Motorcycle insurance cost is based on a large variety of different factors. The thing you should always keep in mind about insurance is that you can get insurance from any company you want and not all companies are going to give you the same rate.
You will find that some companies cost a lot more than other companies and you will also find that some companies offer different features in their insurance packages.
It is important to do the proper research and to get quotes from a few different companies if you want to try and keep costs down while still providing yourself with insurance that is going to give you peace of mind if you get into some kind of accident.
One way to get a fairly cheap insurance rate is to go through an insurance broker. An insurance broker has a variety of insurance companies that they deal with and they are supposed to give you the best rate that they have available.
Obviously this method has to have some degree of trust involved and you may want to use a big name insurance broker so that you know you aren’t getting ripped off and paying higher insurance for no reason.
If you want a breakdown of what sort of things are going to cost you more for your motorcycle insurance, it comes down to a variety of different factors.
The main factors being age, the actual cost of your motorcycle for the insurance company to replace should you get into an accident, speed of the vehicle, the number of doors and whether or not you have winter tires on the vehicle during the winter season if you have a bad winter climate in your area.
Generally you will find that the people with the cheapest insurance have the lowest cost bikes and are also of an older age. If you are an 18 year old looking for insurance you are going to find that you will be paying more than someone who is 27 and has all of that driving experience behind them.
It is important to note that if you have any speeding tickets or something like a DUI on your record, you are going to be paying a lot more insurance than the average person will.
This is because if you are driving behind the wheel impaired or speeding/ driving dangerously, you are more likely to get into an accident potentially hurting or killing someone and potentially costing your insurance company more money. Another factor that sort of goes along with age is whether you have a learner’s permit or whether you have your full license.
Years of experience behind the wheel is a huge deal for insurance companies and it doesn’t matter if you are 18 or if you are 45 years old; if you have never driven before you pose a higher risk for the company and you are going to be paying a higher monthly payment than someone with more experience under their belt.
The largest differences that you will normally see in cost is likely going to be whether you put collision on your vehicle or not; as long as you don’t have driving offences on your record. Putting collision on your vehicle makes it so that the insurance company has to pay for any damages done to the vehicle when an accident occurs.
People put collision on their cars for a variety of reasons, if you don’t have a big budget this is often something that people remove from their insurance policy although it is important to remember that you will have to pay for damages out of pocket and accidents can happen at any time; someone else could be entirely at fault but you could still end up paying out of pocket.
Depending on the insurance company you get, you will find that they take money from you in a couple of different ways.
Some companies will withdraw money from your account on a monthly basis and it will always be on a predetermined day that you set in place while setting up the contract. Other companies will do irregular things such as make you pay for only 11 months at a time and divide your annual cost into 11 months instead of 12.
Doing things like this gets the money to the insurance company faster and therefore allows the insurance company to make more money because they can do things like invest in their business, or invest into their employees and other things that make them money.
It is very important to remember that cheap insurance is not always the best insurance. If you have an expensive bike it is important to remember how much parts cost as well as the time and labour it takes to fix any damage that takes place.
If you have a cheap bike and not very much money on a monthly basis you still may want to find a way to pay collision so that you don’t have to pay for your bike getting totalled.
Having a totalled bike can mean having to buy a brand new one or having to put a huge amount of money into it order to make it road worthy again.
One other important thing to remember is that you can cancel your insurance at any point in time. This means that after you decide on one company you can continue to phone around and try and get yourself a cheaper rate with someone else. Policies also have expiry dates and you will have to renew your policy at the end of it otherwise you won’t be covered by insurance and you will be driving illegally.
It is always a good idea to make a habit of phoning insurance companies even though you may be on the phone with them for quite some time. Most companies can give you a quote in under a half an hour and many companies offer quotes online if you put in all of your information.
Remember that it is important to be honest when you are talking to your insurance company because you can be charged with criminal offences if it is found out that you weren’t being truthful to the best of your knowledge.