The Average Cost of Motorcycle Insurance in 2007
While it is difficult to determine the average cost of any type of insurance because there are so many extraneous factors, the cost per year in 2007 for motorcycle insurance in the United States was between $150 and $300. This number is broad, as factors such as geography, type of bike, and the individual on the policy can affect the number substantially. Naturally, rates go up over time, changing the average from year to year.
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Factors Determining Insurance Cost
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Motorcycle insurance rates are determined by factors similar to standard auto insurance rates. The number of years you have been driving, number of claims filed in those years, the type of motorcycle you are operating, the size of its engine and especially the conditions in which you will be driving. This last factor is significant, as the cost of insurance will change drastically based on the volume of traffic you will be driving in, the road conditions and miles driven per year.
Special Case Bikes
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Bikes that are considered antiques or show bikes often require a higher rate of insurance, as any damage will be much more costly to repair, or could possibly change the value of the bike if it is an old bike of completely original parts.
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Difference Between Car and Motorcycle Insurance Averages
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While the range of average motorcycle insurance cost is a broad one, the entire spectrum is still much lower than that of standard car insurance. Auto insurance has a similar problem when trying to establish an average. The same factors of geography, the individual, their history, and the type of vehicle make the average drastically different across the nation. Still, the range for auto insurance per year is much greater, closer to the $1,000 range or above. This is because auto insurance requires a higher rate for liability insurance since cars can do more damage than motorcycles in an accident.
Rate Change Over Time
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Auto insurance companies also update their rates, not only annually, but sometimes on a month-to-month basis. This factor also makes it difficult to project an annual average, and leaves the range of motorcycle insurance rates so wide. Rates change based on the economy, based on special promotional prices, even as state insurance laws change. These changes logically encompass motorcycle insurance as well.
Personal Reasons Rates Change
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Unfortunately, rates also change on a person-to-person basis, making your position in the average range change from year to year. This is especially true of motorcycle insurance rates. While it is good to be a seasoned rider, the older you get, the higher your rate will climb. If you have been at fault in an accident, your rate will also go up. It will also be higher if you are acquiring new insurance.
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