If you’re in the market for a motorcycle, don’t forget to include insurance premiums in your budget calculations. Because riding is inherently dangerous, motorcycle insurance can be expensive. If you know what factors affect the cost of coverage, though, you can find a great deal on insurance by modifying those over which you have control before shopping around.
3 Factors That Affect Motorcycle Insurance Premiums
1. Type of Bike
Expensive bikes tend to cost more to insure. This is primarily because they cost more to repair in the event of a collision. The total horsepower will also influence insurance premiums because the faster the bike is, the easier it will be for the rider to lose control.
2. Location & Parking Situation
If you live in a high-crime area, the insurer may assume theft is likely. As such, they’ll charge you more for comprehensive coverage. Additionally, it costs more to insure a bike that’s parked on the street rather than in a locked garage.
3. Age & Riding History
Much like car insurance, motorcycle insurance is more expensive for policyholders under 25 because they're less experienced. The insurer will also review your driving record closely before extending coverage. If you have a history of speeding or driving under the influence, it will have a significant impact on the quote. Likewise, those who have filed several claims in recent years can expect to pay more for coverage, as they’re considered high-risk.
For affordable motorcycle insurance, turn to Goggans Insurance. Serving clients throughout Scottsboro, AL, and the surrounding area, this agency works with various providers, which allows them to offer competitive rates for all of their products. To request a quote, reach out online or call (256) 574-3440.