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Factors that Determine Motorcycle Insurance Premiums

Around the US there are millions of motorcycles on the road that carry people of many different ages, driving records and backgrounds around the country. Just like automobile owners, most states require that motorcycle riders have insurance. Although there are exceptions, the owners of motorcycles are required to have at least some insurance. This means that they will need to understand how their monthly premiums are set.


When it comes to cost of motorcycle premiums, there are several factors that must be taken into account. The truth is that motorcycle insurance rates are set by a number of considerations that are based on statistics. Insurance companies take into account all the information provided to them by the motorcycle owner and then compare common risk factors with other motorcycle drivers. The result is a premium that is based on common risk.

Factors that Determine Motorcycle Insurance Premiums:

Age: How old you are is one of the biggest determining factors when it comes to setting motorcycle insurance. Generally speaking, motorcycles owners from their teens until they reach the age of 26 generally pay a far higher rate for their insurance premiums than those who are from 26 to about 65. This is because statistics show the majority of motorcycle accidents involved young people who do not have the experience of older riders. For many, this will be the determining factor when it comes to the premiums that they pay.

Driving Record: It’s probably not surprising that the more accidents you have on your driving record, the higher your premiums will be. While accidents can happen to anyone, those who have been in several accidents have shown the tendency to be at higher risk for yet another one. However, after a pre-set time has passed which is usually two to three years and no accident has occurred, the rates for most in that category will go down.

Driver’s Skill and Experience: As one of the factors determines motorcycle insurance, this refers to the overall number of years of riding bikes, the age and skill level of the driver. The skill level may be determined by joining a recognized motorcycle club which offers courses in improving driving skills. By passing such courses, it is possible to reduce the premiums for motorcycle drivers. This is especially true when combined with the number of years of driving and the accident record.

Make and Model of Motorcycle or Bike: There are some makes and models of motorcycles that get involved in more accidents than others. While it may seem like coincidence, it is a statistical factor that insurance companies take into account. So, if you are considering purchasing a motorcycle and want to save on the premiums, choose a make and model that offers lower rates.

Custom Accessories: There are certain custom accessories that may have a positive or negative influence on your premiums. Generally speaking, accessories that inhibit your ability to control the motorcycle or statistically speaking creating a greater risk will naturally increase your premiums. However, there may be additions that you can make to your motorcycles which may reduce the rates. Be sure to check with your insurance company.

Location and Weather: Motorcycle drivers in particular have a vulnerability to the weather and elements as well as their location. This is because those on a motorcycle are far more vulnerable to slippery conditions or bad weather as compared to cars and trucks. In certain locations around the country, the statistics demonstrate that more accidents occur than in other places. For example, desert areas that have generally dry conditions on flat surfaces are safer for motorcycles than areas that get frequent precipitation and have hills, curvy roads and other conditions that create more accidents. Motorcycle riders will need to take this into account when they get insurance.

Credit History: Your credit history speaks to your ability to pay bills, keep up with credit cards, loans and other payments. The better your credit history, the more you can use it to lower your monthly insurance payments. Insurance companies will view your credit differently depending on a number of factors, but in general you can make significant inroads in lowering your premiums by improving your credit history and score.

Deductibles: By choosing the level of deductible, you can either raise or lower your premiums. Generally speaking, the higher the deductible the lower your monthly insurance premiums will be. This is because you have to pay more for the repairs before the insurance will kick in which is the downside. However, if you can save the total for the deductible, then you should choose it because it will definitely save you on insurance rates each month.

Frequency of Riding: This is one of the most overlooked discounts for motorcycles as well as vehicles. If you only ride your motorcycle on weekends or drive it below a certain number of miles each week, you may qualify for lower insurance rates. This is because the less frequently you drive your motorcycle, the less likely you will be in an accident. So, if you can keep your riding down to a minimum you can then enjoy lower rates thanks to this often overlooked discount.

In addition, there are a number of other factors affecting motorcycle insurance premiums that you will need to take into account. While these factors may not be quite as important as the ones mentioned above, they may still save you a considerable amount of money.

When it comes to the insurance you purchase for your motorcycle, there are elements outside your driving record that come into play. In fact, there are many factors affecting motorcycle insurance rates that you may not be fully aware of, yet they do play a strong role in the premiums that you will pay.

How Your Motorcycle is Stored: Theft is one of the biggest issues with insurance companies when it comes to motorcycles. This is because unlike cars and trucks, a motorcycle can easily be lifted into the back of a vehicle. So, how you store your bike is going to have a substantial influence on the rates you pay. Keeping your vehicle in the garage and in protected parking areas may lower the rates that you pay on your insurance.

Additional Coverage: The more coverage you add, the more you will pay for your insurance. You should evaluate all the coverage that you want for your motorcycle to see what you will really need and perhaps what you do not. For example, if you store your bike in a secure location and only use parking garages with security, then theft coverage is something that you might consider dropping as it is unlikely to happen. However, you should always examine the merits of all insurance before making a commitment.

Bundling: One of the simplest ways to save money on your insurance rates is to bundle it with your home and other vehicles under the same company. Many insurance companies offer reductions of 20% or more when you bundle your home, auto and motorcycle rates, so look over what you have and see if you can save money through bundling.

Occupation: Your job is one of the factors determine motorcycle insurance, particularly if your job involves using your motorcycle. Generally speaking, the more you drive your bike out on the roads, the higher the possibility that you will have an accident. Insurance companies base their rates on statistics, so having an occupation that puts your motorcycle on the road more often will result in paying higher rates.

Training Course and Certification: One of the easiest ways to lower the premiums is by taking a certified training course. By passing the course, you will earn a certification that will help lower the rate of your premiums. You will need to check with your insurance company to see what training courses and certifications are recognized as ones that will actually lower your monthly payments before you take the course.

Discounts: Check with your insurance company to see if they offer any other specific discounts for your motorcycle insurance. You may be surprised to find that there are discounts available that you otherwise might not notice. Start with the website of your insurance company and then call the agent to see if there are any discounts that might be available for your insurance coverage.

Paying Annually: Of the different discounts listed here, one of the most overlooked is paying annually as opposed to month to month. Many insurance companies offer substantial discounts if you can pay for the term of the insurance at once rather than spread it out.

All it takes is a little research on your part to find the various factors that may lower your motorcycle insurance premiums, so take a few minutes to see if you can pay less for the same amount of coverage.

All of these factors impact on motorcycle insurance premium rates, so be sure to talk to your insurance company representative to see how much you can save on your motorcycle insurance rates.

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