Motorcycle Insurance Articles
Three Ways In Which Risk Is Assessed For New Motorbike Owners By Insurance Companies
2010-05-13
Every motorcycle owner knows that insurance can be a big cost of owning a bike--especially in the first year or so of ownership. However, there's some confusion as to the factors that insurance companies use to determine new motorcycle driver risk, and as risk directly relates to the premiums on your motorcycle insurance quote, it's a good idea to make sure that you understand a few of the factors at play.
For example, new riders don't have much experience on a bike, pretty much by definition. Insurance companies see this as a major risk, especially if the motorcycle owner hasn't completed any training courses (other than any state required training courses to get a motorcycle license). Training courses are essential to minimize your new motorcycle driver risk. Check with your insurance company to see if they recommend any local courses; remember that not every training course is approved by insurance companies, especially for new motorcycle owners. Over time, as you build up more experience on the road, your insurance premiums should go down significantly, but you'll be paying more if you're inexperienced for at least the first several years of bike ownership.
New motorcycle owners are also less likely to care for their bikes properly, and you can cut down on the possibility of an accident (and therefore, your insurance premiums) if you regularly maintain your bike. Keep records, and don't neglect simple things like tire pressure and oil changes. Some insurance companies will look at absolutely everything when deciding rates, and if you're negotiating for a low insurance quote, it can be very helpful to provide documentation that shows your responsibility. Read up on your motorcycle, and understand how to keep it in good running order. Realize before you buy a bike that maintenance can cost quite a bit, especially if you're buying an older motorcycle. Be sure to think about all of the possible costs before you decide to buy, and talk to other motorcycle owners for tips.
Finally, many new motorcycle owners don't take the time to compare different insurance quotes before making a purchase. This can be a very costly error. Comparing coverage levels and premiums is the best way to find a good motorcycle insurance quote that keeps you properly protected on the road. Read up on extra insurance coverage, and make sure that you're buying sufficient add-ons. Know what your state requires, but don't buy the basic minimum insurance amounts unless you're not going to spend much time at all on the road. If you stay educated, it's easy to find low premiums, even when buying your first bike. Doing a little research also helps.