What Factors Affect Motorcycle Insurance?

Some factors that are considered when determining your motorcycle insurance premium are the value of your bike, the safety features it has, the crash rate for that model, and the theft rate. According to J.D. Power, brand new motorcycles will typically cost more to insure than used ones.

How can I lower my motorcycle insurance rates?

  1. Buy a more basic motorcycle
  2. Choose a higher insurance deductible
  3. Buy only the coverage that you need
  4. Combine insurance policies carried by a single company
  5. Get certified in driving a motorcycle.

The premium for your bike is determined by taking into account the value of your bike, the safety features it has, the crash rate for that model, and the theft rate. Here is a comparison of how different types of bikes cost to insure, according to J.D. Power: Brand new bikes will cost more to insure than used motorcycles.

Your rates of accidents will go up the more you ride your bike. If you’ve ridden more in the past year, you’re more likely to be in an accident, and your rates will reflect that.

Motorcycle insurance is cheaper than car insurance on average. The average cost of car insurance is $1,674 per year, while motorcycle policies average $519 per year, according to J.D. Power data.

Do older bikes cost less to insure?

If you’re looking to save on your bike insurance, ride an older bike. Bikes that are two or three years old are cheaper to insure, because they’re less likely to get stolen.

With bodily injury and property damage liability, which are the most commonly required motorcycle insurance coverages, portions of premiums are cheaper for motorcyclists than for car owners because operators are less likely to cause substantial damage to other motorists and their property on a bike than in a car.

The average cost of motorcycle insurance in the U.S. is $721 per year, but rates can vary depending on your location by more than 150%.

How much does a motorcycle cost?

beginner riders typically spend between $5,000 and $10,000 on a new motorcycle, while experienced riders typically spend between $10,000 and $35,000.

The motorcycle’s CC size impacts how much the insurance costs. A larger engine size means a higher insurance rate.

Engine size affects insurance costs- the larger the engine, the higher the insurance payments. To keep costs more manageable, consider a mid-sized, non-sport bike as your first motorcycle.

If you make a claim on your car insurance, your premium will almost always go up. If the accident was your fault, the increase will be larger than if it was not your fault.

Is it safe to ride a motorcycle in the rain?

It is considered a safety hazard to ride a motorcycle in any weather because it is difficult to be seen. This is especially true in the rain, when it becomes even harder for other drivers to see you. If you have to drive in the rain, make sure you have reflective or bright material on your jacket, pants, helmet, or bike.

Regular motorcycles last for over 50,000 miles, although at that point, people consider them old. In contrast, sports motorcycles become “old” at half that number since they are subject to a lot of wear and tear under extreme conditions. 50,000 miles is equivalent to 200,000 miles on a car.

For small sports bikes, 20,000 to 30,000 miles is on the high side. For larger bikes, 50,000 miles and up is considered high motorcycle mileage. But before you write off any models, consider that a properly maintained bike can last well past 100,000 miles!.

There is often confusion between the terms “vintage” and “classic” when describing older motorcycles. While they share some similarities, a classic motorcycle is generally considered to be between 20 and 30 years old.

How much does the average motorcycle insurance policy decrease in cost after the policyholder has had the insurance for one year?

For men, the drop in insurance rates can be as much as 20%. Women see a drop of up to 15%. The difference is due to the fact that men pay higher premiums for insurance in general, due to the statistical likelihood of men crashing more than women.

There are a few different criteria that insurers use to determine whether or not a bike is considered a classic. For some, it’s as simple as the bike being 15 years old or older. Others require that the bike be 25 years or older. And then there are those who offer ‘future classic’ policies for newer motorbikes that are likely to become a classic in the future.

Citations

https://www.ncdoi.gov/consumers/auto-and-vehicle-insurance/motorcycle-insurance
https://www.ntsb.gov/safety/safety-studies/Documents/SR1801.pdf

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