Few things can offer a greater sense of absolute freedom and oneness with the road ahead than riding on a motorcycle, with the sun in your face and the wind in your hair. Now, although most bike owners loath to discuss average motorcycle insurance rates, the fact is that there is a significant amount of disparity in average motorcycle insurance rates.
How much will you end up paying for motorbike insurance?
The average motorcycle insurance rates can vary between an affordable $30 per month to an exorbitant $300 per month. Insurance companies consider several factors when determining the risk rating of their client, which has a direct bearing on the price of the policy.
Who is getting the best and worst average motorcycle insurance rates?
It is not unusual to see drivers in their late teens and early twenties paying through the nose for bike insurance. If you are a 19 year old, you can expect to pay in the vicinity of $100 per month or more.
However, the average motorcycle insurance rates will be significantly lower for people in their thirties and forties with several years of bike riding experience. They will seldom need to pay more than $30 to $50 for coverage.
Other factors that impact average motorcycle insurance rates
Your driving record: If your record is marred by instances of speeding, disqualifications and accidents, the insurance providers will definitely slot you in the high-risk category, pushing your policy rates higher.
In fact, regardless of who was at fault, the insurance company will consider all accidents that took place in the past 3 to 10 years. If alcohol and drugs were involved in the untowardly incident, your cost can be significantly higher.
The type of bike you own: The size, make and model of the vehicle are also crucial considerations that will have a huge impact on the average motorcycle insurance rates offered to you.
Vehicles with higher theft rates will cost more to insure as will modified and antique bikes. On the other hand, if you have an anti-theft device installed, this can marginally lower average motorcycle coverage rates.
Insurance claim history: If you have a history of making accident claims, chances are that you will not shy away from filing another claim. This will also get you slotted in the high-risk category, increasing the cost of insurance for you.
The part of the city that you live in: Living in a neighborhood with lower theft rates can also lower your coverage costs. In contrast, residing in an area of the city that is prone to auto thefts, vandalism will have the opposite effect.
Also, parking the bike in your garage or a well-lit area will lower average motorcycle insurance rates as coverage providers consider these factors to be theft deterrents.
What have you done to become a safer rider: Taking a ‘safe riding’ course or going through a certification program on preventing collisions offered by a reputable organization will also lower rates.
The type of coverage you buy: The average motorcycle insurance rates will also vary based on the type and extent of coverage you need. For instance, a basic third party cover will cost significantly less than a comprehensive policy.
Your insurance provider: Yes, the company that you deal with, the number of clients they have and their standing in the insurance market will also have a bearing on how much you end up paying for the policy. This highlights the importance of research when buying motorcycle coverage.
Motorcycle usage: The average motorcycle insurance rates will also be impacted by how much you use the vehicle and what you use it for. The higher the usage, the more will be the cost of insurance. The same principal also holds true when it comes to risky activities like motorcycle racing.
The fact remains that getting a policy is not only a legal mandate for bike owners but also a prudent decision given the burgeoning price of motorcycles and repairs and the higher instances of accidents involving them. If you own the bare minimum cover or are interested in changing your insurance provider, you should definitely research the average motorcycle insurance rates online.