Motorcycles might historically entail less expensive insurance than other forms of transportation, but the cost can still get pretty high depending on a few very important factors. Here are five big reasons some kinds of motorcycles are more expensive to insure than others.
How Expensive the Motorcycle Parts are
One of the biggest things motorcycle insurance does for you is ensure that you can get your bike repaired if you're in an accident. However, to make sure they're still making a profit, insurance companies have to hike up the cost of motorcycle insurance depending on how costly a bike will be to repair. That depends largely on how much money replacement parts cost. If your bike has inexpensive (but still reliable, hopefully) parts then you're probably going to be paying less for motorcycle insurance. If your parts are more pricey, your insurance probably will be, too.
How Hard the Motorcycle Parts are to Find
If the parts in your motorcycle are rare or even just uncommon, the insurance will rise because the insurance companies will, in the case of an accident, have to either spend more time looking for those parts or spend more money than usual to buy those parts from someone who's already acquired them.
If They're Sports Bikes
Motorcycle insurance is typically a good deal more expensive if you plan to use the bike for sport, since that use tends to lead to accidents more frequently. If your motorcycle is regularly used as a sports bike then insurance companies will be able to guess your intentions and raise your rates to make up for the extra risk they're taking on.
How Fast the Motorcycle Goes
The faster you ride, the more likely it is you'll get into a crash. That's simple science, and more than enough reason for motorcycle insurance companies to charge more money if you have a bike that can reach really high speeds. Make sure that going fast is enough of a priority for you that you're willing to spend more money each month for the privilege of doing so.
How Likely the Motorcycle is to be Stolen
It might sound a little unfair, but if you have a highly coveted bike that's more likely to be the subject of a theft then your motorcycle insurance will probably be at least a little higher. The companies will have to charge you more in order to prepare for the percentage of bikes they expect to be stolen based on what data they have. It might seem unfortunate to have to pay more if your bike always stays in your possession, but if yours is stolen you'll be incredibly grateful you spent a little extra each month. Motorcycle insurance often feels like a necessary evil, especially when your rates are higher than normal, but remember that it can sometimes equal big savings overall.