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Motorcycle Insurance Basics


Individuals who plan to buy a motorcycle need to have crucial information on motorcycle indemnity. Here is a run-down of what each would-be owner should know.

One mode of transportation that needs to be insured is motorcycles. Like cars, insuring it is compulsory, too. Before an owner is allowed to ride on it and hit the road, he must have the proper ticket which is the motorcycle indemnity.

A specialized subdivision offering different types of indemnity for the various types of vehicles and its varied purposes has been created to address the needs of consumers which includes motorcycle riders. Motorcycle owners are also assessed on the same criteria as those of the car drivers which are categorized into intrinsic and extrinsic factors.

Intrinsic Factors

Would-be and first time owners must be aware that the characteristics of the vehicle are the key factors that will determine rates and how much it is worth. Newer ones naturally cost higher to insure.

Companies base the rates on the type, make and brand and the engine displacement size of the motorcycle. If one owns one that has a high engine displacement size or a sports bike for that matter or an uncommon model, that person must expect higher premium in such situations.

Another intrinsic factor is the type of motorcycle indemnity coverage. A comprehensive coverage will definitely require a higher premium.

Extrinsic Factors

Extrinsic factors are dependent on the owner’s driving history, age, location, parking area and the motorcycle’s mileage.

Driving history shows how many accidents and violations one has gotten involved with. The more it shows in an individual’s record, the higher the premium. On the contrary, older drivers with more driving experience shall avail of cheaper insurance premiums than younger drivers.

Further on, location and parking area are related to each other. If an owner is located in a high risk place which means there is a chance that the motorcycle can be stolen or parked in an unsafe place such as leaving it in an open area rather than in a garage, the higher the premium will be especially if it is in the city. 

Moreover, the frequency of usage is likewise an important factor. The more the owner uses the motorcycle, the more its mileage will be. Those who drive at low mileage or rarely use their motorcycle will benefit from lower rates.

If owners want to look for cheaper motorcycle insurance, they should get free online quotes from different auto insurance companies anytime and anywhere. It is the most effective way to compare rates in a convenient manner.

Quotes are readily available for if consumers sign up in online registration forms from the companies’ websites or in a website which offers multiple online auto insurance quotes from top-rated companies. Nonetheless purchasers must beware of unbelievable offers because they can be scams. They must also avoid over insuring by determining what coverage they really need.

Safe driving is always very much rewarding. If individuals know the different factors that affect indemnity rates, then they also know which areas they need to maintain or improve on.