When shopping for insurance quotes, you want to make sure you’re truly getting more bang for your buck. There are a number of important factors that companies use to determine motorcycle insurance quotes. This helpful guide on the quoting process will reveal exactly how companies choose to charge you for coverage and why.
Insurance companies require important information from the shopper to establish a quote. They do this to properly assess the risk level of the driver. Specifically, in the case of motorcycle insurance, there are five key factors commonly used to establish quotes. These five factors are your age, driving record, type of motorcycle, location, and type of coverage needed.
The Five Factors
Essentially, it’s the same criteria by which car insurance quotes are chosen. However, with minor variations. Age is important because a driver’s experience is key to determining how much of a risk they are on the road. Common statistics have concluded that young drivers are more likely to be involved in an accident on the road. Therefore, they often pay higher premiums than other drivers.
An even clearer way of seeing whether or not someone is a high-risk driver is via driving records. Drivers with a clean driving history have nothing to worry about. However, drivers with some, er, splotches on their record may be in for a rude awakening upon arrival of the insurance quote. The factor of your motorcycle type also has a lot to unpack within it.
Any customization you add to your bike can cause your coverage rates to go up or down. The bike’s age and original price can also cause your rates to fluctuate. Even the horsepower has an effect on your rates. You may not have originally thought that these factors were important to decide how much of a risk your bike is but they are incredibly important.
Just as important to determine how much of a risk you are is something very simple–your location. Insurance companies will use this information to observe related statistics in your area. Statistics such as theft and accident rates near your location. It’s important to note that if you own a structure to keep your motorcycle in, it could score you cheaper coverage rates.
If you have to park your bike in an outdoor space as opposed to a holding area kept under lock-and-key, you may not be quite so lucky. Maybe even more important than all other factors is the type of coverage needed for your specific situation. Things such as your deductible amount or additional endorsements you apply to your policy can affect the rate you pay for coverage.
Do you have any questions about motorcycle insurance quotes? Would you like to make sure you’re paying the best price for your coverage? Our insurance agents and customer service team are here to help with your coverage needs. Call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. Our offices are open from 8 a.m. to 9 p.m. CST, 7 days a week. Insurance Navy also has a strong presence on nearly all forms of social media.
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