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Just like with car insurance, motorcycle insurance premiums are affected by many factors, causing policies to range from pocket change to over $1,000 per year. But what exactly is it that correlates to these costs? Let’s look at some of the factors that affect your motorcycle insurance rates:

·         Frequency of riding: People who ride their bikes year-round face more risks than seasonal or weekend bikers.

·         Location: If you live and/or ride in high-crime areas, you face more risks. Insurance providers also look at where you store your bike. There is less risk of theft for bikes tucked away in garages.

·         Age and driving record: Traffic accidents and tickets on your record is a good estimate of the risk you pose as a driver, along with your age. Teens and young adults tend to drive more recklessly than experienced drivers.

·         Bike’s make and model: The age and cost of your bike will determine how expensive it will be to repair.

·         Custom accessories and add-ons: Specialty components and accessories add to the value of your bike, which makes repair work more expensive.

·         Additional coverage: You are required to purchase liability insurance, in an amount specified by your state, but you may want to add additional coverage such as collision, comprehensive, personal injury and/or uninsured/underinsured motorist coverage.

·         Weather: Areas prone to natural disasters such as tornadoes or hurricanes may have an increased cost of coverage.

·         Bundling: Bundling your motorcycle coverage with your homeowners, auto, boat and/or RV policies can save you money.

·         Discounts: Ask if you qualify for discounts such as new customer incentive, customer loyalty, military, federal employee or safe driver.

·         Pay annually: Annual payments cost less for providers to process than monthly payments and can, in turn, save you money in the long run.

Ask an agent what factors are affecting your policy. Call Lancette Agency at (651) 264-1230 for more information on St Paul motorcycle insurance.

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