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Four Factors That Affect How Insurance Companies Assess Motorcycle Driver Risk


Insurance companies use many of the same factors to assess a motorcycle driver risk as they do with the driver of an automobile. Of course, there are a few other aspects that are brought into consideration. Following are four of the major factors that affect motorcycle insurance coverage premiums.

Age: Insurance rates for motorcycles are partly based on age. As a rule, younger drivers pose a higher risk than a driver who is middle aged. This is because most new drivers are younger and they have little or no experience driving. Without this experience, they are more likely to become involved in an accident or claim. With a motorcycle, because of the small size, any damages incurred will usually cost more than those sustained by a large car. Motorcycles in accidents are usually deemed to be a total loss. Younger drivers also tend to be more reckless and daring than those who have been driving for an extended period of time.

Type of motorcycle: The cost of your motorcycle insurance coverage will depend on the type of motorcycle that you drive. Bikes that are considered sporty or 'crotch rockets' are rated with a higher premium than touring bikes are. Check out some insurance quotes before you decide on purchasing a certain type of motorcycle.

Where you live: Motorcycle driver risk increases if you live in a high crime area. As well, if you drive your motorcycle to work and park it in a high crime area, you may be charged more. Motorcycles are easy targets for theft and vandalism. If you live in such an area, you can expect to pay more for your insurance.

Driving record: Bike premiums depend largely on your driving record. Even if you have never ridden a motorcycle before, your premiums will increase if you have ever accumulated tickets, been suspended, or had at-fault accidents. A spotless driving record will help to lower your rates. Insurance companies use your driving record to determine the chances of you being involved in an accident or claim, or getting tickets. Your driving record influences the insurance premium, even if you have never ridden a motorcycle before.

Before you purchase a motorcycle, you should take many factors into account. Typically, unless you have experience riding a motorcycle, you will find that insurance is higher than driving a car. Always do your research and make sure that you are aware of the financial responsibility and risks involved in owning and insuring a motorcycle. A good idea is to enroll in a motorcycle safety course prior to purchasing and insuring your bike. Motorcycles can be fun, but make sure that you use respect and responsibility when riding them.

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