How is Motorcycle Insurance Calculated?

So you’ve bought a new motorcycle and need to get it insured? Motorcycle insurance is very easy to get, but before you start looking here are a few things you need to know about the basis on which your insurance premium will be calculated:

1. The age of the bike is extremely important. The newer and flashier the bike, the higher the premium you will be charged.
2. Your age is also very important. The more experience you have riding motorcycle’s, the lower your rates will be as you will be a better risk. If you are relatively young, or are using a motorbike for the first time, be prepared to have to pay a little more.
3. Where you live is also important. If you live in an area with a high crime rate or a high accident rate, then you will be charged more as compared to someone who lives in a low crime and accident area.
4. Your driving history will also be important when calculating your premiums. This is because people with a high number of accidents on their record are a bad risk, since they are likely to rack up more accidents in the future. Therefore, it is cheaper to get insurance if you have not had that many accidents in the past, specifically in the last three years.
5. Where you work is one more thing the insurance company will look at before deciding on your premium. If you are a construction worker, and will take your bike t work, chances are high it will get damaged due to all the heavy machinery and construction materials. However if you work in a nice office building with its own parking area, your premium is likely to be lower.