Motorcycle Insurance Articles
More Riders On The Road Means Higher Average Insurance Rates
2011-08-09
Insurance costs are an important concern for all motorcycle riders. Unfortunately, many riders are unaware that their location and even their street address can contribute to higher average insurance rates. Location is one of several factors used to determine base rates, which don't include gender, vehicle type, driving record, credit score and other personal factors. Insurance companies are constantly gathering accident information and monitoring traffic trends in designated geographic areas. This data is used to generate accurate motorcycle insurance quotes. With more motorcycles are on the road, the chance of an accident occurring increases as does the cost of insurance premiums. The size of the city or metropolitan area where you live and ride, factors into your insurance rates. Likewise, riders living in rural areas with lower populations may enjoy lower motorcycle insurance rates.
Data gathered by insurance companies is used to determine the vehicular population as well as a neighborhood risk profile. Both are used to estimate the probability of an accident occurring. Highly populated areas have more accidents, which contributes to higher liability premiums and increases in collision coverage. In urban areas, riders may also be subject to more expensive comprehensive premiums due to higher incidences of theft and vandalism. Insurance companies generate quotes based on the actual risk of an accident occurring. Fatal accidents affect one in every 10,000 teen drivers. Motorcycles are several times more dangerous with 7 fatal crashes for every 10,000 registered motorcycles. With more vehicles on the road, the risk increases and riders are charged higher rates.
Although location and higher vehicular populations increase motorcycle insurance quotes, safe riders can keep their rates low by looking for discounts that offset higher than average insurance rates. Comparison shopping is the easiest way to find out if you're getting the best deal on your motorcycle insurance. Some providers will even offer riders a discount for switching insurance companies. Riders can also secure substantial discounts by insuring multiple motorcycles or completing an accredited motorcycle safety course. Mature drivers with a clean record and years of experience may also qualify for discounted rates. If you household also has a car on the road, inquire about customer loyalty discounts for insuring your motorcycle with the same provider.
Personal factors, age, location and your motorcycle's value all affect insurance rates. While some things that affect base rates are out of your control, there are other ways to locate discounts and enjoy lower insurance rates without comprising your coverage. Even in high population areas, insurance companies reward riders that drive safe. When it comes to motorcycle insurance rates, safety is the best policy for keeping your premiums low.