In this blog we go over all the different types of factors that are considered when determining motorcycle insurance premium. Typically we see motorcycle insurance range from $250 to $580 on average.
Then what kind of factors are considered when insurance companies calculate motorcycle insurance premiums?
First thing that is considered is the age of the driver. Typically insurance companies that offer motorcycle insurance like drivers who are over the age of 25 as they deem that the age where potential clients are more responsible.
That being said, there are safety courses and training programs for motorcycle riders that can be completed and submitted to insurance companies to help mitigate some of the high insurance premium regardless of your age. Another factor that insurance companies consider when issuing motorcycle insurance is the motorcycle's usage.
If your motorcycle is used in dirt bike races or street races you will be paying more in premium than if it is just a recreational vehicle. Also on that same note storage location is also a factor. Insurance companies tend to give cheaper motorcycle insurance premiums if your motorcycle is stored in a safe place such as being locked up in a garage to avoid theft, wind or hail damages as opposed to just being outside under a tarp.
Another factor regarding insurance premium is how long is your motorcycle in storage mode? The more it's in storage also means the less it is used and the less it's used means the less premium you will likely have to pay.
Replacement cost is also a factor in your premium. The more the bike is to replace means the more financial loss the insurance company will receive so to compensate they will most likely charge you additional premium depending on how much it costs to replace or repair your bike.
Also depending on if you want full coverage or liability only obviously will be a factor in determining how much you will pay in premium. Another Factor would be if you want to include passenger liability with your motorcycle insurance.
I always recommend passenger liability because if your passenger gets injured in the event of you causing an accident you will want that coverage in place to make sure that you are not liable for any lost wages, pain and suffering or any other thing that they could potentially bring a lawsuit against you for.
In determining premium. For instance if you have any sort of cruising motorcycle those typically are the cheapest when it comes to insurance. For sports bikes insurance companies typically charge more for those as they are a lot faster and have more power.
Age of the bike is also a reading Factor because typically the newer the bike the more expensive it will be to replace as well. I would say at the end of the day that motorcycle insurance coverage at least in Utah is one of the more inexpensive auto insurance products.
I also definitely recommend never to skim on liability, comprehensive, collision and medical insurance coverages when it comes to motorcycle insurance because it's going to cost you a lot more in the long run in the event of you being underinsured and not having proper coverage in an accident. For more information please reach out to me at astillman@bluebridgeins.com or visit my website at https://www.bluebridgeins.com/motorcycle-insurance-quote
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