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Three Types Of Motorcycles With Higher Than Average Insurance Costs


Motorcycle insurance costs are affected by a number of factors, including who operates your bike. However, high-risk, high-performance and high-value motorcycle types are subjected to higher than average costs whether you are a new driver or an experienced biker. Motorcycles that fall into the categories of high-risk, high-performance and high-value include custom motorcycles, collectibles, high-speed racing bikes and luxury motorcycles with a high retail value and cost of replacement. Before you invest in a new bike, it's important to know what factors can lead to higher than average motorcycle insurance costs and also increase the cost of ownership.

In the world of motorcycle insurance, custom modifications inevitably lead to higher rates. Whether you're insuring a bike with a few simple upgrades for style and power, a one-of-a-kind chopper or a custom wide tail bike, expect motorcycle insurance costs to be higher than average. Policyholders insuring custom motorcycles should provide receipts or work orders proving the value of all add-ons within the time-frame allowed by your insurer. Proving the value of your motorcycle's customizations is critical for receiving compensation and obtaining a policy that ensures your motorcycle and its special add-ons for their full value.

Due to the higher cost of replacement and difficulty sourcing vintage parts, antique and collectible motorcycles are also more expensive to insure. Although antiques and collectibles are not typically one-of-a-kind motorcycles, they are more valuable and more costly to insure because period replacement parts have not been in production for decades. If your motorcycle uses modern stock parts, you will have a greater likelihood of finding affordable insurance premiums. Once you enter the market for vintage and custom-built parts, motorcycle insurance costs increase accordingly.

High-performance motorcycles with massive speed capabilities complete the trifecta of motorcycle types subjected to higher than average insurance costs. If you plan on purchasing a racing-style motorcycle, your underwriter will automatically insure you in a higher risk category based on the motorcycle's engine power and performance, which can increase the likelihood of an accident occurring. Motorcycle operators under age 25 may also face increased insurance rates as a high-risk demographic. When multiple factors are assessed in the case of a high-risk driver operating a high-value bike, policyholders may find motorcycle insurance costs are higher than anticipated.

New or old, custom or stock, motorcycle insurance costs are affected by the essential trifecta of underwriting, which assesses driver risk, motorcycle performance and vehicle value. Purchasing a motorcycle with high-value due to its collectible status, age or custom additions will always increase motorcycle insurance costs. Upgrading to a motorcycle with more power, higher value and faster speed capabilities, will increase insurance rates for all operators.

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