Motorcycle Insurance Articles
Speed And Its Role In The Cost Of Motorcycle Insurance Quotes
2011-02-15
The old adage 'speed kills' is something seriously considered by all car insurance companies during the underwriting process. This is clearly apparent when obtaining motorcycle insurance quotes, as any speeding violations received by the proposed insured are almost certain to increase his or her motorcycle insurance costs. Regardless of whether these violations were received while driving a bike, a car or a truck, they will be factored in and will be reflected by the amount of premium charged.
One exception to the above is in the case of a driver cited for speeding in a vehicle already being covered by a policy. If it's a first violation and you have a good relationship with your insurance carrier they may forgive one speeding incident without raising your rates. If you're applying for a new policy, however, even a single speeding violation will most likely negatively affect the cost of the new coverage. Here's why.
Motorcycle insurance quotes, and by extension, motorcycle insurance costs, are dependent upon a long list of considerations. Age, gender, driving record, size and value of the bike to be insured and even the neighborhood in which you reside will all play a part in determining motorcycle insurance costs. Simply put, every item factored into the underwriting of an insurance policy involves the assessment of risk. If, for example, you are a male, your insurance will cost more than for a female, all other factors being equal. Insurance companies know that men drivers are riskier than women drivers simply by looking at the statistics.
To an insurer, speeding violations are a big red flag, especially multiple tickets. They have to assume, for risk analysis purposes, that a driver known to speed will be more likely to file a claim. The statistics bear this out. In addition, accidents occurring at higher speeds are much more likely to involve higher claim amounts. Naturally, insurance companies don't like this. So, in order to compensate for the higher risk factor, insurance providers must charge higher premium rates for those exhibiting higher risk tendencies such as speeding.
Online motorcycle insurance quotes cannot be precisely accurate since there are so many contingencies involved in figuring policy costs - way more than a casual consumer would probably be willing to enter into a free quote request application. If you have speeding tickets on your record it's safe to assume that your motorcycle insurance costs will be higher than if those violations didn't exist. If you're below the age of 25, have blemishes on your driving record and are looking to insure a sport bike or 'pocket rocket', your motorcycle insurance costs may actually surpass your bike payments.