Know the Average Motorcycle Insurance Rates and the Factors That Influence Them
In recent years, the average motorcycle insurance rates have shot up by a large percentage. Experts say this is as a result of increasing cost of repairs and parts. In the world of motor insurance, cost of insurance is directly proportional to cost of repair and spare parts. In addition to these two factors, the number of claims filed on monthly basis is higher than ever before. This means insurance companies are spending more on settlements, hence have to raise their average motorcycle insurance rates for any given driver if they are to meet cost of operation and make a little profit.
As a motorist, it pays to know what factors affect your average motorcycle insurance rates and how you can make these factors work for you. This knowledge can help you negotiate for a much lower quote for your policy and thus bring your average motorcycle insurance rates down. Below are some of these factors:
Age is a factor that greatly influences the average motorcycle insurance rates. Young drivers are more disadvantaged than older ones. Those in the senior age bracket can also be grouped in the disadvantaged category. The two groups are considered a higher risk than those in-between. Age classification differs between the two genders – for women, girls under 21 get the highest rates while for men, the young-and-risky age is tagged 25 and below. These age ranges vary from state to state so it is always good to check the most expensive age to be insured in your state before purchasing a policy.
2. Driving Record
Your average motorcycle insurance rates will depend on the kind of driving record you have. The insurance rates for drivers with a not-so-impressive record are usually higher than those of drivers with a clean record. Things that affect your driving record such as tickets, bookings and accidents automatically have an impact on your average motorcycle insurance rates. Keep your record clean and you will spend much less on motorcycle insurance.
3. Driving experience
Just like in car insurance, average motorcycle insurance rates are partly determined by how much experience a rider has. Average motorcycle insurance rates for someone who has just got their motorcycle license or bought their first motorbike (and with virtually no driving experience) will be higher than those of someone else who has been riding for years.
The average motorcycle insurance rates in rural settings are lower than those quoted in urban areas. The same principle is applied at state level; and insurance rates vary from state to state. Generally, areas with more traffic have higher rates.
A guaranteed way to bring your average motorcycle insurance rates is by searching for the lowest quote online. You will have a higher number of insurers to compare rates from and a greater chance of finding low quotes.