Motorcycle Insurance Articles
Effect Of Make And Model On Motorcycle Insurance
2010-08-15
When shopping motorcycle insurance, the make and model of your bike can affect annual premiums greatly. As a driver, the bike you choose is a reflection of your personality, age group, demographic, and overall risk factor. As a general rule of thumb, cheaper motorcycles have affordable annual premiums and collision coverage. Companies use proprietary algorithms to determine motorcycle insurance rates based on the value of the motorcycle, weight of the bike, typical usage, and operator's risk factor. Based on these algorithms, the make and model of the motorcycle will affect insurance rates.
Motorcycle insurance rates vary by make and model. For example, touring motorcycles are popular with retired couples who prefer taking leisure drives across the back roads of America. Although the driving style associated with touring bikes is low-risk, the weight of touring bikes and the cost of name-brand replacement parts may result in higher annual premiums because touring motorcycles have a higher retail value than a stripped down sports model. Brands that specialize in high-power, high-speed crotch rocket motorcycles may cost more to insure because they are typically driven at high-speeds on dangerous, curving roads. Likewise, drivers in younger, higher risk age groups may prefer these motorcycles, which increases insurance rates overall.
Motorcycle insurance rates are typically the most affordable on lightweight, entry-level motorcycles that are suitable for daily commuters. The lighter the bike the less damage it can cause. Entry-level bikes also cost less to repair, so liability insurance and collision coverage are generally lower. Conversely, bigger bikes are heavier, they cause more damage, and they cost more to repair. Custom-built motorcycles with modified add-ons can cost significantly more to insure because of the high cost of replacement parts. To ensure your custom motorcycle is fully insured, keep records and receipts for all parts and add-ons. In order to receive compensation for custom modifications, you will need receipts that include the cost as well as the date the work was performed.
To reduce your annual insurance costs, shop around for the best motorcycle insurance quotes and consider how the make and model you choose may end up affecting your rates. If you're shopping for a top of the line motorcycle, keep in mind that insurance will cost more than entry-level models. Because motorcycles are ridden by all types of people for all types of purposes, insurance rates can vary greatly from motorcycle to motorcycle and from driver to driver. Just like auto coverage, motorcycle insurance is more expensive for vehicles with a higher value. However, motorcycle insurance rates can be lowered by opting for a conservative bike that meets but does not exceed your needs.