How Your Bike’s Make and Model May Affect Your Insurance Rates

Regardless of the type of motorcycle you ride, insurance is an essential investment to protect you and your bike financially. However, when it comes to motorcycle insurance, the specific make and model of your vehicle can play a significant role in determining your premiums. Insurers must consider various factors related to your motorcycle to assess the risk and calculate the cost of coverage.

How the Details of Your Motorcycle Impact Rates

Although insurance carriers may weigh certain criteria differently, most follow similar processes when quoting you a rate for your coverage. Consider how the following details of your bike may impact premiums:

• Performance and engine size—High-performance motorcycles with larger engines are often associated with higher insurance premiums. These bikes, such as sport or Supersport models, are designed for speed and agility, which can increase the likelihood of accidents. As a result, insurers may charge more to cover the potential risk.
• Age and value—Newer and more expensive motorcycles typically cost more to insure. This is because the cost to repair or replace them in the event of an accident is higher. Conversely, older models or those with lower market values may attract lower premiums due to their reduced replacement costs.
• Theft rates—Certain makes and models are more attractive to thieves, leading to higher insurance premiums. Sport bikes and popular models are often targeted, and if your motorcycle falls into this category, you might face increased rates. Insurers use theft statistics to adjust premiums accordingly.
• Safety features—Motorcycles equipped with advanced safety features, such as antilock braking systems and traction control, can qualify for lower insurance premiums. These features reduce the risk of accidents and injuries, making the bike safer to ride and less costly to insure.

Get the Right Coverage

Contact Thrifty Insurance Services today to learn more about coverage options for your bike or to compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.