Motorcycle Insurance Cost
If you’re wondering about the cost of motorcycle insurance before you’ve purchased the bike, smart move. The average insurance cost for motorcycles varies widely across insurance companies, types of bikes, and geographic location. You could pay anywhere from $200 to over $1000 just to insure your bike.
What to do? How to know if you can afford motorcycle insurance before you make the purchase? Do some research. A good place to start is with your current auto insurer. Find out if the company carries motorcycle insurance and how much it will be to insure the kind of bike you are thinking of getting.
Next, go online. You can easily get multiple quotes from one website. Play around with the type of bike and other options to see how it affects the cost of your insurance.
Here are some of the factors that affect the cost of motorcycle insurance:
- Where you live: some geographic areas are simply more dangerous to drive in and insurance companies charge you more if you drive there.
- How old you are: if you’re on the younger or older ends of the spectrum, you’ll pay more. Drivers in the “middle ages” tend to have the experience and the reflexes to drive motorcycles more safely.
- Riding History: years of experience will cut down on your premium costs. Tickets and accidents will increase them.
- What kind of motorcycle you’re driving: if you’re looking at things from an insurer’s point of view, it’s easy to see that a bike with a smaller engine and lower horsepower will be cheaper to insure. An older, commuter bike is going to be cheaper than a new sport or race bike. A bike manufactured in Japan will be cheaper to insure than a Harley or BMW.
And here are some ways to reduce your motorcycle insurance costs:
- Take a driving course: Just about every insurer will give you a discount for taking one of the Motorcycle Safety Foundation’s training courses.
- Take care of your credit score: insurance companies have found a big link between people who drive and/or ride safer and those who pay their bills on time. Keep your credit score high and you’ll get lower (sometimes significantly lower) insurance rates).
- Tailor your coverage to your bike and your riding habits:
- if you have an older or less expensive bike, you may decide to forgo the collision or comprehensive coverage. This leaves you at risk if you cause an accident or if your bike is destroyed by fire or other natural disaster, but if the replacement cost is low, it will probably be worth the savings in insurance premiums.
- if you already have good medical insurance, you can skip the medical on your motorcycle insurance.
- Join a biking association. Many insurers will offer a discount to members of various bike clubs such as American Motorcycle Association or Gold Wing Road Riders Association, etc.
Notes to remember:
No fault auto coverage offered in many states never covers motorcycle riders. Always take care of your own insurance and make sure it’s enough to give you the protection you need.
People involved in motorcycle crashes often have higher medical bills than those involved in similar car accidents. Make sure to have the coverage you need.
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