Common Factors That Might Lead to A High Motorbike Insurance Price

Photo by Romain Dancre on Unsplash

Motorcycle insurance is calculated on the basis of many factors. Different aspects are analyzed by insurance companies to assess the risk.  Then the premium on the insurance policy is calculated. To understand why the plan is charging a certain amount, it’s important to understand the elements influencing it. Many seasoned riders end up buying insurance that can be costly if they don’t understand the reasons for the higher price. The right information can really help you sift through policies that might burn a hole in your pocket. Here’s how your motorbike insurance might hike up:

  1. Brand: Since insurance cover is sought to cover the value of the bike, the brand matters a lot when it comes to price. A low cost bike means a cheaper insurance. On the other hand, an expensive sports bike will make your insurance premium go up quite a notch. The make and model of a motorcycle is major factor that leads to a higher premium.
  2. Engine Capacity: One of the most common reasons for a higher price for motorbike insurance is a bigger engine. A smaller engine with lesser volume will warrant an equally small amount in insurance premium. Whereas a bigger engine with a larger capacity will have the owner being levied a higher premium. 
  3. Age Of Rider: New riders generally have higher insurance premiums as there is not much track record of them driving. Once you drive around without being involved in any collision, the insurance price starts to drop. Often in many countries young male riders with less than one year of driving experience get charged a higher insurance than others.
  4. Anti-Theft Devices: Bikes without any anti-theft devices installed on them will have the owner pay a higher price for its insurance. Depending on the insurance company guidelines, having such devices can make you eligible for discounts on insurance prices. As it reduces the risk on the motorbike and the chances of a future payout for the company.
  5. Driving Track Record: If your track record has a traffic violations or accidents, then certainly your insurance price is bound to go up. Driving while following the rules and regulations, not only ensures your own and everyone’s safety, but also cheaper insurance.
  6. Deductibles: In case the repair or replacement cost is high, then the deductibles being higher means more expense on your part. The premium will be lower if your deductibles are high and vice-versa. So it means a more balanced decision when it comes to deductibles.

Motorbikes are a more economical way to commute, especially for young men. It can absolutely defeat the whole purpose of being more cost effective, if you end up paying more for your insurance. It pays in the long run to do your research and find out more information. It puts you in a position where you can make more informed decisions. So, talk to different insurance providers and find out details about the policy before paying for it. Knowledge is certainly power, when it comes to motorcycle insurance.