What Factors Impact Your Motorcycle Insurance Cost?

Owning or riding a motorcycle typically requires you to have motorcycle insurance. When selecting an insurance policy to fit your needs and budget, it’s crucial to consider the variables insurers will use to determine your policy rates.

How Motorcycle Insurance Works

Motorcycle insurance is designed to protect riders from the financial losses of incidents such as accidents, theft and damage involving their bike. The policyholder pays a monthly or annual premium, and in exchange, the insurer agrees to cover costs for resulting expenses based on the terms of the chosen policy. Policies typically provide financial coverage for property damage, bodily injury, medical expenses, and the repair or replacement of your motorcycle, as outlined in the policy.

How Motorcycle Insurance Rates Are Determined

The following are factors that impact the cost of motorcycle insurance:

• Type of motorcycle—The bike you ride significantly impacts your policy cost; sportbikes or other high-performance motorcycles typically have higher premiums because of their speed and risk. Furthermore, bikes with larger engines or customized additions may also see higher premiums.
• Rider experience—Newer riders or people with traffic violations on their driving records may be considered higher risk and may experience higher insurance costs.
• Location—Areas with high traffic volume or those prone to extreme weather could experience higher motorcycle insurance rates.
• Motorcycle use—If you use your motorcycle as your main mode of transportation, you may see a higher insurance rate than if you only ride recreationally and infrequently.
• Coverage—The amount and types of coverage you choose also impact your insurance rates.

Contact Us

The knowledgeable and dedicated team at Best Buy Insurance in Phoenix, Arizona, can help you navigate your options for motorcycle insurance. Contact us today and let us help you find the best policy for your needs and budget.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.