There are a number of things that determine how a person could be saving money on scooter and moped insurance. There is the level of insurance, how much of a risk the insured is, or perceived to be and the background of the insured.
Age is a major risk or supposed risk of the insured by the insurance companies. Those people under the age of 25 often pay much higher premiums then those older than the quarter century mark. If the younger driver had accidents in their past, with a car or a scooter or a moped, the insurance will require them to maintain an accident free record for many months or years before a reduction of premiums.
Another risk factor is the area in which the insured will be parking the scooter or moped at night, their insurance could be a little higher if they live in an apartment or a certain area of town. The insurance company is taking a risk against theft as much as accidents in most cases. These types of ‘vehicles’ are stolen more often then cars and therefore the insurance is more, although, if the insured could prove they are going to keep the bike in a garage or even in the house, then their rates may be reduced.
One item of consideration when first applying for insurance is the mileage of the moped or scooter. Some people might use the yearly mileage of the automobile to estimate their other mode of transportation usage; however, people must remember that they will not be driving the scooter or moped to work or school everyday and that the usual mileages estimate for one of these is around 4-5000 miles per year. If a person over approximates their usage, they will end up paying more for their insurance.
A moped or scooter owner should consider what the insurance company does when they need to file a claim. Not only should it be a smooth and simple process, there should be no consequences such as raised rates for making an accident claim. A good point to realize is that compared to auto insurance, moped and scooter insurance will give discounts of around 40 percent for those who don’t file a claim for a period of one year or longer. An automobile driver, without a claim for a year or longer, will only receive a discount of approximately 15-25 percent.
There are many different chances to save money if an individual would simply ask their insurance company or the insurance company they are considering signing up with for a discount. There are discounts for mopeds and scooters for people over 50 years of age, discounts for good grades for students, females and for combining other vehicles or homeowners insurance with the bike insurance. The saying goes ‘it never hurts to ask’ and it is so true.
An insurance shopper looking for good rates on moped or scooter insurance should not count out the smaller insurance company because they just might specialize in the two wheeled vehicle coverage. The bigger companies would offer discounts to loyal customers in order to keep their business, but it could be better financially to go with a minor company who could offer better coverage.
With the state of the economy, money could be a worry for many; however, paying for insurance on a moped or scooter on a monthly installment type set up is not going to save an individual any money. In fact, paying all at once will save more money because the insurance company will not charge the policy holder interest on one payment like they often do on monthly payments.
A little time and effort will have individual’s saving money on scooter and moped insurance in no time at all. All it takes is the right policy, payments and good coverage and a person’s gas saving two wheeled vehicle will have them driving safely along the approved roadways.
categories: scooter insurance
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