5 Factors That Determine Motorcycle Insurance Costs

Motorcycle insurance is specialized coverage for motorcycle enthusiasts who want to ride their prized possession with peace of mind in the knowledge that they are financially protected in the event of an accident or damage to their vehicle. When you ask your insurance provider for motorcycle insurance rates, their estimated cost may depend on several factors.

In this blog, we will discuss five essential factors that may affect the costs of your motorcycle insurance that you pay as premiums.xxx

5 Top Factors That Affect Your Motorcycle Insurance Premiums

When you buy motorcycle insurance, it helps to know about the factors that significantly affect how much you will pay for your insurance coverage.

  1. Place of Residence

    Your zip code is an essential factor that can determine your insurance cost. Let us see how.

    • Length of motorcycle riding season
      If you live in a place with long winter months, you may not be able to ride your bike for as long as you want to, compared to a motorcyclist who is a resident of a place with pleasant weather all through the year or with a short winter season. However, the good news is that you may have to pay lower premiums as less time on the road on your motorcycle reduces your risk.
    • Crime rate

      If your neighborhood often sees thefts and other instances of crime, your insurer may consider you as high risk and increase your insurance rates.

  2. Age and Experience

    Young drivers with relatively less experience are regarded as high-risk entities. With age comes experience combined with maturity and better driving skills. So, if you have been a motorcyclist for some time now, you may have to pay lower premiums which can be reduced further if:

    • Your driving history shows no traffic violations or previous insurance claims
    • You have taken an authorized defensive driving course
  3. Purpose of Use

    If you commute to work on your motorcycle, you may pay a higher rate than someone who rides his motorcycle for leisure. This is because you may be riding in the rush hour while commuting, which increases your possibility of being involved in an accident. Your average mileage and the frequency of use also can determine your insurance costs.

  4. Make and Model

    The newest motorcycle with the most powerful engine and expensive accessories may cost you more than another in the same class with modest performance capacity and other features. A powerful engine allows you to rev up your bike and speed higher and faster, so you are classified as a high-risk rider by your insurance provider.

  5. Types and Extent of Coverage You Buy

    Suppose your insurance coverage includes the mandatory minimum liability coverage. In that case, you may have to pay less, but for enhanced protection, if you add more coverages to your motorcycle insurance plan, you are likely to pay more. The coverage limits you fix for each coverage also affect your insurance rates.

Get Affordable Coverage with Family Financial Insurance!

If you want motorcycle insurance in Mesquite, TX, contact us today. At Family Financial Insurance Group, our team of experts ensures you get maximum coverage at the most affordable rates and enjoy your ride without worry.

Comments are closed.