Important Motorcycle Insurance Considerations

During the summer, Americans love to enjoy their motorcycles, particularly in northern climates that are not always conducive to riding your bike in the winter time. If you are thinking about buying a new motorcycle for the summer, there are some insurance considerations to be aware of:

The Age and Model of the Bike: Insurance carriers will likely consider how old the motorcycle is that you are purchasing and the manufacturer. A newer, flashier bike will likely cost more for insurance than an older model from a less known brand. The value of the bike is the major consideration here, as well as the likelihood of certain models attracting more attention on the road.

Frequency of Use: Just as with auto insurance, the amount of time you spend riding your bike will have an impact on your rates. If you are using it to ride to work every day, your rates will be higher. On the other hand, if you only plan to use it occasionally to take a ride over to the Jersey Shore, then your rates should be lower.

Age and Personal History of Driver: Clearly, your age and driving record will be a major consideration for your insurer. For example, if you have a clean driving record and are over the age of 25, you will pay far lower rates than a person under age 25 with a couple tickets and an accident. An independent insurance broker can shop several insurers to find the company that best suits your personal situation. Some insurers specialize in providing very low rates to safe drivers, while others specialize in taking on higher risk clients. Pick the one that works best for you.

Ask About Discounts: With your motorcycle insurance policy, there may be discounts available that can save you more on the cost of your premiums. These include:

  • Installing Alarm/Security Systems
  • Garaging your Bike
  • Lower Premiums for Reduced Winter Use
  • Licensed Motorcycle Training Program Completion