How to Get Cheap Motorcycle Insurance
If you’re thinking of replacing your car with a motorcycle or just want another vehicle to add to your collection, you need to consider insurance costs. After all, no matter which vehicle you take out on the road, you’ll need coverage.
It might be easier to get cheap motorcycle insurance than cheap car insurance, but not always. There are a few major differences between the two that can affect premium levels.
Discounts. Almost everyone qualifies for some sort of car insurance discount, but motorcycle discounts are a bit harder to come by. For example, Allstate’s website currently mentions just six motorcycle insurance discounts, compared with 23 auto insurance discounts.
Coverage requirements and options. You have similar coverage options whether you’re insuring a motorcycle or a car. However, in some states, you’ll need an extra liability policy to insure passengers if you’re a motorcyclist.
Depending on your health plan, you may also want to invest in medical payments coverage, even if you don’t have such coverage on your auto policy.
Cost. Motorcycles typically cost less than cars. If you decide to buy comprehensive coverage, it will only cover the value of the bike.
Risk. If you’re a motorcyclist in an accident with a car, which vehicle is likely to come out with more damage? Insurance companies consider the risk inherent in motorcycles when they price policies.
Of course, when an insurer sells you a motorcycle insurance policy, the carrier will consider your specific circumstances, such as:
Your bike. How safe is your bike? How expensive is it? How new is it? As with cars, a safer, older, more modest bike will generally cost less to insure than a riskier, flashier one.
You. Younger motorcycle riders, like younger drivers, are charged higher premiums. The same goes for those with a history of accidents. On the flip side, experienced drivers with good records tend to pay less. Signing up for an accredited motorcycle safety course might get you a discount.
How much you ride. High-mileage drivers pay more for insurance, and the same holds for those who spend a lot of time on their bikes. If you commute on your bike or otherwise put a lot of miles under your wheels, you’ll pay more than if you just ride occasionally for pleasure.
Your location. From your state to your neighborhood, where you live and drive changes how much you pay for insurance. Your state’s liability minimums and other motorcycle laws affect insurance costs, as do weather and crime rates, among other factors. In addition, if you’re able to garage your bike, you can significantly cut your premiums.
Fortunately, most major insurers offer motorcycle insurance, along with auto and homeowners insurance, meaning you can bundle policies to save money. This also gives you some freedom when shopping around. If one insurer charges high prices in your state or city, you can always find another one. And of course, as when buying any insurance policy, make sure you and your bike are fully protected. Finding cheap insurance is fine, as long as you’re protected from the worst-case scenario.