Driving records are one of the most influential factors when it comes to auto and motorcycle insurance rates. Those with a poor or irregular driving history will be charged higher premiums. Some offenses, such as driving under the influence of alcohol or driving while intoxicated, can remain on your record for up to 10 years, depending on your location. Sports bikes, despite having an average Kelley Blue Book value of only 169% more than cruiser bikes, cost more than three and a half times more to insure.
Touring bikes, on the other hand, are 33% cheaper to insure than sports bikes, yet they have a much higher average cost. The more expensive the bike, the more expensive it will be to pay a claim. This is another reason why the value of your bike can affect your insurance premium. If you receive a speeding ticket, it is likely to increase the cost of your motorcycle insurance, regardless of whether the violation occurred in your car or on your bike. In some states, you are legally allowed to ride a motorcycle without insurance or proof of financial responsibility.
Motorcycle insurance companies tend to charge younger drivers higher rates since they are more likely to be involved in an accident. In addition to the city in which you live, the amount of coverage you buy and your driving history, motorcycle insurance companies also calculate the cost of coverage based on your age and years of driving experience. For example, the average cost of motorcycle insurance for 18-year-old drivers is often more expensive than rates for 21-year-olds, while 21-year-olds tend to pay higher rates than middle-aged cyclists. In recent years, several insurers have left the field of bicycle insurance due to excessive experience with claims. Teen drivers pose the greatest risk to insurers and thus typically pay higher motorcycle insurance rates.
When comparing motorcycles in the same class, models with larger engines tend to cost more to insure since high-performance bicycles represent a greater risk of accidents. The five states with the most affordable motorcycle insurance rates are North Dakota, Iowa, Wyoming, South Dakota and Nebraska. An older driver with little experience may pay a higher price for motorcycle insurance than a much younger driver with more experience. Whenever possible, build up your bonus and check your insurance options when you consider buying your next bike to determine if the increase could result in the insurer having limited cheap premiums. There's no way around it; motorcycle insurance costs more than you would expect for such a small vehicle. Bicycle insurance premiums can be as low as 60 pounds sterling, which is far from expensive, but it is so low because insurers believe there is a lower risk of claims.
Conversely, you'll pay more for motorcycle insurance in warmer states where having more opportunities to drive leads to more accidents and claims. Understanding why motorcycle insurance is so expensive can help you make informed decisions when shopping for coverage. Knowing what factors influence premiums can help you find ways to reduce costs and get the best deal possible.
