Insurance helps you safeguard against risks, be it for your life or for your motorcycle. You need to get insurance for your motorcycle mainly to reduce your liabilities in case of an accident. In most countries, it would be mandatory to get a motorcycle insurance. You would need to take out a policy for a particular amount and pay a premium depending on the policy amount.

So, how much would a motorcycle insurance policy cost?

Factors influencing insurance premium

There are a number of factors that have an impact on the amount you have to spend on your motorcycle insurance[i]. They are:

• Motorcycle specifications: The specifications of your motorcycle decide the insurance value. The manufacturer, model, year of manufacture and engine size, in terms of cc or cubic centimeters, are the factors that influence your insurance premium value. A bike with a larger engine would cost more to insure.
• Usage of the vehicle: Whether you use your vehicle for personal use or for commercial/business use has an impact on the insurance value.
• Modifications: Any modifications or customizations that you get done for your vehicle impacts the insurance value. This includes converting to a trike, changing the frame, etc.
• Age: In some place, age also is considered while fixing the motorcycle insurance cost. Younger riders would take more risks and the chances of accidents would be higher, so the premium rate would be higher.
• Type of coverage: The coverage could be basic or could be extended coverage or comprehensive coverage. Other insurance features like roadside assistance, OEM endorsement when added increases the insurance value.
• Location: Insurance costs can differ based on geographical location. It also can differ based on where the bike is stored. For eg: having a secured garage reduces the risk of theft and can help in reducing the insurance cost.
• Track record of the driver: If the driver has been involved in accidents or has had cases of traffic violations, it could affect the policy cost.
• Past claims: If you have had an accident in the past and made a claim for it, this can lead to an increase in your premium. On the other hand, if you have never made any claims against your policy, you may get a bonus for it, reducing the insurance cost.
• Security: If you have additional security features installed, like GPS, anti-lock braking system, etc. then you can expect a lesser insurance cost.

How to reduce your cost

Before you sign up for a policy, you need to try to explore ways to reduce the cost of your insurance. There are different ways you may do this[ii]:

1. Paying the premium one-time or upfront reduces the overall cost. If you pay monthly premiums, the cost could be slightly higher. So, ask for a discount for paying upfront.
2. Installing anti-theft security features, or having a garage are some ways to reduce insurance cost. So, you could consider making this investment to reduce cost and also to secure your bike.
3. Remember that the insurance cost depends on the bike make and engine size. Getting a motorcycle of a lower engine size automatically reduces the insurance cost. This is something you can consider before you go ahead and buy the policy.

Motor insurance costs can vary from $200 per year to $3,000 based on various factors[iii]. Before you take a policy, you need to keep all the factors in mind.

[i]https://www.nationwide.com/how-much-does-motorcycle-insurance-cost.jsp

[ii] https://www.confused.com/motorbike-insurance/guides/how-motorbike-insurance-is-calculated

[iii]https://www.tabithawalkerinsurance.com/blog/how_much_does_motorcycle_insurance_cost_on_average.aspx