Motorcycle Insurance Cost: What Factors Apply?

27 December 2022
 Categories: Insurance, Blog

When you call for a quote for motorcycle insurance, it can be difficult to understand the factors that drive the rates you receive. You might wonder what factors affect the cost of that insurance. There are a few key elements to consider that can affect the premiums of your motorcycle insurance policy.

How Long Have You Been Licensed? 

If you have just recently received your motorcycle endorsement on your driver's license, you will find that your quoted premiums will be higher than those of a more experienced motorcycle operator. Your risk level as a motorcycle operator is significantly higher when you are newly licensed, so consider that when you make your calls.

What Type Of Motorcycle Do You Own?

The type of motorcycle that you purchase also affects your premiums. Sport bikes and racing motorcycles will cost more to insure than cruiser-style motorcycles, and imports that are harder or more expensive to repair will also come with higher premiums. Consider those factors when you choose your motorcycle if you want to help keep your premiums lower.

How Is Your Driving Record?

Despite the fact that cars and motorcycles require two different licensing tests, your motor vehicle history will affect your motorcycle insurance premium. If you have a clean driving record and no claims, you'll often get a lower rate for your motorcycle insurance solely based on your good driving habits. A responsible driver in a car often translates to a responsible driver on a motorcycle, too.

Do You Have Another Vehicle Insured?

If you already have a vehicle insured with your carrier, you might be able to save on your premiums with a multi-car or multi-line discount when you add your motorcycle. Some insurance carriers consider motorcycles as additional motor vehicles for the multi-car discount, while others view it as a multi-line addition. In either case, you could save significantly on your premiums this way.

Did You Take A Safety Course?

Newly licensed motorcycle drivers who took a safety course before obtaining their license can often receive a small discount on their policy premiums for that course. You'll have to provide the certificate of completion to your insurance carrier to obtain that savings, though.

Talk with your insurance agent today for more information about the options available to help you save money on your motorcycle insurance. When you understand the factors that affect your premium, you can better mitigate those costs.

For more info, contact a company like Full Service Insurance Agency of Wisconsin LLC.