It’s generally known that insurance rates are calculated based on risk. But what exactly determines a person’s risk level? Though there are hundreds of factors that go into calculations, here are some of the factors that have the biggest impact on motorcycle insurance rate.
- Type of Motorcycle: Pricey bikes are built with pricey parts, which may need to be replaced after an accident. This cost is reflected in motorcycle insurance policies. Conversely, bikes on the modestly priced side of the spectrum may cost less to insure.
- Your personal information: Insurance providers look at statistics that study drivers’ risk levels based on age and gender. For instance, young men statistically get into more accidents than women in the same age range. Your personal driving record will also be taken into account, with a cleaner record earning lower rates.
- Location: Insurers consider several factors regarding your location, including the local crime rate, seasonal weather, chances of natural disasters and more. Bikers who live in safe neighborhoods in areas with relatively mild weather will pay the least for coverage.
- Bundled coverage: If you bundle your motorcycle insurance with your other policies (such as home and auto), you can earn across-the-board savings as a reward for giving a single insurer more of your business.
- Riding frequency: Spending more time on the road increases your risk of an accident happening one day. For this reason, weekend and seasonal riders may pay less for motorcycle insurance than year-round riders.
- Custom accessories: If you commissioned a custom paint job or installed custom chrome accessories, your bike’s overall value may have increased. That means you’ll need more coverage to protect these additions.
- Discounts: There are a variety of motorcycle insurance discounts that you may qualify for, but they aren’t often handed to you on a silver platter. Ask your agent if you’re eligible for savings.
Get a quote today. Call Sweet & Baker Insurance Brokers at (415) 512-2100 for more information on San Francisco motorcycle insurance.