Motorcycle Insurance Rates

When it comes to buying motorcycle insurance, you have plenty of options. This includes the major auto insurance companies that also offer motorcycle coverage, as well as specialty carriers that only insure cyclists.

When choosing a provider, you should consider a variety of factors, including the strength of the coverages, the ease of filing a claim, the responsiveness of company representatives, the track record of handling claims, and the financial stability of the insurer.

And, of course, the price. So, with that in mind, let's look at how to find the most affordable premium rates.

Guide to Shopping for Motorcycle Insurance Rates

When looking for a competitive motorbike insurance rate, you have a few options, such as:

• Using sites that compare quotes from multiple carriers.
• Calling individual providers.
• Asking an independent insurance agent.
• Visiting insurance company sites.

With the third option, keep in mind that independent agents can only offer insurance from carriers they have a contractual agreement with. So, this might limit your options.

For most bikers, the online route is the most convenient and fastest one, especially the last option. However, you won't be able to get a quote from some insurance carriers on multiple-quote sites―especially the smaller, motorcycle-only providers―so you will need to call those companies or visit their sites.

But, this can be a great starting point.

Determining Motorcycle Insurance Rates

So, how do motorcycle insurers come up with their rates, anyway?

Believe it or not, they base their premiums on sound statistical data that helps them determine the likelihood of you filing a claim (and costing them money). Insurance companies consider a number of factors, including:

• Age
• Gender
• Location
• Vehicle type
• Marital status
• Accident history
• Driving record (moving violations)
• Annual mileage
• Credit score

In general, those who are younger than 25, female, married, live in a rural location, don't ride much, drive a safe but inexpensive bike, and have a clean driving history and great credit are treated to the best rates.

Don't Forget About Those Insurance Discounts

Riders who qualify for common motorcycle insurance discounts―such as safe driver, multiple-policy, and safety education―can chop anywhere from 5% to 20% or more off their quoted rates.

So, when comparing prices, be sure to consider the discounts offered by the insurers; often the cheapest rate initially may not be the lowest when you factor in the available discounts.