Motorcycle insurance has somewhat of a reputation for being expensive. High prices are expected because the risk of accidents on motorcycles are relatively high. Despite this, motorcycle insurance rates can still cost less than your car insurance rates. This depends on several factors, of course.
Younger drivers pay more in insurance premiums, and this is especially true for motorcycle drivers. Riders under the age of 25 are seen as more likely to be involved in an accident due to inexperience and reckless behavior. While this isn’t always true, it is generally reflected in your motorcycle insurance policy. The good news is that you may see a drastic drop in your motorcycle insurance rates once you turn 25.
One of the biggest influences on your motorcycle insurance premiums is your driving record. It doesn’t matter if you’ve never operated a motorcycle before. If you have a driver’s license, you have a driving record, and a blemished record—even if it was in your car—will affect your motorcycle insurance rates. This is because you are not seen as a different driver when you switch from four wheels to two. You have the same level of risk in the insurer’s eyes, whether you operate a motorcycle better than a car or vice versa.
Some factors that influence your rates are out of your control. Motorcycle insurance rates can differ wildly from state to state and even zip code to zip code. This is in part because of the cost of living in your area, but the crime rate can also have an affect on your premiums. Areas with a high rate of theft and vandalism may charge higher for motorcycle insurance.
Your credit score is important when it comes to the cost of motorcycle insurance. Insurers see your credit score as how reliable you are in paying premiums on time. If you have poor credit, you may see higher insurance premiums. On the other hand, you can lower your premiums by increasing your credit score. You can do so by paying off debts and setting up automatic payments so that you lower the risk of accidentally missing a premium payment.
Also be sure to ask your insurance agent about discounts. There are several discounts available for motorcycles just like for car insurance, such as good driver discounts and bundling your car, auto and motorcycle.