WEDNESDAY, SEPTEMBER 23, 2020
Bikers who pose high risks to insurers are likely to pay more for their motorcycle insurance. When enrolling you in your policy, insurers will determine your risk level by looking at many factors surrounding you and your bike. Together, they will show the insurer how likely you are to file a claim on your policy. More frequent or costlier claims might cost the insurer more money. As a result, they might have to make up that difference by charging you more. 
It’s important to understand factors that might influence your motorcycle insurance premiums. That way, you might be able to adapt to your coverage or driving habits to keep costs manageable. Some of these risk factors might include:
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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.
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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.
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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.
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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.
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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.
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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.
Each of these factors will work together to determine your final premium. However, even though they all might cause your costs to rise, your agent can still work with you to control costs. They can both find the policy that offers you optimized protection and savings opportunities through discounts. You can therefore ride off into the sunset knowing you have the best possible protection.
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