7 Little-Known Factors that Can Raise Your Motorcycle Insurance Rates

Have you ever wondered why you and your best friend, who lives in a different state, spend different amounts of money on motorcycle insurance premiums, despite the fact that you profit from the same benefits? First of all, you probably get your coverage from different carriers. If you want to spot the most tempting deals and save big on any kind of insurance, all you have to do is compare quotes online. Secondly, you may be surprised to find out that there are numerous factors that influence your insurance rates. Below you will find a selection of some of the most common elements that insurers take into consideration before making you an offer.

1)      Your Age

Even if you are old enough to drive or ride a bike, you may still be too young to benefit from amazing discounts from your insurer. There is a pretty logical explanation for this limitation: younger bikers are less experienced and more likely to get involved in totally preventable accidents that could trigger severe injuries and considerable materials losses. On the other hand, skilled riders are eligible for big discounts and usually pay less for their insurance policy, compared to 20-year-olds who have recently purchased their first motorcycle.

2)      Your Level of Experience

Experience is usually associated with age. People who have been riding their bikes for 2 decades are obviously more able to avoid a collision. Moreover, they know everything about their motorcycles, including what to do to keep them in excellent condition for the longest period of time, without investing thousands of dollars in fixes or any other kind of alterations. Some carriers may offer you the chance to make the most of huge financial savings, due to your vast experience. To identify the most convenient offers, just rely on Insurance Quote Depot to compare motorcycle insurance rates by zip code and make an informed decision.

3)      Your Record

Your record tells your insurer whether you are an excellent candidate or a liability. A long list of accidents generating an even longer list of claims will definitely stimulate your insurer to catalog you as a troublemaker. On the other hand, a rider with a spotless record is obviously eligible for discounts. If you have received countless speeding tickets and you have caused more than a few traffic accidents, feel free to question your riding skills.

If you are in this situation, perhaps now would be a good time to invest some money in an accident prevention course. This type of program will enable you to protect your own life and the safety of your passengers while you’re riding on 2 wheels; plus it could also unlock great discounts coming from your insurance company. As a rule of thumb, call at least 3 different insurers and get free quotes from all of them, before making a final call. Remember that the cheapest policy is not always the best one you can get. The ideal coverage is the best value one, which offers you the highest number of benefits at a fair price.

4)      Storage Methods

Did you know that the way in which you store your bike can actually influence the value of your monthly premiums? In this particular case, theft, water or fire damage and extensive deteriorated caused by extreme weather conditions are some of the most important concerns. If you usually park your motorcycle on the street, get ready to spend more money on your insurance policy, as most carriers will consider you careless. On the other hand, people who take really good care of their motorcycles and park them in a garage are usually charged less, because their bikes are less exposed to major risks.

5)      Location

As unfair as it may sound, this is the reality that we live in: your current location does influence your insurance premiums. If you live in an overcrowded urban areas (where more motorcycle accidents take place), get ready to take more money out of your own pockets to pay for insurance than one of your friends who may live in a rural community. Don’t even think about changing your location without informing your insurer and don’t lie about your current location; this is a form of insurance fraud that could invalidate your future claims and expose you to major penalties.

6)      Your Line of Work

Do you ride your motorcycle every once in a while, strictly for fun, or do you use it for business? If you don’t just utilize our bike just for recreational purposes and your whole professional life gravitates around it, get ready to cope with bigger premiums.

7)      Modifications

As you may already know, the make and model of your bike can and will influence the price tag of your insurance premiums. Also, keep in mind that some modifications that you may decide to invest in could also lower or increase your monthly rates. For instance, implementing an aftermarket quality security system is always an excellent decision, because it lowers theft risk and reduces your insurance premiums. If you are currently thinking about customizing your bike, start by discussing your options with your insurance agent. He will be able to tell you which new features can unlock discounts and which ones can actually burn holes in your pockets. Usually, all modifications that can be considered preventive measures and minimize or prevent hazards make you eligible for special rates.

These 7 factors can inflate the price of your coverage. On the other hand, the good news is that there are effective ways to avoid some of them and reduce your monthly rates. Research is one of those beneficial elements that can always get you out of trouble and make you spend less money out of your own pockets. To get your hands on the ideal policy, tailored to your needs, demands and budget, just get free quotes with a few clicks. Surf the Internet, compare motorcycle insurance rates by zip code and stumble across remarkable offers brought to you by your favorite carriers.