Motorcycles are an affordable mode of transportation for many people. Unfortunately, the cost of motorcycle insurance can be quite high, making it difficult for some to afford. However, there are ways to get cheap insurance motorcycle policies without sacrificing coverage. Read on to find out more about how to save on motorcycle insurance, what factors affect your premiums, and how to choose the right coverage for your needs.
Table of Contents
- Factors That Affect Your Motorcycle Insurance Rates
- Choosing the Right Coverage for Your Needs
- Discounts You Can Get on Your Motorcycle Insurance
- Frequently Asked Questions About Motorcycle Insurance
Factors That Affect Your Motorcycle Insurance Rates
Many factors affect your motorcycle insurance rates. Understanding these factors can help you make informed decisions about your coverage and find ways to save on your premiums. Here are some of the most common factors that insurers consider when determining your motorcycle insurance rates:
Factor |
Description |
|---|---|
Age |
Younger riders are considered to be riskier and may face higher rates. |
Experience |
New riders or those with less experience may be charged more for coverage. |
Type of motorcycle |
The make and model of your motorcycle can affect your rates. Sport bikes and other high-performance motorcycles are typically more expensive to insure. |
Where you live |
Insurance rates can vary depending on the state and even the city in which you live due to differences in risk factors. |
Driving record |
The number of accidents and violations on your driving record can impact your rates. Safe drivers with no accidents or violations are generally charged less for coverage. |
Credit score |
Some insurers use credit scores to determine rates, as research shows that people with lower credit scores are more likely to file claims. |
Age
Younger riders are considered to be riskier and may face higher rates. This is because younger riders are statistically more likely to be involved in accidents compared to older riders. If you are under the age of 25, you can expect to pay higher premiums for your motorcycle insurance.
The good news is that as you gain more experience on the road, your rates will typically decrease. Most insurers consider riders to be “experienced” once they have at least three years of riding under their belt. So, if you’re a young rider, don’t worry – your rates will likely go down over time as long as you maintain a clean driving record.
Experience
New riders or those with less experience may be charged more for coverage. This is because inexperienced riders are more likely to be involved in accidents compared to experienced riders. If you’re new to riding or have less than three years of experience, expect to pay more for your motorcycle insurance.
To reduce your rates, consider taking a motorcycle safety course. Not only will this help you become a safer rider, but many insurers offer discounts for completing a safety course. In addition, some states require riders under a certain age to complete a safety course in order to obtain a motorcycle license.
Type of motorcycle
The make and model of your motorcycle can affect your rates. Sport bikes and other high-performance motorcycles are typically more expensive to insure because they are more powerful and have higher top speeds than other types of motorcycles. In addition, sport bikes are often ridden by younger, riskier riders, which can drive up insurance rates.
If you’re looking to save on your motorcycle insurance, consider purchasing a less expensive bike that is less powerful. Cruiser-style motorcycles are typically more affordable to insure because they are not designed for racing or high speeds.
Where you live
The state and city in which you live can affect your motorcycle insurance rates. Rates can vary depending on the level of risk in your area, such as the number of accidents and thefts. For example, if you live in a city with a high rate of motorcycle thefts, your insurance rates may be higher than those of someone who lives in a rural area with lower crime rates.
It’s also worth noting that some states have higher minimum insurance requirements than others, which can impact your rates. Be sure to check your state’s insurance requirements before purchasing a policy.
Driving record
Your driving record plays a big role in determining your motorcycle insurance rates. The number of accidents and violations on your record can indicate how risky of a rider you are. Safe drivers with no accidents or violations are typically charged less for coverage than those with a history of accidents or violations.
If you have a clean driving record, be sure to let your insurer know. Many insurers offer discounts for safe drivers, and some even offer accident forgiveness, which means your rates won’t go up if you are involved in a single accident.
Credit score
Some insurers use credit scores to determine rates. While this may seem unfair, research shows that people with lower credit scores are more likely to file claims. If you have a low credit score, you may be charged more for your motorcycle insurance.
To ensure that your credit score doesn’t impact your rates, try to maintain a good credit score. Pay your bills on time, keep your credit card balances low, and don’t apply for too much new credit at once.
Choosing the Right Coverage for Your Needs
When it comes to motorcycle insurance, there are several types of coverage to choose from. The right coverage for you will depend on your individual needs and budget. Here are some of the most common types of motorcycle insurance coverage:
- Liability coverage: This type of coverage pays for damages and injuries you cause to others in an accident. Most states require a minimum amount of liability coverage.
- Collision coverage: This type of coverage pays for damages to your motorcycle if you are involved in an accident.
- Comprehensive coverage: This type of coverage pays for damages to your motorcycle caused by things like theft, vandalism, or natural disasters.
- Uninsured/underinsured motorist coverage: This type of coverage pays for damages and injuries you sustain if you are involved in an accident with someone who doesn’t have enough insurance to cover the damages.
It’s important to purchase enough coverage to protect yourself financially in the event of an accident. Consider your assets and how much you could afford to pay out of pocket if you were to cause a serious accident. If you’re not sure how much coverage you need, talk to an insurance agent or broker.
Discounts You Can Get on Your Motorcycle Insurance
There are several discounts available that can help you save on your motorcycle insurance premiums. Here are some of the most common discounts:
- Safety course discount: Many insurers offer discounts to riders who complete a motorcycle safety course.
- Good driver discount: Some insurers offer discounts to riders with a clean driving record.
- Multi-policy discount: If you have multiple insurance policies (such as auto and home insurance) with the same insurer, you may be eligible for a discount.
- Good student discount: If you are a student with good grades, you may be eligible for a discount.
- Association discount: If you are a member of a motorcycle association, you may be eligible for a discount.
Be sure to ask your insurer about any discounts that may be available to you. Even a small discount can add up to big savings over time.
Frequently Asked Questions About Motorcycle Insurance
What is motorcycle insurance?
Motorcycle insurance is a type of insurance policy that provides financial protection in the event of an accident, theft, or other covered loss involving your motorcycle.
Is motorcycle insurance required by law?
Most states require at least a minimum amount of liability insurance coverage for motorcycles. However, the amount of coverage required varies by state.
How much does motorcycle insurance cost?
The cost of motorcycle insurance varies depending on many factors, such as the make and model of your motorcycle, your age and driving record, and the level of coverage you choose. On average, motorcycle insurance costs around $500 to $1,000 per year.
What types of coverage can I get with motorcycle insurance?
Motorcycle insurance typically offers several types of coverage, including liability coverage, collision coverage, comprehensive coverage, and uninsured/underinsured motorist coverage.
How can I save money on my motorcycle insurance?
There are several ways to save on your motorcycle insurance premiums, such as taking a motorcycle safety course, maintaining a good driving record, choosing a less expensive motorcycle, and taking advantage of available discounts.
What should I do if I’m involved in a motorcycle accident?
If you’re involved in a motorcycle accident, stay calm and call for emergency assistance if needed. Exchange insurance and contact information with the other driver, and take pictures of the scene and any damages to your motorcycle. Report the accident to your insurance company as soon as possible.
Conclusion
Getting cheap insurance motorcycle policies doesn’t have to be difficult. By understanding the factors that affect your rates, choosing the right coverage for your needs, and taking advantage of available discounts, you can get the coverage you need without breaking the bank. Be sure to shop around and compare quotes from multiple insurers to find the best deal on your motorcycle insurance.