What does a motorbike insurance company base premium on?
Once you have bought a motor bike, its time to insure the vehicle and you. Motorcycle insurance is required by law but also protects you financially if any accidents occur.
An insurance company decides your premium based on these things; your bike, your age, your driving history, your address and your mileage. Your bike is judged on its make, engine and how old it is. A new powerful motor bike will add more to the motorbike insurance than an older basic one. Age is also used as a deciding tool. If you are older the premium is likely to be cheaper as they presume you are more sensible than an eighteen year old. If you are new to motorcycling, however, you may pay a higher premium whatever your age. Your address is checked to see if you live in a high crime area. If so there it is more likely that your bike could be stolen. They also check how accident prone the area is. If so, the motorcycle insurance may increase. Driving history is checked to see how many incidents you have had in the past. A clean licence will get you cheaper insurance whereas a licence with claims will increase the premium. Mileage is checked to calculate the likelihood of an accident to happen. If you use your bike frequently there is more chance of an accident happening. If you ride your bike to work, your job is also checked. If the environment is dangerous like a builders site the insurance will increase.
To get a better deal you should research and constantly look for a good deal. By asking many companies, your chances of finding the cheapest motorcycle insurance are greatly increased. Adding extra security can also save you money. Alarms and a safe place to park your bike, like a garage, will lower the premium. Taking additional driving lessons can help also. The special DMV and others adds driving experience making insurance cheaper. Over insuring is not needed. The insurer will only repay the bikes market value if there is an accident. If possible lower the mileage as this again lowers bike insurance
