What Factors Affect Motorcycle Insurance Rates?

Purchasing motorcycle insurance isn't the same as purchasing car insurance because different factors will affect the premium. Both you and your motorcycle will be considered by the insurance company, and there are several ways you can decrease your motorcycle insurance. Following are the most common factors that affect motorcycle insurance rates in the United States.

Age
As with all automobile insurance premiums, your age will be a large factor. Female drivers under the age of twenty-one and male drivers under the age of twenty-five will typically have higher rates than older drivers. The exact age limits may vary from state-to-state, so you might want to hold off on buying your motorcycle (or at least driving it) until you reach an age that qualifies you for lower motorcycle insurance.

Experience
Many insurance companies will take your motorcycle experience into consideration when generating a quote. Motorcycle owners who have been riding them for ten years may qualify for a lower premium that someone who has just bought his or her first bike. Call around to different insurance companies in your area and find out if your experience will be a factor for motorcycle insurance.

Record
Again, this is true of all automobile insurance. Your driving record will be checked by the insurance company and will be a large factor that affects your insurance rate. If you've had speeding tickets, accidents or insurance claims in the last few years, your insurance premium will likely go up. In some cases, accidents in a car will have less of an impact than accidents on motorcycles.

Location
This is an important factor for motorcycle owners. If you live in a small, rural area, your insurance rates are likely to be lower than if you live in a large metropolitan area. Motorcycle accidents increase with more traffic and your risk for accidents and injuries decrease dramatically when you live farther out in the country. However, don't say that you live in a rural area when you don't; this is insurance fraud.

Work
In some areas, your occupation can affect your motorcycle insurance rates, but a more important factor is what you use your vehicle for. Insurance rates will change dramatically if you use your motorcycle for business rather than purely for recreational use.

Modifications
If you have modified your motorcycle in any way, this will have a profound affect on your insurance rates. Make sure that you report any modifications you make to your insurance company; some will lower it, while others will raise it. For example, if you add an aftermarket security system to your motorcycle, it presents less of a risk for theft, and you premium might go down.

Storage
This is another factor that will affect your motorcycle insurance rates. Storing your bike in your garage will be less of a risk than if it sits out in your driveway. Parking your motorcycle on the street presents an even larger risk.

Specifications
Different factors that might affect your motorcycle insurance can pertain to the specifications. Engine size, age of bike, value and maintenance records can all play a part in determining your premium.