If you are like many people, you love hopping onto your motorcycle and riding it down the highway. But like many other motorcycle enthusiasts, you may not be too enthusiastic about the insurance costs associated with motorcycles. Should you be wondering about the costs of motorcycle insurance and what factors go into determining the rates you will pay, here are some things to consider.
Several Hundred Dollars Annually
For the average motorcyclist, insurance costs are usually several hundred dollars per year, with the average being slightly above or below $700. However, since different insurance companies take different factors into account before offering you coverage, always make it a point to shop around to see if you can get a great deal.
Motorcycle Safety Course
If you have taken a motorcycle safety course, this can help reduce your insurance premiums by 20-30 percent in many cases. Also, any safety devices you may have installed on your motorcycle can also help to reduce your insurance costs, such as anti-lock brakes and a GPS theft-recovery system.
Should you be a motorcyclist who is at least 25 years old and has had no serious accidents on your bike, this will usually translate to lower insurance premiums. With almost any insurance company with whom you do business, your motorcycle insurance rates should continue to decrease until you reach 70 years old, at which time, they may start to creep higher and higher. However, by checking Quote Buy Ride and other sites regarding your rates, you may be surprised at just how low your rates can go.
The Type of Motorcycle
Yes, the type of motorcycle you own will play a large part in determining your insurance rates. For example, if you own a touring motorcycle or a cruiser, expect to get lower rates, since these bikes are generally associated with older riders. However, should you own a sports bike that is made for speed, your rates will probably be higher since your insurer is assuming you may be in an accident along the way.
Just as it is for motor vehicle drivers, you can get lower motorcycle insurance rates if you have an excellent driving record. Even if you are buying your first motorcycle, the driving record you have for your car will weigh heavily into the insurance company deciding on your motorcycle insurance rates.
By taking these factors into account and shopping around for a great deal, it may cost you far less than you anticipated to have motorcycle insurance.