While many of the factors that go into determining motorcycle insurance premiums are similar to those that go into regular auto insurance premiums, there are some important differences that motorcycle owners should be aware of. First, let's look at the factors that are similar for both traditional auto and motorcycle owners and then we'll discuss those that are different.
Factors That Are Similar
- Age, gender, marital status: Just as with auto insurance, older drivers will generally have lower premiums than younger drivers as married couples will have lower premiums than single individuals. Additionally, women may experience lower rates than men.
- Driving record: A motor vehicle report (MVR) is generally pulled for all drivers looking for auto insurance coverage regardless of the type of vehicle they drive. This report will show underwriters what kind of driving history you have and will help them determine how high risk you are.
- Lines of coverage, limits and deductibles: The structure of your insurance policy, designed through selecting certain lines coverage, limits and deductibles, will be a big driver in determining your motorcycle insurance premiums as it would be for any other vehicle. The more coverage provided through the policy the more expensive premiums will be.
Motorcycle – Specific Factors
- Your motorcycle: There is a wide range of bikes that a rider can choose. This selection will directly correlate to the premiums the biker is charged. Bikes with many custom parts and those built for speed may be subject to a higher premium.
- Location: Motorcycles are inherently more risky to drive then traditional vehicles and the location where you live can be more or less risky for you as a motorcycle driver. That means it is a factor in determining your rates.
- Motorcycle storage: Depending on your location, your motorcycle may not be appropriate for year-round riding. If this is the case, then the location where you store the motorcycle can affect your insurance premiums as will the partial use.
- Your motorcycle operation experience: Driving a motorcycle is different than a car or truck. Your motorcycle driving experience will, therefore, affect your insurance premiums. This can also be a good thing since riders who take courses in motorcycle operation can receive discounts.
If you're ready to start shopping for motorcycle insurance rates either before or after buying your bike, give us a call at Allstar Direct Insurance or stop by.
