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Insurance premiums are determined by a combination of many items including age, driving record, how long you have been riding a motorcycle, the type of motorcycle and the area you are in. Let's look at these one at a time: - There is nothing we can do about our age - at least not that I know of. The older you are the less you are going to pay for insurance.
- Your driving record is something you can do something about - like not getting tickets for speeding or driving without a license. Obviously, the absence of infractions keeps your premiums lower.
- The length of time that you have had a motorcycle endorsement on your license the lower your policy premiums. The insurance industry recognizes that the more you ride a motorcycle the more skilled you are and better able you are to avoid an accident.
- Usually, a bullet bike costs more to insure than a cruiser motorcycle.
- If you live in a rural area versus a city your premium will be lower.
A lot of the factors that go into determining your insurance premium are beyond your control, however there are a number of things you can do to decrease your insurance costs: - keep you record clear of accidents, speeding tickets or other infractions and often insurance companies will decrease the premium on your next renewal.
- Take a riders safety class. Often insurers will give you a break on the premium if you can demonstrate (present a graduation card) showing you have completed a qualifying class. The Motorcycle Safety Foundation has an excellent resource for finding a program near you. Besides, it is the right thing to do.
- Tell the insurer that you store your bike in a secure location in the off season - like your garage. Consider installing an anti-theft device on your motorcycle such as Lojack for motorcycles.
- Consider insuring all of your vehicles with the same insurer because they often grant a discounts for multiple vehicles.
- Consider only purchasing coverage for teh times you ride your bike.
All of these points may help lower your insurance costs but you need to make your insurer aware of them so ask. Not all companies make a discount available for all suggestions so make sure you shop around. Last, but certainly not least, make sure you purchase the correct type of insurance including underinsured and uninsured coverage and buy enough coverage because chances are when you are in a motorcycle accident you are going to be severely injured.
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