How Much is Motorcycle Insurance?

Which Factors Increase Motorcycle Policy Cost?

Explore the factors that can impact the cost of your Motorcycle Insurance.

 

Your location

Where you live affects your Motorcycle Insurance rate due to a few factors such as riding seasons, as colder states have a shorter riding season and therefore lower crash rates, while warmer states have higher chances of accidents and, hence, higher insurance prices.

 

Another factor is that urban areas that are frequently busy have higher rates of vandalism which leads to higher policy prices, and having more traffic also causes more accidents. Additionally, it’s important to note that minimum coverage limits vary by state law.

 

 

Age and type of bike

The price of Motorcycle Insurance can vary depending on several elements, including the model, year, and engine size of your bike. For instance, newer bikes will have higher policy costs, and the more expensive the bike the higher the insurance rate. Also, the features of your bike can impact the coverage cost.

 

When comparing types of motorcycles, keep in mind that larger engine models generally have higher insurance costs due to the increased risk associated with high-performance bikes. Sport bikes prioritize speed with powerful engines while touring motorcycles have larger frames, heavier builds, big engines, and feature high-tech amenities like heated seats for comfortable long trips. Standard bikes, on the other hand, offer a neutral rider position, medium seat height, and varying engine power, and are popular for their versatility. Therefore, these factors are considered when determining the average premium for Motorcycle Insurance rates.

 

 

Miles you ride 

The frequency of motorcycle usage and the corresponding mileage are significant factors considered by insurance providers in determining your policy price, as higher mileage raises the risk of accidents.

 

If you regularly use your bike to get to work, you might pay higher premiums due to riding during rush hour when accidents are more likely. But if you only use our motorcycle for sporadic trips the chances of suffering an accident are much lower. Bear in mind that all insurance companies will ask how many miles you ride on average, and that’s an important factor when calculating the cost of your Motorcycle Insurance. Accurately estimating your mileage is essential to avoid overpaying or potential claim issues.

 

 

Storage place

The site where you store your motorcycle can significantly impact your insurance premium. If you park your motorcycle in a spot that may be unsafe and therefore your bike becomes an easy target for theft, the price of the policy will most likely increase.

 

Storing your bike in a secure and discreet location assures both you and your insurance provider. While not possible for everyone, it’s highly recommended that you store your bike in a garage. It’s important to research how different storage options can affect the price of your policy.

 

 

Safety features

Including safety features on your motorcycle is an additional factor that impacts the cost of your insurance. When you choose to include security elements like an anti-theft alarm, bike lock, ground anchor, or immobilizer, it reduces the risk of theft or damage to your bike, therefore, you can get lower policy rates.

 

By equipping your motorcycle with safety features, you are effectively minimizing the potential risks involved. This reduction in risk means that you’re less likely to have your bike stolen or vandalized, resulting in lower potential costs. Consequently, insurance companies can offer you a more competitive premium.

 

 

Deductible 

The deductible is the initial amount that you agree to pay out of your pocket before your insurance policy begins to cover the costs. That way, the deductible you pick for your Motorcycle Insurance will also play a role in determining the average cost of your policy.

 

If you opt for a higher deductible, it means that you’ll have a higher out-of-pocket expense in the event of an accident or claim. However, choosing a higher deductible generally results in a lower overall insurance rate. On the other hand, if you prefer a lower deductible, your out-of-pocket expenses at the time of an accident will be lower, but this typically leads to a higher overall insurance premium. So, the choice of deductible directly impacts the trade-off between immediate expenses and long-term insurance costs.

 

 

Coverage

Finding the right balance between the level of protection you want for your motorcycle and the price you are willing to pay is crucial when considering Motorcycle Insurance. Take a look at PSIC’s coverages.

 

It’s vital to understand that the amount of coverage you choose will directly impact the policy rate. While you have the option to add as much coverage as you prefer, it’s essential to understand that each additional coverage will affect the overall price. That’s why it’s advisable to carefully assess your needs and evaluate the amount of coverage you want to include, ensuring that it aligns with both your budget and the level of protection you desire for your motorcycle.

 

 

Your riding record

Your riding history, including previous motorcycle accidents or traffic violations, can affect your insurance rates as your profile may be considered high-risk. But if you have a clean riding record you may qualify for lower premiums.

 

Having violations such as speeding tickets as well as a history of at-fault accidents or filed claims, can lead to higher insurance prices. Insurance companies view these factors as indications of increased risk, prompting them to charge more to compensate for the potential costs involved. To mitigate these impacts, we advise that you keep a clean riding record and prioritize safe riding practices.

 

 

How to Lower Motorcycle Insurance?

Simple upgrades and savvy decisions can lead to substantial savings. It’s time to make the most of your Motorcycle Insurance!

 

Take a safety course

Completing a safety course can lead to a reduction in the price of your Motorcycle Insurance. That way you demonstrate your commitment to being a responsible and skilled rider, which insurance companies recognize and reward with lower rates.

