Factors That Determine Motorcycle Insurance Rates


Have you ever been stuck in traffic then you suddenly see a flashy motorcycle riding past you? If yes, you probably have felt the need to own one simply to avoid sitting in traffic for long hours. What you probably did not know is that they too have to pay insurance for their two wheels. As a government regulation and also as a way to protect themselves in case of any accidents, every motorist needs to have a motorcycle insurance. As for the computation of the rates, many factors determine the amount you pay as mentioned below;

  1. Age

As bizarre as it might sound, your age largely determines the amount you will pay for the insurance coverage. Motorists who are between the 18-25 age group often may a higher amount as compared to those who are on their late thirties. This is so because the younger people are at more risk to be involved in accidents as it is quite likely for them to be on the road most times.

  1. Experience and Driving Record

The more experienced you are, the lesser the premium you will pay. If you are a new rider, odds are you will have to pay a higher amount as you are at higher risk of being involved in accidents as compared to someone who has been on the road for a more extended period. Additionally, your driving record also matters a lot. As such, they look at if you have been involved in accidents before and made claims as well as if you have been convicted previously. The more the risk, the more the premium.

  1. Where You Live

Motorcyclists who live in rural areas are bound to pay lesser premiums as compared to those who live in busy cities. Why so? This is because the chances of being involved in accidents are quite minimal in rural areas as compared to the cities. Also, if you live in an area that is known for theft, the insurance premium will also be higher.  While getting your insurance cover, do not lie about where you stay just to save some coins as it may cost you even much more when you get involved in an accident, and they find out you live in the city.

  1. The Bike Model

Well, today we have the luxury to choose the type of bike we want depending on how deep the pocket is. What you need to know is that the insurance company considers how easy it is to find spare parts in case of an accident. If it involves much logistics, then the premiums will be higher.