Generally, it is less expensive to insure a motorcycle than a car because they are easier to replace. Yet, there are still ways you can decrease your monthly premium and obtain even more affordable insurance. Often, insurance companies consider multiple factors before defining your month-to-month cost. With that in mind, here are a few things to know before you select a plan for your bike.
Factors That Lower Your Premium
Your motorcycle insurance cost varies upon multiple factors, and you are more likely to be approved for a lower premium when you meet specific requirements. To decrease your premium, insurers recommend enrolling in a safety or training course. Other factors that lower your bill include mature rider discounts or multi-bike discounts. You may also qualify for additional discounts through other organization promotions.
Other Variables That Affect Cost
There are additional variables that affect the cost of your coverage each month. Insurers often survey your age, driving record, and living environment to determine your premium. The style of bike and how you store it also determine your cost. High-speed, bullet bikes will often cost more to insure because of higher risk. Expensive, name-brand bikes may also cost more to insure since they are potentially more costly to replace after an accident.
Although motorcycle insurance is generally less expensive than car insurance, there are ways to decrease your monthly premium. Understanding how insurance companies offer coverage and determine costs can save you money.