Motorcycle Insurance Articles
Motorcycle Insurance And Surprising Items That Make Your Costs Increase
2011-05-08
Shopping for motorcycle insurance can be a bit shocking for those who have never experienced it before. The motorcycle insurance rates may be higher than you expected because they will almost certainly be higher than those for a regular automobile. There are a few items that will make your costs increase that you should know about so that if need be, you can have a strategy to lower your costs.
Custom Parts
The first thing that will raise the cost of motorcycle insurance is custom parts. If you have a suped up bike with lots of power, insurance companies will view you as more of a risk. Statistically, these kinds of bikes are used more frequently in dangerous types of driving such as off-road riding. Since you are more likely to be involved in an accident this way, this means that the insurance company is more likely to have to shell out money to cover your damages. As you may already know, insurance companies do not like doing this.
Parking Locales
If you live in a big city and have to park on the street, your rates may be higher than those who live in a safer, rural area. You can actually get your motorcycle insurance rate dropped a bit if you can prove to the insurance provider that you keep your bike stored in a safe place such as a garage or other type of enclosure. This is because it means that it will be less likely to be the victim of theft or vandalism, acts typically covered by motorcycle insurance policies. Typically, anything you can do to prove that you and your bike are safer, the more chances you have of getting a lower rate.
Miscellaneous Factors
Motorcycle insurers factor in a wide variety of things when calculating rates including credit scores, work history and education. One thing you can do to make sure these do not inappropriately affect you is to seek a copy of your credit report and make sure there is no erroneous information that could be lowering your credit score.
You could also face higher rates depending on who you live with. If someone in your household has been convicted of a DUI or had their license suspended, you could be looking at a hike in rates. Even if you do not plan on letting them ever ride your motorcycle, it can still affect you.
Some insurance companies pride themselves on the fact that they base their premiums solely on your driving record. If some of these other factors may complicate things for you then it would be wise to seek such companies out. Otherwise you may be paying too much.