Factors That Affect Your Motorcycle Insurance Costs

​Like other insurances, the price of getting motorcycle insurance differs from client to client. In the United States, the average cost of motorcycle insurance is $702 per year or $59 per month. Listed below are the common factors that are used to determine your motorcycle insurance costs.

Age, Gender, and Experience
Usually, there are price breaks built into insurance, and the cost goes down as you reach 21, 35, and 50 years of age. When you get to your 70s, you might see an increase in your insurance as people of this age usually see more accidents and insurance claims. Other than age, years of clean riding experience is also considered, as those with less experience are more prone to accidents and thus have higher insurance costs. In general, males also pay more for bike insurance since men are more prone to claims and accidents.

Your Past Driving Records
How you drive your car or truck directly correlates how you ride your motorcycle. If you have had numerous tickets and penalties on record, there’s a good chance your insurance also increases. Try getting a quote from your insurance company first, and from other companies before owning and insuring a motorcycle.

The State Where You Live and Register the Motorcycle
Warmer states have longer riding seasons and have more opportunities for accidents and insurance claims, thus increasing insurance costs. In general, the southern band of states in the US has higher than average insurance rates compared to Midwest and northern states.

Type and Model of Motorcycle
A higher-valued motorcycle and higher engine capacity increase the insurance rates as it is more costly to fix, prone to theft, and can reach faster speeds making it prone to accidents. Safety ratings and crash rate of the model you own also affects costs. Motorcycles that are safer and less prone to crashing are those that can drive the insurance rates down. 

Credit and Coverage
Just like in any insurance, a poor credit score may indicate reckless or poor decision making. Beyond credit, selecting a hefty coverage policy will add a significant amount of policy price. Make sure to take notes and maintain a good credit score.

Conclusion
Motorcycle insurance rates are relatively cheaper than other insurance types, but the rates vary for each client depending on different variables. If you want to save on your motorcycle insurance, make sure to note the factors above and stay within your insurance budget.

At Priority Insurance, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (864) 297-9744 or Click Here to request a free quote.