How Much Does Motorcycle Insurance Cost?
Motorcycle insurance, like car insurance, protects you from having to pay medical expenses or repair costs if you are injured or your motorcycle is damaged in an accident. You pay for motorcycle insurance because it provides you the financial protection for the possibilities that you might encounter in the future such as getting physically harmed, getting into an accident or even experiencing damage when you are not even on the bike. Motorcycle insurance can also extend to lost recovery wherein the insurance company takes charge of researching your motorcycle when it gets lost. Giving you the peace of mind when riding, motorcycle insurance is not only required in most states, but it could potentially save you thousands of dollars.
How much does it cost?
- Depending on what kind of policy you have, the costs are going to range anywhere from $100 to as much as $1,000 for the year. The average rider pays around $20 to $50 per month.
- According to Financial Web, the price of motorcycle insurance can range from $20 to $300 depending on its term of subscription.
- Motorcycle accident or injury insurance can cost you for $100 to $400 according to Insurance.com.
What is going to be included?
- This type of insurance is going to protect you from liability, medical coverage, theft, damage and accidents. All policies will have their own coverage, so make sure that you know exactly what is going to be covered and what is not.
- Basic coverage will protect you from any damage or injury caused to another person or property that is deemed to be your fault.
- Your policy is going to have a deductible on your collision and comprehensive. For example, if you had a $500 deducible, you would be responsible for the first $500 of medical bills or repair costs and the insurance company would pick up the rest.
What are the extra costs?
- Every month or year, depending on your insurance, setup will have to be renewed to keep your policy active.
- Similar to your car insurance, there are premiums that you can add onto your policy such as breakdown protection, replacement ride protection, trip interruption insurance, passenger protection, and more. Each premium add-on can increase your premium.
Factors that influence the price:
- Value of your motorcycle. The more expensive your motorcycle is, the higher your insurance rebates will be and the higher price you will have to pay for it.
- Gender. Your gender can be the basis of how much of a refund you will get from the insurance company and how much you will be charged for it.
- Age. Younger people will pay higher insurance costs because they are more prone to accidents.
- Driving experience and history. Your driving experience determines the price of the insurance for the reason that people who have had more experience are further from the danger that a beginner might possibly experience.
- Location. The price of the insurance also depends on the geographical location. For example, the prices may be different in low traffic areas than they are in the city. Prices in the north may be slightly higher than in the south because of the changes in the weather.
- First time. First time riders are going to pay more than those that are experienced.
Tips to know:
- If you are a member of a motorcycle association, many providers offer a small discount. However, you may also have t pay for a membership fee to this association. You will have to compare the advantages of being in the motorcycle association to the cost to see if it is worth it.
- Be sure to get a safety device, such as something that is anti-theft, to bring your premiums down. These safety features may cost something up front, they can save you money in the long run.
- For those that do not plan on riding a lot throughout the year, see what kind of low mileage plans that they have available.
- Every state will have its own minimums, so make sure that you know what the minimums are in your state.
How can I save money?
- When getting insurance, make sure that you get at least three quotes. All of your policies are going to vary from provider to provider. Companies such as InsureMe.com can help you get multiple quotes.
- Raise your deductible to help bring your premiums down. The higher your deductible is, the more you are going to save per year.
- If you already have a homeowners policy or something else that is insurance related, be sure to put your policies all under one company. By doing so, you can take advantage of the maximum savings.
- If you have taken a safety course, insurance companies will provide a discount. There are also discounts provided for things such as wearing the appropriate safety gear. You can also receive money off for having a specified amount of time with no claims on your insurance.