Factors that determine the cost of motorcycle insurance
If you own a motorcycle, one of your biggest vehicle-related expenses would be insurance. Whether your vehicle is a scooter or a high-end sports bike, you need to get the best possible insurance policy, one that meets your requirements and offers the lowest possible premium.
If you are looking for motorcycle insurance, you will want maximum protection at minimal cost. Here are a number of factors that determine the cost of your insurance.
Personal details
When it comes to insurance, age is the most commonly considered factor. Male passengers under the age of 25 are generally considered more likely to file an insurance claim and therefore attract higher premiums. Women and older passengers are considered safer and the premium is generally lower. The nature of your job may also influence the determination of the premium.
Residential area
Where you live plays a huge role in determining your cousin. Traditionally, people who live in urban areas face a higher risk of theft and are also more likely to have their vehicle damaged. Therefore, people who live in urban areas attract a higher premium than people who live in a rural area.
Bike type
The vehicle you own can greatly affect your premium. Insurance for an expensive bike will be more due to the higher costs involved in repairing or replacing a part. The same is true for bicycles that can reach high speeds and older motorcycles for which parts can be difficult to find. If you have a classic bicycle, it would be advisable to choose an insurer specialized in this type of product.
Other users
Adding an alternate rider to the bike could affect the total cost of the insurance. An experienced motorist would lower your premium while adding a younger person, such as a teenager, would mean higher costs.
Use of the bicycle
If you use your bicycle frequently, there is a greater risk of being involved in an accident. Motorcycles used for daily commuting have a significantly higher risk than those used occasionally. Also, if you live in an area with a lot of traffic, your insurance charges could be high.
Security measures
A bicycle is much more open than a car and is also in greater danger of being stolen. The amount of security measures implemented in your vehicle is very important. Installation of an alarm, GPS tracking equipment, etc. it would reduce your rates considerably. Parking your vehicle in a safe place would also help. Some insurers may even recommend a specific anti-theft device to their clients.
Type of insurance
There are different types of insurance such as third parties, full risk, etc. that provides different levels of coverage. The type of policy you opt for is very important. Third-party policies will be much cheaper than those that offer more comprehensive coverage.
Each insurance company has its own way of calculating insurance premiums. Most companies look at these points along with other factors such as your riding skills, the number of bikes insured, etc. Remember to always check all possible options before choosing an insurer for your motorcycle.