Motorcycle Insurance Costs: 5 Things That Affect Your Premium

May 6, 2020 1 min read

Whether you’re buying your first motorcycle, or you’re a long time rider, having the right motorcycle coverage before you hit the open road is a must. Knowing what factors could have an impact on your premium is important. Here are five things that can affect the cost of your motorcycle insurance.

5 Factors That Can Influence Your Motorcycle Insurance Premiums

1. Your Riding Habits

Your riding record and how much you ride are often two main factors that insurers use to help determine insurance premiums. A clean riding record can help you save money, but if you have a history of multiple accidents, your motorcycle insurance cost may be higher. If you’re a new rider, the lack of riding history can also impact your premium.

The more you ride can also influence the cost of your motorcycle insurance. The idea is the more time you’re on the road or miles you log increases your exposure to risk (or likelihood of having an accident).

2. Where You Live and Park

Not only where you live, but also where you park, are common things that can be factored into the cost of insuring you and your motorcycle. Urban or more occupied areas can have an influence on your rate.  Location demographics — like crime, theft and vandalism rates, population densities and weather patterns — can have a direct impact on determining your premium.

3. Your Age

If you’re a younger or less experienced driver, your motorcycle insurance premium could be higher. Older or more experienced ​riders may benefit from lower rates.

4. Motorcycle Make and Model

It’s likely that a more expensive motorcycle will cost more to insure. The cost of repairing or replacing parts on a more expensive motorcycle will be higher than on a more modestly priced bike.  In addition, the higher the performance of the motorcycle, the more expensive it will typically cost to insure.

5. Deductibles

Having a higher deductible on your motorcycle coverage can generally help lower your premiums. It is important to note that if you do have a claim, you’ll need to have money set aside to cover the higher deductible.

Get the Coverage You Need

Whether you use your motorcycle as your daily driver or as a fun weekend vehicle, be sure your bike is protected with motorcycle insurance customized to your needs. Your local Farm Bureau agent can help ensure you have the right motorcycle coverage today.

Want to learn more?

Contact a local FBFS agent or advisor for answers personalized to you.