Motorcycle insurance is mandatory nationwide. Accidents happen. Insurance covers you and the people (and properties) who share the road. Not to mention, insurance for your bike is a must to save it from unexpected disasters.
Unfortunately, motorcycle insurance can be expensive, so people always try to find ways to lower costs. In order to do that, you must first understand the factors that influence insurance rates. Here are 10 of them.
- Rider’s age: A young rider is statistically more reckless than seasoned, older riders. Therefore, young riders are often charged more.
- Driving record: Insurers will inspect the history of past violations you might have incurred. The more you have, the more reckless you are considered to be. So the more expensive the policy will be.
- Location: Highly congested areas have more risk factors, so big cities may have higher rates than small towns.
- Experience: New riders are considered high risks. They tend to make a lot of mistakes and they are not keen to watching out for things around the road. More experienced riders know the ins and outs of the road, weather and situations. This ties back in to the point on age.
- Accident record: Insurance companies are more wary of accident-prone people. Accident records work against you, as they are known to increase your premium.
- Occupation: The more stable and safe your job is, the more kindly an insurance company will view you as a responsible person. This lower risk may lower your premium.
- Motorcycle make and model: Racing-type bikes are considered more risky than 50cc scooters. The bigger and faster your bike is, the more expensive the coverage can be.
- Bike modifications: Sometimes people modify their bikes with custom accessories. Whether they increase the value or the speed of the bike, modifications can lead to a higher premium.
- Value of the bike: Higher-end bikes have pricier parts and repair fees than ordinary ones, causing them to have higher insurance premiums as well.
- Parking location: Bikes parked in a garage will have lower rates than bikes left outdoors. This is because outdoor bikes are subjected to the elements and an increased risk of theft.
Now that you understand the key factors that determine your motorcycle’s insurance pricing, you can take the necessary measures to lower your policy’s cost. Good luck and have fun riding!
Protect your bike. Call ECI Insurance Agency at (405) 373-2977 for more information on Oklahoma City motorcycle insurance.