Many people, especially those purchasing their first motorcycle, don't anticipate motorcycle insurance premiums that cost more than their motorcycle. Unfortunately, this is a very common occurrence. However, There are some techniques you can use to lower your insurance premium.
All insurance companies evaluate the cost for an insurance policy in basically the same way. They evaluate the risk, and then apply a premium that reflects and covers that risk. Therefore, the important factors to consider when purchasing a motorcycle are the factors that involve risk. The age of the rider, the experience level, and age and size of motorcycle are just a few of the categories they consider.
Where you live, and where you will be mostly riding your motorcycle will affect your risk level. This is because the increased traffic in a city poses a more substantial risk to the motorcycle rider than the streets and highways in a town or the country. Where your motorcycle will be stored when it is not in use also may be a contributing factor with some insurance companies.
The age, style, and size of your motorcycle will also factor into the insurance premium. Many insurance companies have different rates for motorcycles ranging in size from up to 450 cc, 451 to 750cc and over 750cc. The ones over 750 cc are often termed to be a "big bike" policy. A sports bike, for example, will likely cost you more to insure than a cruiser type bike.
The actual amount of miles you will put on your motorcycle in a season will affect your insurance premium as well. If you're going to be riding on a regular basis through out the season, you will no doubt accumulate more miles. Also, the more you are riding your motorcycle, the more the risk will increase.
The amount you pay for insurance claims also can have a significant impact on your insurance premium. It is viewed to be better by many motorcyclists to have a requirement of a much higher deductible for insurance claims than to have to pay a higher premium on a regular basis. This of course is based on the fact that they don't plan to need to pay the deductible on a regular basis.
The style of your motorcycle will have an effect on cost of insurance as well. Also, modifications, especially performance enhancing ones, will affect the rate of insurance. This is because sports bikes are considered to be more susceptible to accidents than their cruiser style counterparts.
All insurance companies evaluate the cost for an insurance policy in basically the same way. They evaluate the risk, and then apply a premium that reflects and covers that risk. Therefore, the important factors to consider when purchasing a motorcycle are the factors that involve risk. The age of the rider, the experience level, and age and size of motorcycle are just a few of the categories they consider.
Where you live, and where you will be mostly riding your motorcycle will affect your risk level. This is because the increased traffic in a city poses a more substantial risk to the motorcycle rider than the streets and highways in a town or the country. Where your motorcycle will be stored when it is not in use also may be a contributing factor with some insurance companies.
The age, style, and size of your motorcycle will also factor into the insurance premium. Many insurance companies have different rates for motorcycles ranging in size from up to 450 cc, 451 to 750cc and over 750cc. The ones over 750 cc are often termed to be a "big bike" policy. A sports bike, for example, will likely cost you more to insure than a cruiser type bike.
The actual amount of miles you will put on your motorcycle in a season will affect your insurance premium as well. If you're going to be riding on a regular basis through out the season, you will no doubt accumulate more miles. Also, the more you are riding your motorcycle, the more the risk will increase.
The amount you pay for insurance claims also can have a significant impact on your insurance premium. It is viewed to be better by many motorcyclists to have a requirement of a much higher deductible for insurance claims than to have to pay a higher premium on a regular basis. This of course is based on the fact that they don't plan to need to pay the deductible on a regular basis.
The style of your motorcycle will have an effect on cost of insurance as well. Also, modifications, especially performance enhancing ones, will affect the rate of insurance. This is because sports bikes are considered to be more susceptible to accidents than their cruiser style counterparts.
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About the author: Ken Henry can help you find the solutions to your insurance questions. Get motorcycle insurance advice and quotes from 5 top companies, plus save big money on auto and homeowners insurance
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