Variables That Will Affect Your Motorcycle Premiums


Generally, motorcycle insurance has remained consistent over the years with only the premiums rising or lowering depending on the amount of claims that a rider makes to an insurance company. It is always advisable that riders do their best to retain low premium rates at all times so that they can attract discounts from their preferred insurance provider. There are a number of guidelines that majority insurance companies consider as they calculate the amount of premiums that they will charge their customers.

These variables may vary from one company to another which makes it important to shop around before committing to a particular insurance provided. Some of the major factors include gender, age, type of bike, rider record, bike usage, residence, safety measures taken on the bike so far among others. It is therefore important for a motorcycle rider to be aware of those that may affect the premium rate in either a positive or a negative way, so as to have a better chance of getting the best deal.

Factors that increase motorcycle premiums

Paying high premiums on a motorcycle is not something any rider would like to do but there are times that it is inevitable due to a variety of variables. Therefore, it is important for motorcycle riders to have an idea of these variables to ensure that they find ways to avoid them so that their premiums are always low.

Young riders - Motorcycle riders that are young always attract higher premiums as most insurance companies consider them reckless and immature which will lead to numerous claims for compensation due to accidents or damage. This belief has made many riders have a hard time finding insurance policies that are affordable and can cover them comprehensively in case they are involved in an accident or their bike is destroyed by fire.

Large engine - Performance is a key determinant for motorcycle riders as they select a bike to purchase. However, this may turn out to be detrimental in the long run as these types of bikes attract higher premiums because their repair or replacement depending on the kind of damage is usually much more expensive than their counterparts that have a smaller engine.

Rarity of model - Standing out from the rest is a dream of many even motorcycle riders who would want to have a bike that is nothing like the common ones. However, when a motorcycle model is one-of-a-kind it may be prone to theft which to an insurer can only be covered using high premiums. However, if the motorcycle is worth its cost then paying the premiums may give the owner the peace of mind they need.

Value of the motorcycle - Motorcycles vary in value which then determines the amount of premiums that will be attached to them. Bikes that are expensive automatically attract higher premiums because of the amount of compensation that will be needed in case they are stolen or even involved in an accident and they have to be written off. Most times, the premiums are calculated in such a way that both the rider and other road users are covered in full.

Location of residence - The neighborhood in which a motorcycle rider lives determines the rate at which their insurance will be calculated. Areas that are known to have an increased risk of theft or even accidents are likely to attract higher premiums because the possibility of making a claim of either of the two circumstances is quite high.

Factors that lower motorcycle premiums

On the other hand, there are a number of variables that motorcycle riders can take advantage of, to ensure that their premiums always remain low. These variables may differ from one insurance provider to another but most of them cut across the board.

Motorcycle maintenance - The way a motorcycle is taken care of after use goes a long way in determining whether a rider's premiums will remain low or not. It is important that the bike is stored in the garage so that it is not exposed to harmful elements which would result in higher repair costs in case it gets damaged. Most times, motorcycles that are consistently stored in garages attract lower premiums than those that are left outdoors where they wear out and rust much faster.

Riding record - To continue enjoying low premiums, it is important to have a riding record that has minimal or no claims to an insurance company. Most insurance provides use a rider's claim history to calculate the amount of premiums that they will have to pay on their motorcycle. In case the record has no claims for a number of years then it is likely that the rider will attract many discounts on their premiums.

Security measures - Motorcycles that are safely secured using anti-theft measures that are accepted by the insurance provider is likely to attract discounts which result in lower premiums. These measures to ensure that the motorcycle cannot be stolen easily are varied with the most common being its storage in a locked garage and the use of locks, immobilizers as well as ground locks among others. Also, it is important to inquire from an insurance company of the acceptable anti-theft measures before using them.

Gender - Women riders are considered to be less risky to insure than their male counterparts because they are more cautious when on the road. It is for this reason, that women attract lower premiums because it is believed that the claims will be much less than those male riders would send in either for damage or theft of their motorcycles.

Extra training - Riders that invest in learning new ways to be safe on the road to reduce the chances of accidents or damage to their motorcycles can attract lower premiums. There are a number of insurance providers that view such training as a way in which riders will be safe and their claims for compensation much less.

Overall, the variables that affect motorcycle premiums may be diverse but it is important for riders to have them in mind so that always keep them low for their benefit.