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. Driver age and experience -- You may not be able to change your age or driving experience but be aware that the older the driver of the bike and the more driving experience (in particular accident free experience) the lower your rates will be.
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. Bike age, cost and modifications -- Of course the more expensive the bike and more risk to the insurance company and the higher the cost of the insurance. Especially if you make modifications to the bike, insurance costs can skyrocket. That's because the cost of replacing those modifications is often high.
If you are a younger first-time biker you can significantly reduce your insurance costs by buying an older, lower powered and less expensive bike. Conversely newer model and higher powered or racing bikes naturally have higher replacement and accident risks and therefore higher insurance costs.
3. Bike location and security -- where you store your bike and the security devices attached to your bike can make a big difference in your insurance costs for theft. If the bike is stored in a secure garage as opposed to outside or in a high risk neighborhood, insurance companies will favor you with lower rates.
Similarly if you have an immobilizing device or other security device like LoJack on your bike you will score points with your insurance company. You can purchase and install an effective bike immobilizer device for less than $100.
4. Driver and passenger safety -- these days most states require a helmet. Frankly you're nuts if you don't wear one, and insurance companies will charge you much more, Check with your company on possible discounts for the use of other basic safety equipment.
Insuring extra passengers is expensive. So you can save money if you ride solo, or only carry passengers infrequently. Make sure your passengers have the same coverage as you and also wear safety equipment. The majority of lawsuits for biker accidents actually come from their passengers.
Be sure to consider these basic four factors before you go insurance shopping (even before you buy your bike). Most every insurance company will make significant rate concessions when you fall on the conservative side of any one of these four factors. - 30329
1. Driver age and experience -- You may not be able to change your age or driving experience but be aware that the older the driver of the bike and the more driving experience (in particular accident free experience) the lower your rates will be.
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. Bike age, cost and modifications -- Of course the more expensive the bike and more risk to the insurance company and the higher the cost of the insurance. Especially if you make modifications to the bike, insurance costs can skyrocket. That's because the cost of replacing those modifications is often high.
If you are a younger first-time biker you can significantly reduce your insurance costs by buying an older, lower powered and less expensive bike. Conversely newer model and higher powered or racing bikes naturally have higher replacement and accident risks and therefore higher insurance costs.
3. Bike location and security -- where you store your bike and the security devices attached to your bike can make a big difference in your insurance costs for theft. If the bike is stored in a secure garage as opposed to outside or in a high risk neighborhood, insurance companies will favor you with lower rates.
Similarly if you have an immobilizing device or other security device like LoJack on your bike you will score points with your insurance company. You can purchase and install an effective bike immobilizer device for less than $100.
4. Driver and passenger safety -- these days most states require a helmet. Frankly you're nuts if you don't wear one, and insurance companies will charge you much more, Check with your company on possible discounts for the use of other basic safety equipment.
Insuring extra passengers is expensive. So you can save money if you ride solo, or only carry passengers infrequently. Make sure your passengers have the same coverage as you and also wear safety equipment. The majority of lawsuits for biker accidents actually come from their passengers.
Be sure to consider these basic four factors before you go insurance shopping (even before you buy your bike). Most every insurance company will make significant rate concessions when you fall on the conservative side of any one of these four factors. - 30329
About the Author:
Dan Danmenn enjoys writing insiteful reports and internet sites for motor-bikers on how to save money on insurance. If you learned something from this piece you might also want to visit his newest website Motorcycle-Insurance-Quotes.org where you can learn more about buying Motor Bike Insurance
