In 2011, women made up 30 percent of all motorcycle riders.
A 35-year veteran of motorcycle riding, Thor took out a loan of $15,500 for his 2011 Harley Davidson Cross Bones and lives in Los Angeles. Jimmy lives in rural Michigan, paid $1,000 cash for his 2003 Honda Rebel and has just passed his riding test. These factors and the specific coverage selected by each person determines the cost of motorcycle insurance.
What You Ride and Where You Live
Choose the motorcycle that suits your riding needs and habits.
The make, model and year of the motorcycle determine insurance rates. A sport bike, Harley Davidson or racer will cost more to insure than a cruiser, Japanese or standard motorcycle. A larger CC engine (cubic centimeters equals the power of the bike) size costs more than a lower CC engine, and newer bikes usually cost more to insure than older rides. Insurance companies often look at population density when determining costs of motorcycle insurance. The more heavily populated an area, the greater the likelihood of a claim, thus a higher cost to the rider.
Rider Experience Reduces Premiums
If you are new to motorcycle riding, regardless of how clean your auto driving record is, your premiums are likely to be higher than those of somebody with several years of riding under his belt. The more time you have spent riding a motorcycle, the greater the likelihood of being rewarded with insurance discounts. Therefore, keep your license active and your insurance premiums paid and up to date.
Rider Safety Courses Lower Premiums
The Motorcycle Safety Foundation (MSF) offers training courses in every state. All insurance providers offering motorcycle coverage offer discounts to riders successfully completing the course. The MSF discount is usually applied for a period of three years, so retaking the course is necessary but worthwhile in terms of safety and applied discounts. Additional courses are available for the experienced rider to obtain insurance discounts, such as the MSF's Experienced Rider Course.
Coverage and Cost
Personal choice in coverage selection determines most of the cost of motorcycle insurance. Every rider must have standard coverage to ensure liability is covered in case of an accident, but the amount of liability is partially up to the insured. As the rider adds coverage, such as collision coverage and fire and theft, to this basic package, he incurs additional insurance costs. Comprehensive coverage increases premium cost as it includes everything covered under the standard package and liability, but also addresses specific dangers and damages the rider and motorcycle may face. Comprehensive coverage is required by lenders.
Additional Factors
Assess your riding habits to control the cost of motorcycle insurance. If you'll never have a passenger on your bike, some policies allow you to eliminate "guest passenger" coverage. If you're financing a bike, the lender will require collision and comprehensive coverage. However, if your motorcycle is paid off, old and not highly valued, you may choose to eliminate such coverage. Ask providers if they offer discounts for membership in motorcycle associations such as MSF, American Motorcycle Association or Harley Owners Group. If you pay your bills on time and have a good credit score, ask providers if they offer a discount based on your financial responsibility score.
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