Millions of people enjoy riding motorcycles yearly. Motorcycles are unique assets because you can use them during multiple seasons. However, riding a motorcycle can be dangerous at times. Similar to driving a car, it’s important to pay attention to road conditions and the behavior of other drivers. Motorcycle insurance offers a layer of protection if an issue arises. The policy covers you if your motorcycle accidentally causes damage or is stolen or vandalized.
Finding the right motorcycle insurance policy for your situation can sometimes be complicated. Your insurance agent will assess unique factors regarding your situation that will influence your motorcycle insurance cost. Here’s a closer look at the process insurance companies may use to calculate your motorcycle insurance cost.
Your motorcycle types heavily influence your motorcycle insurance cost. If you have a luxury motorcycle, you can expect to pay higher rates than if you were riding a more traditional motorcycle. The make and engine size are also important factors. Perhaps you are riding a motorcycle with custom parts and accessories. Your motorcycle insurance costs will increase because it may be difficult for the insurance company to replace or repair the damaged parts if you are involved in a collision.
Motorcycle usage is an important variable. Your insurance will be lower if you only ride your motorcycle to complete occasional leisure activities than using your motorcycle daily. Riding your motorcycle on a limited basis may also help you qualify for a discount.
Insurance agents may use your age to help assess your motorcycle insurance costs. Research that young motorcycle riders are more likely to be involved in collisions and potentially fatal accidents. If you are an inexperienced rider, your motorcycle insurance rates will be high until you establish a track record of safe riding. However, your rates may rise again as you get older due to the risks of decreased vision on the road and slower cognitive skills.
Insurance companies offer different motorcycle insurance rates based on geography. If you’re staying in an area with a high crime rate, that will increase your motorcycle insurance costs. Your insurance agent will also assess where your motorcycle is located. Storing your motorcycle in a secure area, such as a garage or storage unit, will help lower your rates. You may even qualify for a potential discount.
One of the most important factors in determining motorcycle insurance rates is the coverage you want to include in your policy. Perhaps you want extensive coverage that includes collision, comprehensive, and emergency roadside assistance. Your insurance rates will be higher compared to purchasing a policy that only includes liability coverage.
Your Policy Deductible
Your motorcycle insurance policy will include a deductible. Your deductible outlines the out-of-pocket costs you are responsible for covering towards a claim. If you’re a safe rider, you may opt to increase your policy deductible. Increasing your policy deductible lowers your motorcycle insurance rates.
Consult Aimpro Insurance for Motorcycle Insurance
You should inquire about potential discounts you may qualify for before finalizing your motorcycle insurance cost. Knowing you are well covered gives you mental peace and satisfaction. So, contact our team here at Aimpro Insurance, and we will guide you through the process of finding coverage.