Here are some of the personal factors that affect how much your motorcycle insurance costs.
As the owner of a motorcycle, it’s incredibly important to secure the coverage you need to stay safe while out on the road. However, many motorcyclists are concerned about the cost of securing the comprehensive coverage that they need. When it comes down to it, your insurance premiums are dependent on your individual circumstances. Here are some of the personal factors that affect how much your motorcycle insurance costs.
Insurers consider younger drivers more risky to insure. This increased risk translates into higher insurance costs; so, if you are under the age of 25, expect your motorcycle insurance rates to be on the higher side.
Your Driving Record
If you have a history of traffic violations and accidents, you will automatically be flagged as high-risk. This, of course, will result in higher insurance costs. Taking a defensive driving course can reduce the points on your license and save you money. Also taking a motorcycle safety course may be able to get you a discount on your policy premium.
The type of bike that you ride will also affect your insurance costs. For instance, if you have a classic bike, replacement parts may be harder to find and repairs may be more expensive. This means your insurance premiums will have to be higher to account for your higher repair expenses. Additionally, if your bike is customized, this too will likely increase your insurance costs. Sport bikes have the highest rates especially the high performance ones.
Your insurer will also take your location into account when determining your insurance costs. For instance, if you live in an area with high crime rates, your insurer will consider you at a higher risk of theft and vandalism. This will drive up the cost of your motorcycle insurance.
These are some of the personal factors that affect how much your motorcycle insurance costs. Do you have further questions regarding your motorcycle insurance? If so, don’t hesitate to contact the team at Powersports Insurance Agency. Our dedicated team is ready to assist you with all your motorsports equipment insurance needs today.
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