Factors that affects the motorcycle insurance premium
There are several factors that affects the motorcycle insurance premium. Depending on how many miles you drive per year of cause affects you insurance premium. Your motorcycle type is also important. Is your motorcycle a high performance street motorcycle or a classical cruiser with a small engine? The security is also important. Where you park your motorcycle at night. Do you park you motorcycle off street parking or in a locked garage? Your risk address is important. If you live in an area with high frequency of vehicle crimes, then your insurance premium price will be higher. You are also an important factor. If you for example have convictions in your history then it could cause you some trouble.
how will you use your motorcycle?
The motorcycle insurance company want to find the right insurance policy for you. So the insurance company will ask you how you will use your motorcycle. There are four main classes courier and delivery, business use, commuting and the most common one, domestic and pleasure and social.
There are three different types of motorcycle insurance policies and they all have different kind of cover for you and your motorcycle. We explain them in short terms below.
Comprehensive motorcycle insurance
The comprehensive insurance offers the highest level of cover. The insurance level allow you to make a claim for almost everything besides anything that the insurance company have outlined in the insurance policy exclusions. Many times it covers medical expenses, vandalism and accidental damage to the motorcycle. If you want to know more about this insurance level please read our article about comprehensive motorcycle insurance.
Third party fire and theft motorcycle insurance
This insurance level offering insurance cover for damage caused to your motorcycle during attempted theft or theft. It also covers if you motorbike is being stolen from you and also if it is involved in fire. The third party fire theft covers you for claims against you if you were involved in an accident that was proven to be your fault. If you need to know more about this insurance level you can read our complete article about third party fire and theft.
Third party only motorcycle insurance
This insurance cover will not cover your motorcycle if it is set on fire or being stolen. The insurance does not cover your personal injuries or damages in case of an accident. The only cover you got is damages to property and liability for injury or damage to the third party. Read the complete article about third party only.
motorcycle insurance excesses
There are two types of excess mainly. The excess types are voluntary excess and compulsory excess. The voluntary is the amount of money you pay beside the compulsory excess when you are going to make a claim. Compulsory excess is the amount of money the insurance company have decided that you have to pay if you would like to make a claim.
You can choose to have a higher voluntary excess and the get a cheaper motorcycle insurance premium. So with other words, if you pay a higher excess you will get a cheaper motorcycle insurance premium but instead you will have to pay more money if you want to make a claim. The opposite is of cause that you pay a higher insurance premium and the you only have to pay a lower excess in case of a claim.