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’re looking for motorcycle insurance, you’ll want maximum protection at minimum 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 cyclists under the age of 25 are generally considered to be 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 could also play a role in determining the premium.
Residential area
Where you live plays a huge role in determining your premium. 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 rural areas.
bike type
The vehicle you own can greatly affect your premium. Insurance for an expensive bike will be higher due to the higher costs involved in repairing or replacing a part. The same goes for bikes that can reach high speeds and older motorcycles that can be difficult to find parts for. If you have a classic bicycle, it would be advisable to choose an insurer that specializes in these types of products.
Other users
Adding an alternate rider for the bike could affect the total cost of insurance. An experienced motorist would lower his premium while adding a younger person, such as a teenager, would mean higher costs.
use of the bicycle
If you ride a bike frequently, there is a higher risk that you will be 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 more at risk of being stolen. The set of security measures implemented in your vehicle is very important. Alarm installation, GPS tracking equipment, etc. It would significantly lower your rates. 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 party, all risk, etc. which provides different levels of coverage. The type of policy that 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 like your driving skills, number of bikes insured, etc. Always remember to check all possible options before choosing an insurer for your motorcycle.