Just like a car owner, as a bike owner you do have to pay for insurance. Although some of the factors that insurers use to determine your rates are similar to what they consider for cars, there are some subtle differences.
Of course, it’s in your best interest to estimate how much you might expect to pay, especially if you’re a first time bike insurance buyer. While you can’t get exact dollar amounts until you actually get some quotes, there are some factors you can think about now.
How Much Experience Do You Have?
Much like car insurance, motorcycle insurance may take into account how long you’ve been driving. In theory, the longer you drive, the lower the cost may be. As well, if you have a good driving record, your rates will probably be lower than someone who has had a lot of records (think speeding tickets and other types of violations) Not only that but insurance companies will take into consideration your age. That means that younger riders (usually ages 25 and under) may be penalized the heaviest when it comes to insurance rates. Basically, if you’re young (though that term is relative), you can expect to pay more.
Aside from age and experience, insurance companies will take into account where you live. Generally speaking, the more of an urban area you live in, the higher insurance will be. If you think about it, certain areas in the country are more susceptible to theft or accidents because if the number of people and vehicles. That means if you live in an agricultural area for example, your rate might be lower because there less chances that someone will take your motorcycle (less people equals less chances for theft).
Also, if the area you live in is known for being a high crime area, your insurance rates will go up. After all, insurance companies want to do what’s in their best interest, and high risk areas means you may make more claims.
How Much is Your Motorcycle?
Again, much like cars, the make and model of your motorcycle will determine how much you’ll pay for insurance. This can be a bit confusing for a first time bike insurance buyer, so let’s go over a few scenarios.
If you have a sport bike versus a cruiser, you may be paying more because those types of bikes are generally harder to navigate, and insurance companies will assume you’re going to ride those faster (and hence more likely to get into an accident). If you’re concerned about the cost, consider buying a bike with a smaller engine. Usually they’re less powerful and easier to keep control of it. You can do that for a few years, get a good driving record and upgrade to another bike.
Of course, there is no guarantee that the above method will get you a lower rate, so it might be a good idea to explore a few options of motorcycles and ask around to see what more approximate rates are.
How Often Will You Ride Your Bike?
Sometimes, you may be able to get a lower rate if you’re just riding your bike for leisure or for shorter distances. If you’re using it to commute, you’ll probably be paying more. How you can prove this depends on the insurance company, so make sure you call around to see. Also, where you store your bike can also determine how much you pay, so it might make sense to store in your garage or someone more secure.
As you can see, there are many different factors to take into consideration when purchasing motorcycle insurance. The most important thing you can is do as much research as you can before you purchase our bike. That way, you know exactly what you’re getting into.