Wednesday, August 24, 2011

Are You Paying Too Much For Your Motorcycle Insurance?

Why is it important to have your motorcycle insured? Motorcycles are unique compares to automobiles due to their incredible speed, and the lack of protection that is afforded to the operator. Most of motocrossers and riders should always first initiative on insuring that they have motorcycle insurance policy. Additionally, many motorcycle owners are younger people with less driving experience. For these reasons, insurance companies are very careful when pricing motorcycle insurance.

You can control several factors that can make you a more favorable candidate for motorcycle insurance in the eyes of an insurance company.

AGE - when buying any insurance,  age is most the basis of a policy plan. Minors are higher rates than any age category. A recommended method to save on your insurance premium is to wait until you are beyond those ages, which can significantly reduce motorcycle insurance premiums.

DRIVING EXPERIENCE - If you are a new operator of a motorcycle, most insurance companies need to know this which will adjust your premium accordingly. New drivers operators are a bigger risk to insurance companies as they are more likely to have accidents. If you are a new owner or operator of a motorcycle, the only way to circumvent this is to shop around at various insurance companies to find the best rate.
YOUR RECORD - A rule that applies to any motor vehicle operation is to be a safe driver. Your driving record is one of the first things that an insurance company will look at when evaluating you as a candidate for insurance. Speeding violations, traffic accidents, and insurance claims are three factors that play heavily into an insurance companies evaluation of you. By avoiding these things, you make yourself more attractive to an insurance company.

With some insurance companies, your accident history may have less of an impact on your candidacy if the accident history was in an automobile rather than on a motorcycle. Again, shopping around at different insurance companies is the best way to circumvent this issue.

LOCATION - Many people do not realize that the town where you live may have an impact on the insurance premiums that you pay. If you live in a highly populated town or city, the likelihood that you will encounter other drivers increases. This means that the chances of an accident occurring also increase. If you live in a rural area, you will have less contact with other vehicles, which may mean that you are relatively safer, however you may also live in an area where spged li-its are much higher which is another factor of risk for an insurance company.

Consumers can find it frustrating to consider all of these criteria, especially if you or your circumstances put you in an unfavorable light in the eyes of the insurance company. Your tactic then should be to change the things that you can and never ever lie to your insurance company. If you are dishonest with your insurance company regarding any of the questions they ask you, you can be denied insurance altogether. That may be the least of your problems as this is technically insurance fraud, which is a punishable offense.

YOUR WORK - Although unusual, if you use your motorcycle for any business activities, you will have to disclose this to the insurance company. Business use of a motorcycle will most certainly cause and increase in your insurance rates. If using a motorcycle to conduct business is a choice rather than a necessity, consider an alternate mode of transportation in order to save money on your insurance premiums.

TYPE MOTORCYCLE -  The type of motorcycle you own will also play a factor in your insurance rates. Motorcycles designed for speed and performance are clearly more dangerous than commuter style motorcycles or cruising motorcycles. Accordingly, they will have a higher rate.

Modifications is also a factor in insurance rates, can be for speed or for looks. If the modifications are for performance, and you have made you motorcycle faster. Modifications are for style and looks,  can also increase  insurance rates because motorcycle is worth more and their payment to you to repair the motorcycle will be more in the event of an accident.

These suggestions will help to make you a more favorable candidate for insurance companies. Consulting with professional insurance agents and brokers for advice on the best insurer for your situation will be by far the best step you can take to lower your premiums. - by Tom Carolan.

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