Everyone knows those common factors that impact auto insurance rates, like age, type of vehicle being insured, and past driving record, but when it is time to insure a motorcycle, many people are shocked to learn that the same factors that impact their auto insurance rates also affect their motorcycle coverage rates, but there are also many additional factors to consider. What are the factors impacting costs of motorcycle insurance?
7 Top Factors Influencing Motorcycle Insurance Rates
While there are dozens of factors impacting costs of motorcycle insurance, the following seven bring the biggest impact to those rates.
1. Experience
Individuals who’ve held a motorcycle license and driven their bike for a period of one-year or longer pay less to insure their motorcycle than other riders. The added experience reduces the risk of an accident and the liability of the insurance company.
2. Motorcycle Size
Big boys with big toys pay for those joys. Nothing is more exciting than owning a big, bad motorcycle, but expect added costs for the head-turning ride. The bigger the motorcycle, the bigger the monthly insurance premium.
3. Helmets
Helmets save lives, and most states have helmet laws in place for this exact reason. In states without a law, it is highly recommended that a helmet is still worn any time the motorcycle is driven. Helmet use reduces the risk of injuries and even death when involved in an accident. Drivers with a ticket or accident without a helmet pay more for their insurance coverage.
4. Riding Behavior
Some people ride their motorcycle daily, while others reserve it for the weekend or special occasions. The amount of time spent riding the motorcycle impacts insurance costs. People who ride their motorcycle more often pay more for their coverage, since the added time on the road increases the risk of an accident.
5. Accessories
Fun accessories for the motorcycle are easy to add to the bike to create a customized, head-turning look. Some accessories impact the costs of insurance coverage, however, and sometimes it negatively impacts those rates. Choose carefully any accessories added to the motorcycle, but do not rule out the addition of a GPS navigation system, which reduces insurance rates.
6. How Often You Pay
Monthly premiums can be paid in installments of three, six, nine, or 12-months. Paying less frequently offers nice discounts and reduces the risk of a lapse in coverage.
7. Location
Motorcycle insurance rates vary from one state to the next, with average drivers paying around $800 – $1500 per year to insure their bike. Not only does the state of residence impact rates, but also the city of residence.
Final Thoughts
So many factors impact the costs of motorcycle insurance, including the often overlooked factors above. Driving a motorcycle is a fun experience for many, but do not plan a ride out on the highway until motorcycle coverage is in place. Comparing the various insurance companies and policies is free, requiring only a few clicks of the most to complete. There are so many rewards offered in exchange for a short amount of time.