Subscribe Feed (RSS)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. Experience and age of the driver — of course you can’t make yourself any older or instantly change your driving record but be aware that these are major factors in the rate calculation. The more driving experience and the fewer accidents on your record the better you will do with insurance companies.
Drivers of any age can make a difference in their rates by taking a motorcycle driving safety class. Not all insurance companies, but many will give credit for the successful completion of a certified safety class.
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 haven’t purchased your bike yet and particularly if you’re a first-time biker, consider getting an older, lower powered model to cut your teeth on. Newer bikes and bigger engines increase the cost of replacement and the risk of an accident, so insurance companies naturally charge more for these.
3. Storage and security — store your bike in a secure area and the insurance company will take notice. You will typically get lower rates if the bike is stored in a locked garage as opposed to outside on the street, for example.
Bike security devices when you’re out of the road can also make a difference with your insurance rates. For less than $100 you can buy and install a bike immobilizer that makes it more difficult for people to take your bike and thus reduces the cost of theft coverage.
4. Safety for drivers and passengers — most if not all states require you to wear helmets these days. If you don’t you can be sure the insurance company will charge you more simply because the risk of a serious accident is much higher. The company may also give rate reductions when you use other safety equipment. Check to find out.
Insuring passengers is expensive but necessary. Make sure they wear the same safety equipment and have the same coverage as you. You may not realize it, but bikers are sued more often by passengers than anyone else. If you typically do not have passengers you should be able to pay less for your insurance.
If you have already purchased your bike some of the above factors are already set. But eventually you may buy another bike and over time your driving record will also change. Keep the above insurance secrets in mind, because a little common sense can go a long way to reducing your insurance bill.
Dan Danmenn enjoys writing helpful reports and internet sites for motor-bikers on how to save money on insurance. If you learned something from this piece you might also enjoy his newest website Motorcycle Insurance Quotes where you can learn more about buying Cheap Motorcycle Insurance
Tags: automobiles, cars, finance, hobbies, insurance, motor bike, motorbike, motorcycle insurance, motorcycles, outdoors, recreation, saving money, sports
