Understanding how the insurance company comes up with the quote for your motorcycle insurance will enable you to make changes to the areas that will lower the cost. Insurance premiums are based on a calculated risk factor. This is where essentially, no matter how good a rider you may be, you get penalized for the “foolishness” of all the other motorcycle riders.
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 engine size of your motorcycle will play a role in your insurance premium, as will the age of your motorcycle. Many insurance companies, when offering insurance for a motorcycle with an engine rating of over 750cc’s, consider these to be big bike policies. Other companies may offer policies between 750cc and 1000cc’s as just another size bracket, and anything over 1000 cc’s may be considered a big bike policy.
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.
If your motorcycle has any modifications, especially performance enhancing ones, this will significantly increase your risk factor. Also, the type of motorcycle you purchase will affect the risk factor and therefore your insurance premium. A sports bike presents a far greater risk than a cruiser style bike.
About the author: Ken Henry can help you find the solutions to your insurance questions. Get motorcycle insurance rates from the best companies, plus save big money on auto and homeowners insurance
