Motorcycle Insurance Articles
How Motorcycle Insurance Quotes Are Calculated
2010-08-11
Similar to car insurance quotes, there are several factors to be considered when calculating a motorcycle insurance quote. By being informed of these constituting factors, you will better understand how a motorcycle insurance calculation is made and how it affects your premium.
First, insurers use basic information about you when determining a motorcycle insurance quote. For instance, your age plays an important factor. The younger the motorcycle driver, the more risky he is compared to a middle-aged rider. The more riding experience you have, the less risk you present to the insurer. If you are a good, safe defensive driver, the lower your motorcycle insurance calculation will be. Bottom line: the more flawless you driving record, the lower your motorcycle insurance quote.
Another factor is location. Motorcycle insurance quotes will be higher in cities or urban areas because such locations have higher incidents of vandalism and theft. Aside from location, where you store your motorcycle will affect your quote as well. Parking it along the driveway will mean higher insurance quotes as opposed to safely parking it inside a garage.
Your bike's model will also be a huge determining factor in the calculation of its insurance quote. For instance, sports bikes with larger engines or those models which are considered exotic will typically cost more to insure. These types of bikes run faster, are more attractive to thieves, and are much more expensive to repair.
Installing anti-theft devices on your bike may lower your insurance quote. In some cases, insurance companies will refuse collision coverage for bikes without anti-theft devices.
The coverage you choose will also affect your insurance quote. When you shop for motorcycle insurance, you will have to decide on the deductibles and coverage limits. If you opt for higher coverage limits and lower deductibles, the higher the rates and premiums because this increases the financial risk of the insurance company should you be involved in an accident. Correspondingly, the higher your deductible and the lower the limits of your insurance coverage, the more likely you can reduce your insurance quote and premiums.
Another factor affecting motorcycle insurance quotes is how frequently you will ride your bike. If you ride everyday, you can be charged with a higher insurance premium by the insurance company as opposed to those who will only be riding their bikes occasionally.
One way to lower your motorcycle insurance quote is by taking an accredited training program. Approved training programs are given by government agencies, councils, and other associations. Some countries will even require this of riders who are obtaining their licenses. By completing the program, you can lower your quote by getting a discount.