 

Regardless of whether you are a novice or experienced motorcyclist, enrolling in a motorcycle safety course every few years offers multiple benefits. Not only does it enhance your riding skills and make you a safer rider, but it often leads to a discount on your policy. By regularly participating in these courses, you prioritize your safety while enjoying the added advantage of potential cost savings on your insurance premiums.

 

 

Get multi-bike insurance

Getting multi-bike insurance can save you money because it reduces the cost of your Motorcycle Insurance, but it also simplifies the process and saves you time. By insuring two or more bikes under the same policy, you ensure enough protection and the convenience of having everything in one place.

 

When you have multiple bikes, you have the option to add them to a single policy. This streamlines the shopping, purchasing, and renewal process, making it easier to manage your insurance for all your bikes. With just one policy to keep track of, one renewal each insurance period, and one point of contact for claims, insuring multiple bikes on a single policy provides both logistical simplicity and potential savings compared to individual insurance.

 

 

Add safety features

Having safety features on your motorcycle can lead to a reduction in the price of your insurance. By adding anti-theft technology, such as a reliable alarm system, you can lower the risk of your bike being stolen. This decrease in risk can result in lower policy fees, saving you money in the long run.

 

Riders may even choose to combine multiple safety devices to enhance the security of their motorcycles. Additionally, accessories that provide protection or enhance the aesthetics of your bike. While these accessories do not affect how your bike handles, they can offer additional protection for you and your motorcycle in the event of an accident. Including such accessories in your motorcycle can demonstrate your commitment to safety, potentially leading to favorable insurance rates.

 

 

Choose disappearing deductible

Opting for a disappearing deductible can help reduce the cost of your Motorcycle Insurance. This add-on gradually decreases your deductible and rewards accident-free periods, the deductible is lowered over time, leading to significant savings.

 

Note that while adding a disappearing deductible may increase the cost of your policy initially, it can ultimately save you money in case you have an unwanted situation in the future such as a crash or if you get involved in a dangerous situation. In conclusion, gradually reducing your deductible for each claim-free policy term, it provides an opportunity to lower your out-of-pocket expenses in the event of an accident.

 

 

Use your garage

Storing your bike in the garage at home is a highly effective method to showcase to insurance companies that you’re actively reducing potential risks. It is considered one of the most effective ways to secure your bike.

 

In addition to the security benefits of keeping your bike out of sight from potential thieves, a garage provides an extra layer of protection against accidental damage caused by passing vehicles. It also shields your bike from weather changes. This reduction in risk factors can significantly contribute to potential savings on your insurance policy.

 

 

Contact an producer

To decrease the price of your Motorcycle Insurance, we highly recommend consulting with an expert who can provide personalized support. Contact a producer to identify accessible discounts and tailor a policy that suits your lifestyle.

 

Insurance agents are professionals who offer guidance in risk management and assist you in making well-informed decisions that can impact your insurance prices. They can recommend safety measures, make policy adjustments, or provide guidance on deductibles. By establishing a direct and transparent relationship with an agent, you can ensure that your policy is not only cost-efficient but also customized to your specific circumstances.

 

 

Check PSIC discounts

PSIC provides a variety of discounts that have the potential to reduce the expense of your Motorcycle Insurance. By exploring and capitalizing on these advantages, you can decrease your insurance costs while keeping the right amount of coverage you need.

 

Regularly reviewing the available discounts is crucial, as new discount opportunities may arise periodically. By taking the initiative to learn more about these discounts and get the one that best fits your specific situation, you can obtain a Motorcycle Insurance policy tailored to your requirements. This not only offers financial savings but also ensures comprehensive coverage for your motorcycle.

 

 

Review your coverage

We recognize that your insurance requirements may evolve as your circumstances change. By regularly reviewing your Motorcycle Insurance coverage, you can ensure it aligns with your current needs. This process involves eliminating unnecessary protection and potentially discovering opportunities to optimize costs.

 

By actively managing and adjusting your insurance coverage as needed, you can have a policy that meets your requirements and ensures that you are getting the best price for your Motorcycle Insurance. When you proactively compare different coverage options based on your circumstances, you can make informed decisions that may result in lower insurance premiums without compromising the level of protection you need.

 

 

Bundle PSIC policies

To demonstrate our commitment to our customers, At PSIC we offer a special discount if you have two or more active policies with us. Discover the range of PSIC products and take advantage of this opportunity to start saving on your Motorcycle Insurance while enjoying the benefits of our services whenever you need them.

 

 

Where Does PSIC Offer Motorcycle Insurance Coverage? 

At PSIC, we provide Motorcycle Insurance coverage in the states of California, Hawaii, Nevada, and New Jersey.

 

We plan to expand our Motorcycle Insurance coverage nationwide soon, ensuring all riders the benefit of our reliable insurance solutions.