In this article, we'll discuss the 5 top cost factors and explain how they affect the price of your motorcycle insurance.
What Affects The Costs Of Colorado Motorcycle Insurance Policies
There are many motorcycle insurance agents near you. But at Adler Insurance Group, we strive to be transparent and educate shoppers on insurance whenever possible. That's why we took the time to break down these cost factors for motorcycle insurance near you.
1. Your Age
Every type of auto insurance policy will always take into account your age. This is because younger drivers have a higher risk. After all, they are inexperienced and more likely to get into accidents.
Adults over the age of 25 are statistically safer drivers and have a lower accident risk than younger drivers. As such, those adults can expect to pay less for coverage than other young riders.
2. Your Driving Record & Claim History
It should come as no surprise that your driving record will influence your insurance costs. After all, insurance premiums are based on your projected risk.
Insurers will take note of any traffic violations on your record. The more violations you have, the higher your risk level will be. Unfortunately, this is a difficult factor to control, so your best course of action is to be a safe driver at all times.
It's also worth mentioning that your claim history will influence your motorcycle insurance costs too. Claims are another indicator of your risk level - the more claims you've filed, the higher your motorcycle premium will likely be.
Insurance costs always fluctuate from state to state and from city to city. This is mainly because of the local crime rates.
If you live in a low-crime neighborhood/city, there will be less risk of bike theft or vandalism. Thankfully, the crime rates of Colorado are relatively on par with nationwide medians (Neighborhood Scout). And it's worth noting that the crime rates are usually lower in more rural areas of Colorado.
Insurers may also take into account local weather patterns too. Areas that are more prone to natural disasters will tend to have higher motorcycle insurance rates. In Colorado, we see plenty of sunny days throughout the year, but we get our fair share of snow, hail, and rain too.
4. Your Type Of Motorcycle
From sports bikes and choppers to off-road bikes and more, there are many types of motorcycles on the market. And just like car insurance, the make, model, and year of your motorcycle all impact how much your insurance costs.
The newer and more expensive motorbikes will always cost more to repair and replace than used models. As such, insurers will charge you more to insure those newer motorcycles because of their value.
In general, sport bikes (also called street bikes) are more costly to insure than other bikes (ValuePenguin). This is because they are relatively expensive, have high accident rates, and are high theft/vandalism targets.
5. Your Coverage
When purchasing motorcycle insurance in Colorado, it's important to know exactly how much coverage is mandated by the state. At a bare minimum, you need liability insurance for the following amounts:
- $25,000 for bodily injury coverage per person
- $50,000 for total bodily injury coverage per incident
- And $15,000 for property damage coverage per incident
However, this coverage is not comprehensive. In fact, these liability minimums only cover the damages and injuries of other individuals. Your liability coverage will not cover the damages to your bike.
That means you'll likely want to add a few policy riders to your coverage to prepare for other possibilities. Riders like uninsured motorist coverage or collision coverage are invaluable when accidents occur. However, they will increase your premiums.
How Can You Lower Your Motorcycle Insurance Costs?
If you want to reduce your premiums, there are few things you can do:
- Change your coverage during the winter - The winter roads aren't always great to drive on. If you're going to switch to your car for the winter, then decrease the coverage on your bike for a few months!
- Take a safety course - Your insurer may offer you a discount if you take a defensive driving course. So it could be well worth your time.
- Increase your deductible - Raising your deductible is always a sure-fire way to reduce your premiums. Just make sure you're comfortable with that higher deductible down the line.
- Bundle coverage under one provider - Insurers will offer discounts for customers when they bundle multiple policies. Consider making that switch to save some extra change each month.
- Practice safe driving - The longer you drive without getting in an accident or filing a claim, the better.
Get Your Quote In Colorado For Motorcycle Insurance
If you're looking for quality motorcycle insurance agents near you, look no further than Adler Insurance Group!
We are a small Allstate insurance agency with numerous insurance industry veterans on staff. We'll go the extra mile to help you find the right coverage for your needs at an affordable price point.
Contact Adler Insurance today to get your accurate quote for Colorado motorcycle insurance.