Your Insurance Score
Did you know that in addition to a credit score, you also have an Insurance Score? This score correlates with your probability of filing an insurance claim. Higher insurance scores generally contribute to lower motorcycle insurance premiums. Also, keep in mind that while your credit score affects your insurance score, it is not the only factor. Insurers also consider your accident history and your insurance history.
The coverage you want
Texas requires motorcycle owners to carry motorcycle liability insurance for bodily injury and property damage. It is up to you to choose the coverages that suit you best. For example, you can add rental reimbursement and roadside assistance for more coverage.
Since experience tends to increase with age, it is considered a key factor in limiting accidents. Motorcycle insurance premiums often start out comparatively high for young motorcyclists and then gradually decline until motorcyclists reach their 70s.
Your driving record
Your history of accidents, violations and fines, license suspensions, and other factors will help insurance providers determine how likely you are to file a claim in the future. If your driving record is clean, you are more likely to find cheaper insurance rates.
Depending on the amount of time you spend on your bike, you are more likely to eventually experience an accident or other incident and file a claim. Your rates will likely increase accordingly.
Type: Insurance companies take into account the types of motorcycles and the risk of theft and accident associated with each when calculating their insurance rate.
Value: Expensive motorcycles cost more to repair or replace than cheaper models, making them more expensive to insure.
Safety Classification: Motorcycles are assigned safety classifications based on historical data. If your bike has a high safety rating, your premiums will likely go down.
Theft Rating: If your motorcycle make experiences a high theft rate, your rates could go up.
Engine size - Larger engines tend to be more risky, which in turn can increase your insurance costs.
Depending on where you live, weather conditions can help determine your motorcycle’s riding time. The more frequently you drive, the greater your risk of an accident. And while storage for months can increase the risk of theft, it is offset by a lack of time on the road, so your insurance premiums could be lower.
Tips to Lower Your Motorcycle Insurance Rates
Take a cycling course - Participating in a cycling course demonstrates your commitment to safety.
Join a group of motorcyclists - There’s nothing like hitting the road with friends. Especially when you can enjoy lower rates just by joining a local group.
Limit your customizations - Some custom kits are not covered by motorcycle insurance or, if they are, they could be expensive to replace. You could end up with higher fees or possibly pay out of pocket after an accident.