There are many factors that influence your motorcycle insurance rates. While some of these you can’t control, others can be used to save money. Either way, it’s important to know the why and how when it comes to the cost of your motorcycle insurance.
In most states, motorcycle insurance is legally required. The limits vary between states so it’s important to look at how much insurance your state requires. One of the few exceptions is Florida. Motorcycle owners in Florida are not required to carry a certain amount of insurance. Instead, they’re required to carry a certain amount of financial responsibility, or to meet a financial threshold of $10,000 in medical benefits. This coverage doesn’t necessarily have to come from a motorcycle insurance policy, although it’s highly recommended.
As you may expect, purchasing more coverage means higher premiums. Aside from coverage limits, however, the other factors that may influence your motorcycle insurance rates include your:
- Credit score
- Driving record
- Claims history
Age and Gender
Unfortunately, these are two aspects affecting your car insurance rates that you have little control over. Younger bikers tend to pay higher rates on motorcycle insurance. Males also tend to pay more, as they’re statistically more likely to engage in dangerous driving activity.
Your credit is viewed by the insurance agency as how reliable you are when it comes to paying your bills on time. To lower your motorcycle insurance rates, build your credit. You can do so by paying off debts and loans such as credit cards. Also set up automatic payments. Not only does this often cut out administration fees, but it also helps you not miss a payment.
A biker’s driving record is perhaps the biggest influence on their motorcycle insurance premiums. A long history of traffic violations or at-fault accidents raises your likelihood of having another accident.
Be sure to drive defensively and avoid distractions on the road. It’s often tempting to speed on a bike, but always be conscious of where you are and what the speed limit is. If you do get I n an accident, you can often take defensive driving courses in order to lower your insurance premiums.
Your claims history often ties into your driving record. Filing a claim doesn’t always raise your rates, but it can depending on the circumstances and cost of the claim.
Before filing a claim on your motorcycle insurance policy for damage, have the damage appraised by an expert. If the cost of repairing the bike costs less than your deductible, it may be best to simply pay for the repairs out of pocket rather than filing a claim. On the other hand, if the damages are substantially more than the cost of your deductible, it’s probably best to file a claim.
Other Tips and Tricks
- Shop around. Compare quotes between insurance agencies in your area to find the best price.
- Ask about discounts. There are many discounts available for bikers, such as Good Driver discounts, Good Student discounts, Loyal Client discounts, etc.
- Bundle your motorcycle and auto with the same insurance provider. Bundling your auto and motorcycle insurance with the same insurance provider can often earn you discounts. You may also be able to bundle your policy with your homeowner’s insurance.
- Raise your deductible. You can sometimes lower your monthly premiums by raising your deductible. Keep in mind, though, that doing so means paying more out of pocket after filing a claim.
Take a motorcycle safety course.