Will You Pay More for Motorcycle Insurance?
Will You Pay More for Motorcycle Insurance?
Considering the fact that motorcycles are generally cheaper to maintain and consume less fuel than normal cars, you may automatically assume that Motorcycle Insurance is also less expensive. This, however, is not always the case. For the simple reason that it’s much riskier to ride a bike and because of many other factors involved when drawing up a policy, a motorcycle insurance premium will generally be higher than normal car insurance.
How Much Is Motorcycle Insurance?
Even though insurance companies set the price of your premium, the make of your motorcycle as well as your specific needs determine how much you will pay on your motorcycle insurance. The numerous factors that are taken into consideration when processing a motorcycle policy include:
1.Your age and driving history
Statistics show that younger motorcycle drivers are more likely to be involved in road accidents, and the majority of them are male. So, if you fall under this bracket, your insurance premium will be higher – and because of the devastating figures of motorcycle road accidents you may also want to get a quote on Life Insurance.
2. The type of bike you own
Factors such as the make, model and year of your bike will also determine how much you will pay on your motorcycle insurance. You can expect your insurance premium to be higher if you drive a flashier bike, such as a top-of-the-line Harley Davidson – which would be more costly to replace.
3. Where your bike stays
Make sure you have satisfactory security measures in place. Insurance companies will raise your premium if you leave your motorcycle out on the street; however, if it’s locked up in a garage the premium may be much lower.
Conclusion
Overall, you can expect a higher premium on your motorcycle compared to what you pay for your car, but it all depends on the factors involved. Due to road accident statistics, twenties-something males can expect a higher payment compared to older men.
With simple insurance comparison tools you can easily compare what you would pay to insure your specific motorcycle compared to the cost of insuring a normal car. For more information you can also check out Is Motorcycle Insurance Really More Expensive? on Hippo.co.za or use their comparison tool to get some quotes.
