Factors That Might Influence Your Motorcycle Insurance Premiums

The Value of Your Bike: More expensive motorcycles cost more to insure. After all, an insurer might have to pay more to repair or replace a very expensive bike.  

Your Chosen Coverage: Nearly all states require bikers to carry minimum amounts of motorcycle insurance. However, bikers have leeway to buy more protection than just the mandatory coverage. The more coverage you buy, the more you might pay for coverage.  

Your Driving Record: Every driver must obey traffic safety laws. Those who don’t pose substantial safety risks not only to themselves, but also to others on the road. Bikers with histories of accidents or infractions will look riskier to insurers. Therefore, they might have to charge these policyholders more money.  

The Policy’s Deductibles: Most motorcycle policies include deductibles. These are a portion of damage costs that the policyholder agrees to pay before their policy pays. If you choose a higher deductible, you agree to take on a bigger share of a claim cost yourself. This will shift the cost burden away from the insurer and reduce your risk levels. This might reduce your premiums.  

Your Address: Certain areas have higher insurance risks for bikers than others. For example, urban areas usually have a lot more traffic and theft risks. As a result, bikers in these areas tend to pay more for their policies in these areas.  

Your Bike’s Usage: Depending on how much you use your bike, you might pay more for your coverage. It stands to reason that bikers who travel a lot have higher accident risks. Therefore, their premiums might cost more.