Motorcycle Statistics - What is Average Cost Motorcycle Insurance?
When an insurance company gives you a quote they as essentially
taking a guess at what your insurance risk is. They base this on
various factors such as your age, location, type of bike, experience
riding, driving record, and even your sex. Your insurance can cost
anywhere from a couple hundred dollars a month, to several hundred.
This may seem unfair, but they have to base their rate on something
so they use past data to estimate how much of a risk you will be.
Locations with poor weather conditions and high accident rates
tend to have more expensive insurance. Men tend to cost more to
insure than women, and younger riders tend to cost more to insure
than older riders, even at equal experience levels. The longer
you ride and maintain a good record the lower your insurance rates
High-powered sport bikes also cost more
to insure than bikes that are lower in performance and easier to
ride. You also have to factor in the extensiveness of your coverage.
Full coverage including theft, damage, and medical will cost more
each month than a very basic insurance plan with limited coverage.
Most insurance plans also base their rates on the number of months
in the year that a location is typically ridden. For example, in
Southern California you will get twelve months of coverage, but
in New York you may only get eight. Furthermore, some plans will
cover you all year round but you only pay a premium during the
main riding months.
Many insurance companies also offer discounts for various reasons.
If you take a safety course and earn certification you can usually
expect a fairly hefty discount on your insurance. Riders that have
attended and completed a motorcycle safety course are less than
half as likely to have an accident than riders without the same
training. Insurance companies know this and offer discounts to
encourage taking these courses. Remember, your insurance company
does not want you to crash. You can also get a discount on theft
insurance if you have an anti-theft device, such as LoJack, installed.
These devices can increase the chance of recovering a stolen motorcycle
by over ninety percent. This reduces the chance that the insurance
company will have to pay out on a stolen motorcycle, so they also
encourage the use of these devices.
Many insurance companies also offer discounts if you insure more
than one motorcycle with them. For example, you may pay three hundred
dollars a month for one bike, but if you buy another and insure
it with the same company, you will pay two hundred and fifty a
month for each bike for a total of five hundred instead of six
hundred. Many insurance companies also offer price breaks for groups
or clubs or riders.
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