Everyone wants the best insurance premium! So how do you go about getting it? Because motorcycle insurance has always been a high-risk, premiums are calculated differently to that of a car. Knowing these factors can help you customise your insurance. Lets take a look at a few of the factors that influence your premiums... The Age of the Rider! How long the owner has operated a motorbike is a major factor! First-time bikers will be charged higher premiums despite their age. To save money on coverage, it is advisable to take a motorcycle driving class through a legitimate track school. Find out more though your local bike shops! The Perception of Bikers In the past bikers were perceived with a negative attitude! This view still persists, especially with larger companies who do not specialise in motorcycle insurance. In South Africa, thankfully there are companies like Harnacks Insurance who have known that not all bikers deserve this reputation. Using a more up-to-date and less biased calculation, Harnacks make sure low-risk policyholders no longer subsidise high-risk individuals! Low-Risk Policy Holders Riders who prove to be competent, receive the best premiums. Obviously age is one factor to consider. If youve been biking for 20 years, let your insurer know. If youve got an excellent history without accident or have never made a claim, again let your insurer know youre a credible rider. However, if you are older, although inexperienced, or younger with much experience, this will also play a role in determining your premium. Talk to an insurance company who offers a personalised service and theyll evaluate your individual circumstances. Also, riders who use their motorcycles for recreation, as opposed to regular commuting, will have a lower premium. The frequency of use therefore determines your level of risk. High-Risk Individuals Another factor is the size of your bike and its cost. Expect to pay more for a Kawasaki ZX14, 1400cc than youd pay for a Honda Super Four, 400cc. If you ride a customised bike with performance parts, youre considered differently than if your motorcycle was stock standard. Drivers Licence Although its nice that your learner licence allows you to ride for up to a year and a half, a full licence affords you greater credibility, and thus lowers your premiums. Get your full licence! The Motorcycle Purchasing a motorcycle that is relatively old can help you save money on insurance. Additions such as an alarm system or tracking device will also lower the rate, together with storage in a secure area. Bear in mind that expensive features like GPS systems or sound systems increase your premiums. Newer motorcycles are prone to theft so high risk neighbourhoods can make your coverage more expensive! Try to avoid parking your bike in risky areas on a regular basis i.e. inner-city streets, busy sidewalks and so on! Conclusion Taking these factors into consideration will lower your premiums. Customise your motorcycle insurance by informing your insurance company, lowering risk factors and becoming a credible rider. Ride to live, live to ride! |
