Your insurance score
Did you know that besides a credit score, you also have an insurance score? This score correlates to your likelihood of filing an insurance claim. Higher insurance scores typically contribute to lower motorcycle insurance premiums. Also, keep in mind that while your credit score impacts your insurance score, it is not the only factor. Carriers also consider your accident history and insurance history.
The coverages 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 make sense for you. For example, you could add rental reimbursement and roadside assistance for more coverage.
Because experience tends to increase with age, it is considered a key factor in limiting accidents. Motorcycle insurance premiums often start comparatively high for young riders and then gradually decrease until riders reach their 70s.
Your driving history
Your history of accidents, violations and tickets, license suspensions, and other factors will help insurance providers determine how likely you may be 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, the more likely you are to eventually experience an accident or other incident and submit a claim. Your rates will probably go up accordingly.
Type: Carriers do take motorcycle types and the theft and crash risk associated with each into account while calculating your insurance rate.
Value: Expensive motorcycles cost more to repair or replace than cheaper models, which makes them more expensive to insure.
Safety rating: Motorcycles are assigned safety ratings based on historical data. If your bike has a high safety rating, your premiums will likely decrease.
Theft rating: If your motorcycle brand or make experiences a high rate of theft, your rates could increase.
Engine size: Larger engines tend to mean more risk, which in turn can increase your insurance costs.
Depending on where you live, the weather conditions can help determine the time riding your motorcycle. The more frequently you ride, the higher your accident risk. And even though months-long storage can increase your theft risk, it is outweighed by your lack of road time, so your insurance premiums could be lower.
Tips to reduce your motorcycle insurance rates
- Take a rider course: Participating in a riding course demonstrates your commitment to safety.
- Join a rider group: There is nothing quite like hitting the road with friends. Especially when you could enjoy lower rates just by joining a local group.
- Limit your customizations: Some customized equipment is not covered by motorcycle insurance or if it is, it could be expensive to replace. You could end up with higher rates, or possibly pay out of pocket following an accident.