive coverage
Uninsured or underinsured motorist coverage
Medical payments coverage
Coverage for accessories or custom equipment
Your deductible can also affect your premium. Generally, choosing a higher deductible may reduce your premium, but it also means you'll pay more out of pocket if you have a covered claim.
The goal isn't simply to choose the lowest premium. It's to select coverage that fits your situation and financial needs.
How Can You Potentially Lower Your Motorcycle Insurance Cost?
While you can't control every factor that affects your motorcycle insurance premium, there are steps you can take to manage your costs.
Consider:
Maintaining a clean driving record
Taking an approved motorcycle safety course when applicable
Comparing quotes from multiple insurers
Reviewing your coverage regularly
Asking about available discounts
Choosing a deductible you can comfortably afford
Storing your motorcycle securely
Making sure your policy accurately reflects how you use your motorcycle
Most importantly, don't reduce important coverage simply to get the lowest possible premium without understanding what you're giving up.
Is Motorcycle Insurance More Expensive for New Riders?
It can be. Age and riding experience are among the factors insurers may consider when determining risk and pricing.
A new rider may want to get insurance quotes before purchasing a motorcycle. This gives you a better idea of the total cost of ownership and allows you to compare insurance costs for different motorcycle models.
The motorcycle with the lowest purchase price isn't necessarily the motorcycle with the lowest overall cost to own.
The cost of motorcycle insurance depends on more than just the motorcycle you're riding.
The bike's value and type, engine size and performance, your age and riding experience, driving history, location, how you use the motorcycle, and the coverage you choose can all play a role in your premium.
That's why it's important to compare more than just the price of a policy. Make sure you're comparing similar coverage and understand your limits, deductibles, exclusions, and available protections.
Need Help Reviewing Your Motorcycle Insurance?
Whether you're buying your first motorcycle, adding a new bike to your policy, or simply wondering whether your current coverage still makes sense, Jenkins Insurance Agency can help you review your options.
Don't wait until after an accident to find out what your motorcycle insurance policy covers.
Contact Jenkins Insurance Agency to discuss your motorcycle insurance needs and find coverage that fits your situation.