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Why Your Income Affects Your Motorcycle Insurance


The next time you call the for your motorcycle insurance quote you might want to learn what contributing factors will affect your premium before you pick up the phone. Surprisingly, it comes down to a number of factors but income for motorcycle insurance is probably the major factor. Assuming that individuals in lower income brackets pay more may be a mistake. You decide.

Understanding the factors that will affect your motorcycle insurance quote and premium before you even purchase your motorcycle will help you lower the premium you pay. Unfortunately, insurance is all about risk factors for motorcycles, vehicles and even health. Individuals with secondary education and in higher income brackets make critical decisions that will raise their motorcycle insurance quote.

Of course, your agent rarely if ever will ask your income when you call for a quotation but they will ask the make and model of the motorcycle. Sport brands and brands with fewer models raise the premiums as does the engine displacement: the larger the engine displacement the higher the rate. So if you are looking at that exclusive brand or super fast sports bike your premium will go up; you are going to pay for the prestige.

Where you live also affects your motorcycle insurance quote. Because motorcycles have a much higher accident rate than other vehicles the distance and amount you drive every week will impact your premium. Individuals in higher income brackets often use their motorcycles for purely recreational purposes as opposed to individuals in lower income brackets that use their motorcycle as their primary mode of transportation.

Vehicle storage becomes another major factor in lowering motorcycle insurance premiums. Motorcycles have a much higher theft and vandalism rate than other vehicles. Keeping your motorcycle garaged or in a separate and secure storage space is favorable to most insurance companies.

There are many types of insurance coverage beyond basic liability. One's ability to purchase this peace of mind has a huge impact on the premiums you will pay. Consider the impact the high costs of additional liability, medical expenses and road side assistance coverage on your income motorcycle insurance can have.

Insurance companies do not purposely reward individuals with higher incomes but the system does favor them. Statistics show that individuals with lower incomes typically have poor driving records, use their bikes more frequently and drive greater distances. Additionally, they usually don't garage their bikes safely. These factors raise their premiums. Meanwhile the rider who wants the prestige bike with all the bells and whistles ends up paying a higher premium and usually buys extra coverage options to protect the investment. At the end of the day income does affect your motorcycle insurance quote.

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