When it’s time to buy motorcycle insurance, you can’t go wrong considering the following four factors before you shop. Insurance companies pretty much all think alike. And these are the risk factors that they always consider when they figure your rates.
1. Driver age and experience — your age and driving experience is already set. But be aware that younger and less experienced drivers inevitably pay more for their insurance. Driving experience includes your accident and claims records. Fewer accidents and fewer claims mean lower insurance costs. This is one area you do have control over as time goes on.
Even so, younger riders as well as older can often reduce their rates by simply taking a safe driver class. Drivers of all ages will get significant rate advantages the longer their driving record is free of accidents and claims.
2. Motorcycle age and cost — Since it costs the insurance company more to replace newer more expensive bikes, it naturally costs more in insurance premiums to own one. Bike modifications can also significantly increase replacement and insurance costs. Don’t do them unless you’re willing to pay.
If you are a younger first-time biker you can significantly reduce your insurance costs by buying an older, lower powered and less expensive bike. Conversely newer model and higher powered or racing bikes naturally have higher replacement and accident risks and therefore higher insurance costs.
3. Bike location and security — where you store your bike and the security devices attached to your bike can make a big difference in your insurance costs for theft. If the bike is stored in a secure garage as opposed to outside or in a high risk neighborhood, insurance companies will favor you with lower rates.
Similarly bike security devices can have a significant impact on insurance rates. Check with your insurance company to see if discounts are provided for bike immobilizer devices. These can be found for $100 or less and they can provide a nice savings on your insurance policy.
4. Driver and passenger safety — Get insurance discounts for wearing the right safety equipment. Of course a helmet is a must, but some companies may give you discounts for other types of equipment and devices. Check with them.
Be sure to cover your passengers with the same personal injury insurance that you have. Your insurance costs will be considerably less if you ride alone or only rarely have a passenger. But be aware that most lawsuits against bikers come from injured passengers, so don’t skimp on their insurance.
Be sure to consider these basic four factors before you go insurance shopping (even before you buy your bike). Most every insurance company will make significant rate concessions when you fall on the conservative side of any one of these four factors.
Dan Danmenn enjoys creating insiteful articles and internet sites for motor-bikers on how to save money on insurance. If you found this article useful you might also want to visit his newest website Motorcycle Insurance Quotes where you can learn more about buying Motorbike Insurance
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