Factors that Affect Your Rates
In general, motorcycle insurance rates are affected by the following factors:
- Your credit score: It's true - your credit history affects your motorcycle insurance premium as much or more than your driving history. Statistically, motorcycle riders with poor credit are more likely to file a claim, so insurance companies tend to raise premiums for these customers to compensate for risk.
- Your age and driving history: The insurance company will do a risk assessment based on how old you are and any included traffic accidents or violations on your record, both for your motorcycle and your car.
- Where you live and travel: If you travel in high accident or crime areas, your risks are higher. Where you store your bike also matters: if it is kept in a locked garage, it is much less likely to be stolen or damaged.
- How often you ride: If you ride year-round, you will face more risks than drivers who only use their motorcycles for a few months of the year, or only on weekends.
- The make and model of your motorcycle: How expensive is your bike? How new? And how much horse power?
- After-market additions: Insurers will also take into account whether you have added specialty components, such as a custom frame.