Motorcycle Insurance Rates

What Drives Motorcycle Insurance Rates?

There are many factors that companies take into consideration when determining motorcycle insurance rates. Some of them are within your control, some aren't, and some aren't right now, but can be altered given enough time.

Types of Coverage

Everyone must have liability insurance in the minimum amounts required by state law. This covers the damage to other people and their property if it's your fault. Many people choose to buy liability insurance in higher amounts in order to avoid being sued if the damages exceed these limits. What limits you choose may depend on how likely you think it is that you might be sued in the event of an accident.

Many people also choose to insure themselves and their motorcycles in the event of an accident. This could be an accident that is your fault, or an accident that is caused by another driver with insufficient insurance.

You can also elect to insure your motorcycle against theft or damage not related to traffic accidents.

Your Driving Record

Statistically, people with good driving records file claims less frequently. This is reflected in your motorcycle insurance rates. You can help yourself out by driving safely and improving your driving record over time.

Your Motorcycle

When you buy insurance for your own property, the value of the property plays a role in the cost. Motorcycle insurance rates will be higher if you have an expensive ride, simply because the cost to repair or replace it is higher.