If you are planning to ride a motorcycle on the street, you will need motorcycle insurance. If you choose to ride without it, and you get caught it is quite expensive. The fist time you get caught will cost you about $5000, and probably the cost of tow. Since the cop will not let you ride home on an uninsured bike. So riding without insurance is definitely not the answer.
This means that you will be looking for motorcycle insurance. With the premiums for motorcycles (especially sportbikes) going up into the stratosphere over the last few years, getting low-priced insurance is not an easy feat. How then does one obtain affordable motorcycle insurance? There are a number of factors to take into consideration when looking for insurance. Listing all of them however, would take some time, so I will only list the most important ones:
- Age/ Experience
- Driving Record/ Prior Claims
- Engine Displacement (cc’s)/ Type of Motorcycle
- Where you live (big city/ small town)
These factors will more than likely affect your premiums more than any others. For example: If you fall in the category where you are a 17 year old male, with speeding tickets and are looking to insure a sport bike with 600cc’s or bigger, expect to pay a hefty price.
The biggest mistake that a lot of riders make is that they buy a motorcycle first, and then they start looking for insurance. They will likely receive a surprise when they discover just how much it will cost to insure that shiny new bike, especially if the model name has a GSXR, YZF, CBR or ZX….R (sport bike designations) anywhere in it.
Before you decide on a particular model, it would be a good idea to make a list of different models, and find out how much each will cost you to insure. Then you can choose which bike's premium you can afford. That being said the best advice that I can give is to shop around, look at a few different companies. I would also suggest that if you have other types of insurance with a company, check with those companies first, they might insure your motorcycle for a lower price since you have other policies with them.
And finally be as honest as possible concerning your driving record. One ticket may not mean much to you, but to an insurance company it could mean the difference between whether they will pay your claim or not. If they find out that you lied on your insurance application then they might increase your premium substantially or cancel your policy altogether. And once you have had a company cancel a policy, it is very difficult to find insurance that will not “break the bank”.
Shop around!! Not all insurance companies will charge you the same rates!!!!