Motorcycles may share the road with cars, but they are an entirely different beast. These differences go beyond safety concerns and size; acquiring motorcycle insurance has many unique considerations. If you are brand-new to motorcycle insurance, we are here to provide a crash course on the motorcycle insurance risk that impacts premiums and policies.
Relationship Between Motorcycles, Risks, and Insurance Costs
Insurance companies calculate rates based on risk. Motorcycle riders face unique circumstances, which in turn affect how much they pay for insurance.
Insurers look at the risk profile of your motorcycle type alongside other personal factors. A sport bike might carry a higher risk of accidents due to its performance capabilities, while cruisers might be seen as a lower risk due to the demographic that typically rides them and their usage patterns. Regardless of the type, factors like the likelihood of theft, the cost of parts, and the bike’s performance can influence rates.
Motorcycle insurance doesn’t operate on completely different parameters than other kinds of insurance, so your location, driving history, age, and related demographic factors will influence rates just as much as or more than the type of bike you ride. However, it still pays to learn about different types of insurance, especially if you haven’t made a decision about which kind of motorcycle to buy yet.
Different Types of Motorcycles: Insurance Risk and Rates
Here’s a quick look at how different types of bikes stack up in the eyes of insurers:
- Cruisers: Known for their comfort and style, cruisers typically attract a more mature riding demographic, which insurers associate with responsible riding behavior. However, their higher value and engine size often lead to more expensive insurance rates than basic models. In addition, your driving history may override any assumptions that insurers make about your demographic.
- Sport Bikes: Built for speed and agility, sport bikes are a favorite among thrill-seekers. This category tends to incur higher insurance costs due to a greater risk of high-speed accidents and theft. Younger riders predominantly favoring these models also contribute to the elevated risk profile.
- Touring Bikes: Designed for long distances, touring bikes are generally ridden by experienced enthusiasts. Insurers view these bikes as a lower risk due to the nature of their use and the demographic of their riders.
- Custom Motorcycles: Customization introduces variability in value and risk, making these bikes challenging to insure. Unique modifications can increase replacement costs and, by extension, insurance premiums. However, personalizing your motorcycle to enhance safety could positively influence your rates.
- Mopeds: As the low-power option in the two-wheeled world, mopeds boast affordable upfront costs and insurance premiums. Their smaller engines and lower speeds limit the severity of potential accidents, leading to lower risk assessments by insurers.
Knowing how much you will pay without looking for quotes is impossible. Getting the best insurance quote is an involved process that can benefit from an agent’s experience.
Securing the Best Insurance Rates Regardless of Your Ride
A knowledgeable agent can be your ally in the quest for affordable insurance. They understand the nuances of motorcycle insurance and can provide much more information in a short conversation than we can cover here. They can help you find coverage that matches your needs without overpaying. An experienced agent can also explain how different motorcycle types affect rates and what discounts may be available to you.
Once you have an agent working with you, you can still be involved in the process. Following some basic rules will put you miles ahead of others when it comes to securing cheap but reliable insurance.
Don’t settle for the first quote you receive. Rates can vary significantly between insurers, even for the exact same coverage amounts and. Use online tools and work with an agent to get multiple quotes. This comparison shopping helps you find competitive rates, especially when finding insurance for unique rides like custom motorcycles that don’t fit neatly into one category.
Lowering your risk profile can also lead to lower insurance costs. Completing a motorcycle safety course, opting for higher deductibles, and installing anti-theft devices are all proactive steps that you may see benefits from. Extended periods of clean riding will demonstrate to insurers that you’re a responsible rider and positively affect your premiums way before you even step foot in our offices to work with an agent.
Contact the Anderson & Associates Insurance Group team today to learn more about your options and see the rates available that cover your valued ride.
