There are many factors that go into the cost of your motorcycle insurance. Motorcycle insurance premiums are generally cheaper than car insurance premiums, but they can still put a hefty dent in your wallet. Before you're able to lower your motorcycle insurance rates, it's important to understand what is affecting them.
Certain areas, even within the same state, simply have higher motorcycle premiums than others. This can be due to the cost of living in the area as well as the rate of crashes and proximity to major highways. For example, the average cost of motorcycle insurance throughout the United States is about $702 a year (approximately $58.50 a month), while the average cost of motorcycle insurance in Missouri is about $934 a year (approximately $77.83 a month). This number varies per city within Missouri, as well. Compare the average rate of motorcycle insurance in your area with the amount you pay every month to make sure you are getting a fair deal.
Most insurance companies will consider your credit score when calculating your motorcycle insurance premiums. Credit scores are used to determine how reliable you are in paying premiums on time. Bikers with a low credit score will have higher premiums and may even have a harder time finding an agency to insure their bike. You can work on building your credit score by paying off loans, setting up auto draft and paying bills on time.
Value Of The Insured Motorcycle
Your insurance company will also consider the value of the motorcycle you wish to insure. Expensive motorcycles and those with certain modifications will cost more to insure. Bikes that are faster and statistically more likely to be stolen or vandalized may also cost more to insure. If you're looking for low motorcycle insurance premiums, search for a cheaper bike without speed modifications.
Driving records are perhaps the biggest influencer on auto and motorcycle insurance rates. Bikers with poor or spotty driving records will pay higher premiums. Some violations, such as DUIs and DWIs, can stay on your record up to 10 years, depending on your location. Once the violation drops from your record, you should see a drop in motorcycle insurance rates.
Make sure to drive defensively and be careful who you allow to operate the motor vehicle. Even though your family members may be covered under your motorcycle insurance policy, claims from accidents will likely make your premiums rise. Before filing a claim, it's recommended that you have the damage appraised. If the damage to your motorcycle costs less to repair than the price of your deductible, you may not want to file a claim. On the other hand, if the cost of repair is substantially greater than the price of your deductible, you likely want to file a claim so your insurance company can pay the large dollar amount in your stead.
Age And Gender
Other aspects of the biker also account for insurance rates, such as age and gender. Younger bikers are seen as more likely to crash and thus pay higher premiums. Statistically, men tend to crash and participate in aggressive driving behaviors than women, meaning men typically pay higher premiums. Once you reach the age of 25, you may see a substantial drop in your motorcycle insurance rates.
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