You are looking to save money. You have cut costs in several different areas of your life; however one decision sticks out like a sore thumb. Do you sell the truck and buy a motorcycle? The motorcycle is much cheaper right? It’s a great way to save money? While true, motorcycle insurance is one thing you can expect not to drop in cost.

Motorcycle insurance covers the owner/driver against the typical events that will occur with a bike, accidents and theft. Both are held in different regards. Insurance considers motorcycle’s “solo event,” because the driver is usually by there self and only poses danger to there self.

Fire and theft are where rates really blow out of proportion. Insurance companies are unwilling to cover bikes against theft, because they can be stolen quite easy. Fire is also something that insurance companies have problems covering. If you want extended coverage, your premium can spike up in price quite quickly.

Accidents are the number one claim for motorcycles. Unfortunately, accidents involving motor bikes usually pose serious or severe injuries and even death. The driver is exposed to other vehicles because he or she does not wear a seat belt. This is another reason why insurance companies charge a higher premium.

Insurance companies have no choice but to take into account these serious dangers. However they are also willing to reduce premiums by deciding how risky the driver and the bike are to society. The insurance broker will asset the driver’s age, years riding motorcycles, and size and power of the bike and engine.

An insurance company will also break down the number of speeding tickets and accidents the driver has been involved in the past. Like car insurance, motorcycle insurance weighs the premium heavily on the number of tickets and accidents. If the driver has a past record of safety, they will certainly award them.

However, the most important factor when calculating a premium is the amount of use the bike will receive. If the bike is used everyday, a premium will remain high. But if the bike is designed more for a hobby, something to take out on the weekend or on holidays, then expect to receive a much lower premium.

Graham McKenzie is the content Syndication Manager at insurance123.co.zaSouth Africa’s leading Motorcycle Insurance information portal