If you own a motorcycle, one of your biggest expenses related to the vehicle would be the insurance. Whether your vehicle is a scooter or a high-end sports bike, you need to get the best possible insurance policy, one which meets your requirements while offering the lowest possible premium.
If you are looking for motorcycle insurance, you would want maximum protection at minimum cost. Here are a number of factors which determine the cost of your insurance.
Personal Details
When it comes to insurance, age is the most commonly considered factor. Male riders under the age of 25 are generally considered most likely to file an insurance claim and hence attract larger premiums. Female and older riders are considered safer, and the premium is generally lower. The nature of your job might also play a part in determining the premium.
Residential Area
Where you live plays a huge role in determining your premium. Traditionally, people living in urban areas face a higher risk of theft and are more liable to getting their vehicle damaged as well. Therefore, people living in urban zones attract a higher premium than persons living in a rural area.
Type of bike
The vehicle that you own can greatly affect your premium. The insurance for an expensive bike will be more due to the higher costs involved in fixing or replacing a part. Same is the case for bikes which can achieve high speeds and older motorcycles for which finding parts may be difficult. If you have a classic bike, it would be advisable to choose an insurer who specializes in such products.
Other users
Adding an alternative rider for the bike could affect the overall cost of insurance. An experienced motorist would decrease your premium while adding a younger individual, like a teenager, would mean higher costs.
Usage of the bike
If you ride your bike often, there is a higher risk of you being involved in an accident. Motorcycles that are used for daily commute have significantly greater risk than one that is used occasionally. Moreover, if you live in an area with large amount of traffic, your insurance charges could be high.
Security measures
A bike is much more open than a car, and is in greater danger of being stolen as well. The mount of security measures implemented in your vehicle is very important. Installing an alarm, GPS tracking equipment etc. would considerably lower your rates. Parking your vehicle in a secure location would help as well. Some insurers might even recommend a specific anti-theft device to their customers.
Type of insurance
There are different types of insurance like third party, comprehensive, etc. which provides varying levels of coverage. The type of policy that you opt for is very important. Third party policies will be much cheaper than the ones which offer more complete coverage.
Each insurance company has its own way of calculating insurance premiums. Most companies look at these points along with other factors like your driving skills, number of bikes insured, etc. Always remember to consult all possible options before choosing an insurer for your motorcycle.
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