Motorcycle Insurance Articles
Does The Size Of A Motorbike's Engine Affect Its Insurance Cost
2010-03-13
Why is it that your friend is paying peanuts to insure his motorcycle and you just got a motorcycle insurance quote that is sky high? Well, motorcycle rates are not the same for every motorcycle, nor are they the same with every insurance company. While it's true that the motorcycle size does affect the cost of motorcycle insurance, there are other factors at play too. A larger motorcycle size gives a motorcycle more power and therefore the ability to cause more damage if there is an accident. Riders of higher-powered bikes are also more likely to be in a crash than those who drive smaller motorcycles.
The motorcycle size really does make a big difference in motorcycle insurance costs. You might pay only $200 for a low powered Honda meant to get you back and forth to work. You could get a motorcycle insurance quote of $1,000 for a high-powered racing motorcycle. That's a five-fold difference in the costs, making it very important to think about the motorcycle size and the motorcycle insurance premium before you put down money on the bike. Other factors include the replacement cost of the motorcycle, any anti-theft devices installed, and the popularity of the bike with thieves. Where you keep the bike matters, too. Be sure to keep it inside a shed or garage to reduce the chance of theft and safe on your insurance.
You'll get a different motorcycle premium depending on the insurance company as well. The top selling insurance company is likely to offer a lower motorcycle insurance premium for the same bike than a company with less experience selling motorcycle insurance. Besides benefiting from a company that sells a lot of motorcycle insurance policies, you will find that some companies offer special discounts to riding clubs, further reducing your rates. Every insurance company offers discounts to the graduates of classes from the Motorcycle Safety Foundation. In addition, you could receive a discount if the company already insures your car. Don't forget to ask about a discount when you get a motorcycle insurance quote from the company that covers your car.
And then there's the rider to consider. Your age and driving history will have a large impact on your motorcycle insurance premium. Anyone under 25 pays a higher premium by default. One more factor that may surprise you is that insurance companies look at your credit history to see how well you pay your bills. They have found a direct link between financial responsibility and motorcycle safety. You can save as much as 50% on your insurance premiums if you pay your bills on time. This could make or break the affordability of your motorcycle insurance premium.