Motorcycle Insurance Articles
Three Reasons A Rider May Find Their Motorcycle Insurance Rates Rising
2011-04-05
Due to the dangers frequently associated with driving a motorbike as well as other recent developments, getting motorcycle insurance is already expensive enough, as the safety factor increases premiums for motorbikes and fast sports cars. However, there are several factors which could cause these premiums to increase significantly. It may be interesting to note that motorcycle insurance rates will already be high if the driver is young and/or male, as this category has the highest rate of accidents.
Insurance companies are increasing profits universally; one of the reasons that a rider may find his insurance rates increasing is that there have recently been a high number of fraudulent auto insurance claims which have cost insurance companies money. The rise in petrol prices has turned many former automobile owners to turn to the more fuel efficient motorcycle. This means more bikers on the road, which equals a higher likelihood of accidents which in turn increases premiums. There is really nothing that can be done about this issue, as it is at the company's discretion to increase their rates; depending on their own profits as well as the national economy.
Tickets and frequent theft can be another reason for an increase in motorcycle insurance rates. In this area, everything is considered, from parking tickets to speeding tickets, as well as any related problems with the traffic police, especially getting a license revoked. Not wearing a helmet is against the law in most states, and if caught not wearing one, that is a permanent strike on your record that conveys to the company that you are a reckless driver with little regard to your own safety. If your bike is stolen or lost frequently this can also be cause for worry for the insurance company, even more so if you happen to live in or visit an area with a high crime rate.
The most important factor that can cause your motorcycle insurance premium to increase by up to 20% is having or being involved in a roadside accident while your bike is in motion. The first accident, depending on whether the bike was new and how long you have had your policy for, can sometimes be lenient. This is usually only true if you have an otherwise clean driving record (no tickets, etc) and have been driving without an accident for a number of years. Otherwise, this can mean a serious increase in rates, and a second major accident will make your coverage very expensive and at risk for termination. Driving safely, observing the traffic rules, completing a motorbike safety course and not making claims on minor parts will keep your rates low and keep you safe on the road.