6 Factors That Impact Your Motorcycle Insurance Rates

Your age and driving experience play a large role in motorcycle insurance rates. Younger drivers and inexperienced riders typically have higher premiums.

Usage and mileage also influence premiums. Motorcyclists who use their bikes for commuting tend to have lower premiums than those who only ride recreationally.

Taking a motorcycle safety course could also reduce your premiums. This demonstrates your dedication to riding safely, which is an attractive quality to many insurance providers.

1. Age

Your age can play a role in the cost of your motorcycle insurance. In general, younger riders pay more because they’re considered to be a higher risk for insurers since they don’t have as much riding experience. Once riders reach 25, their premiums typically drop.

This isn’t just true for motorcycle insurance, it also applies to auto insurance. In fact, if you’re under the age of 25 and have a ticket or accident on your record, it can be difficult to find affordable auto insurance too.

Other factors, such as location, bike type and driving history may weigh in more heavily than your age, though. It’s worth comparing quotes apples-to-apples and speaking to a licensed insurance professional about ways you can lower your rates, like bundling your motorcycle and car insurance or installing a theft recovery system on your bike. You can also save on your rate by storing it in a garage.

2. Gender

While many people know the common factors that impact auto insurance rates, they may be surprised to find out that the same things also apply to motorcycles. This includes your age, driving record, and even the gender of your bike.

Generally, younger riders will pay more for insurance because they have less experience behind the wheel and are considered high-risk drivers. However, older riders can often get lower rates because they have gained more riding and safety experience.

The type of bike you own will also impact your insurance rates. For example, a sportier bike will usually be more expensive to insure than a cruiser. The same is true for any modifications you make to your bike, especially those that increase its speed or performance. Insurance providers take a dim view of these modifications as they could be tempting targets for thieves and cause you to file more claims.

3. Make and Model

The cost and power of your bike will dramatically affect your motorcycle insurance rates. Insurers have to pay more to repair or replace more expensive models, so they charge more to cover them. Sports bikes are more likely to crash and stolen, so they tend to be more expensive to insure than cruisers and touring bikes.

The type of coverage you choose will also impact your rates. While most states only require minimum liability coverage, many riders opt for full coverage policies that offer additional financial protection. Some of these features include gap insurance (which pays the difference between your motorcycle’s value and what you still owe on it) and personal injury protection, which covers medical bills regardless of who caused the accident.

Other coverage options include comprehensive coverage, which pays to repair or replace your motorcycle for damage that occurs besides accidents; accessory coverage, which covers the cost of equipment and modifications you install on your bike; and uninsured/underinsured motorist coverage, which protects you if you are hit by an uninsured driver.

4. Mileage

For many riders, a motorcycle is a means of transportation to work or other daily destinations. Those who use their bikes as part of their commute tend to be more on the road and pose a greater risk, leading to higher premiums than those who ride their motorcycle for pleasure purposes only.

Insurance companies take your annual mileage into consideration because the more you drive, the greater your exposure to risk. For that reason, it is important to be honest and not understate your mileage, as lying to an insurer may result in future claims being denied or canceled for misrepresentation.

Insurers also consider where you park your bike at night, as parked motorcycles are more susceptible to theft and vandalism than those kept in a garage. Additionally, those who complete rider courses and other safety-oriented activities may receive lower rates than those who don’t.

5. Accident History

Whether you’ve been in a motorcycle accident or have been pulled over for speeding, your record affects the price of your policy. The more incidents on your record, the more likely it is that you will need to pay higher premiums.

Many insurers offer a variety of discounts to help you save money on your motorcycle insurance policy. Some of these include taking a safety course, bundling your bike with your auto insurance or other policies, and reducing your collision and comprehensive deductibles. Some companies even offer what’s called a lay-up period for the winter, where you maintain comprehensive coverage but reduce your liability coverage while you won’t be riding.

The type of motorcycle you own also impacts your rate. For example, sport bikes are typically more expensive to insure than cruisers. This is because they tend to be more expensive and have more parts that can be damaged or stolen.

6. Driving Record

The insurance rates you pay depend on your driving record and may be influenced by the number of passengers you allow to ride with you. Insurers view riders who frequently have guests on their bikes as more of a liability and are at higher risk of severe injuries in an accident.

The type of bike you choose impacts your rates as well. In general, more expensive bikes have higher premiums. However, if the motorcycle you choose has a safety rating and theft-prevention features, it may be less costly to insure.

Your driving history will be a significant factor in determining your rate, especially if you have at-fault accidents or citations on your record. While minor infractions like a parking ticket should not impact your quote, multiple violations and at-fault accidents will raise your rates. In addition, your insurance policy limits will impact your premiums, with liability-only policies being cheaper than full coverage.