You’re finally ready to buy that beautiful new motorcycle you’ve been dreaming of, and now it’s time to think about insurance. Before you get started, you should understand how insurance companies determine the rates. If you understand this, you’ll be better able to get the best coverage at the best rate.

There are four components that will determine how much you pay for motorcycle insurance: your motorcycle, you, your location and the insurance company.

First is your bike. The more expensive your motorcycle is, the higher your premiums will be. This makes sense because a more expensive bike costs more to repair or replace. Insurance companies also take into consideration the statistics regarding this type of bike getting into an accident. A high performance bike that is popular with young drivers is statistically more likely to get into a crash than a practical motorcycle favored by more experienced drivers.

Second is you. This is mostly about your driving record, and your experience driving a car counts. If you have a clean record and have been driving for a while, you’ll get relatively low rates. If you are young, your premium is likely to be higher, because young drivers tend to be involved in more accidents.

Next they’ll ask for your zip code or postal code and where you park your motorcycle at night. Statistics come into play again here. Accident rates are higher in some locations than others. If you live in an area with a lot of traffic or dangerous highways, expect that to be reflected in your rates. Also, insurance companies have to pay a claim if your bike is stolen or damaged, so they consider the crime rate in your area. You can save some money if you are able to park your bike in a secure location, such as a locked garage.

The last factor is the insurance company. Some insurance companies just charge more than others. Some specialize in a niche market, for example, drivers with good driving records. If your situation doesn’t match the niche they specialize in, expect to pay a premium.

Now that you know the factors that go into determining motorcycle insurance rates, here are some tips on how to get the best deal you can.

Buy a motorcycle that has a low accident rate. If you are considering a couple of different models, get insurance quotes for both and take that information into account. Also, if you buy a used bike, the value will be lower, and so will your insurance rates.

Keep you driving record clean. If you have a ticket or an accident that is about to age off of your record, it might be wise to wait a while before getting that motorcycle. Take a defensive driving class, or a class specifically about riding motorcycles.

Shop around. It’s much easier to do, now that you can get motorcycle insurance quotes online, but it’s still time consuming. It is well worth your time to get many quotes. Spend all day if you have to. You’ll probably save a lot of money.

There is a huge difference in what one person pays for motorcycle insurance and what another person pays. If you take the time to plan ahead, your insurance will be much more affordable.

Author Bio: Written by Coleen Smith Motorcycle Insurance Comparison Online Motorcycle Insurance Quotes

Category: Finances
Keywords: motorcycle insurance, insurance comparison, insurance rates