If you own a motorcycle, insurance will be your biggest expense related to the vehicle. Whether your vehicle is a scooter or a high-end sports bike, you need to get the best possible insurance policy that meets your needs while offering the lowest possible premium.
If you are looking for motorcycle insurance, you want maximum protection at a minimum cost. Here are several factors that determine the cost of your insurance.
When it comes to insurance, age is the most considered factor. Male riders under the age of 25 are usually the most likely to file insurance claims and therefore attract larger premiums. Women and older riders are considered safe, and the premium is usually low. The nature of your job can also play a role in determining the premium.
Where you live plays a huge role in determining your premium. Traditionally, people living in urban areas are at greater risk of theft and are more liable to damage their vehicle. Therefore, people living in urban areas attract higher premiums than people living in rural areas.
The vehicle you own can greatly affect your premium. Insurance for an expensive bike will be higher due to the higher costs involved in fixing or replacing a part. The same is the case for bikes that can get high speeds and older motorcycles for which parts can be difficult to find. If you have a classic bike, then it would be appropriate to choose an insurer specializing in such products.
Adding an optional rider to the bike can affect the overall cost of insurance. An experienced motorist will reduce your premium, adding a younger person, like a teenager, will mean higher costs.
If you ride your bike often, then there is a higher risk of accident with you. Motorcycles used to operate daily have more than one risk sometimes used. Also, if you live in an area with a large amount of traffic, your insurance fees may be higher.
A bike is much more open than a car, and at the same time there is a greater risk of theft. The mount of safety measures implemented in your vehicle is very important. Installing alarms, GPS tracking devices, etc. will reduce your rates significantly. Parking your vehicle in a safe place will also help. Some insurers may also recommend a specific anti-theft device to their customers.
Type of insurance
There are different types of insurance such as third party, comprehensive etc., which provide different levels of coverage. The type of policy you choose is very important. Third party policies will be much cheaper than those that provide more complete coverage.
Each insurance company has its own method of calculating insurance premiums. Most companies look at these points along with other factors like your driving skills, number of insured bikes, etc. Always remember to consult all possible options before choosing an insurer for your motorcycle.