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UPDATED: Feb 13, 2021
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Motorcycle insurance is not cheap. There are no two ways about the costs associated with protecting yourself and your two-wheeler. Motorcyclists, however, have never been a squeamish bunch, and you should not shy away from higher prices, either. The most practical thing to do in the face of necessarily high premiums is to minimize the damage by employing every cost saving device possible. This article will show you how. The best way to find the cheapest motorcycle insurance possible is to use our free insurance quote finder at the top of the page. Enter your zip above to start comparing free motorcycle insurance quotes!
Basics of Motorcycle Insurance
Motorcycle insurance is like auto insurance, or any other form of insurance for that matter, in that your likelihood of filing a claim is directly related to paying more for your premiums. The difference between auto insurance and motorcycle insurance rests with the level of danger associated with motorcycles. Cars offer more safety features than motorcycles do, boasting mechanisms like crumple zones, seat belts, and airbags. Motorcycles offer very little in protection against the open road. The breezy speed that draws so many people to motorcycling is the same factor that makes it such an expensive lifestyle to ensure.
Another difference between automobile and motorcycle insurance is the nature of the claims made. When it comes to car accidents involving two or more vehicles, the damage is likely to be spread out among the vehicles. This makes automobile liability insurance, which covers vehicles other than one’s own, one of the most expensive forms of automobile insurance.
On the other hand, motorcycle insurance operates according to the premise that the rider and his bike are most likely to bear the brunt of the destruction in the event of an accident. Motorcycles are also more likely to be the victims of theft because of their size and accessibility. Motorcycle insurance attaches higher premiums to collision and comprehensive insurance than automobile insurance does. Collision insurance covers the damage to the motorcycle when it is involved in an accident with another vehicle. Comprehensive insurance covers non-collision related losses from things like theft, fire, floods and run-ins with animals.
One of the most important insurance protections for a motorcyclist comes from his or her health insurance provider. While some motorcycle insurers do offer medical coverage, commonly referred to as Med Pay, any benefits will be considered secondary to the motorcyclist’s health insurance. They will also be very expensive. The main concern for a motorcyclist when it comes to protecting life and limb is finding a health insurance policy that covers all possible exigencies to the fullest extent possible.
Shopping Smart: For Your Motorcycle and Your Motorcycle Insurance Policy
Motorcycle insurance providers use various criteria, attached to different values, to determine the cost of a policy. Some general things they look for are: motorcycle size, make and model of the motorcycle, age and driving record of the prospective insured, geographical location, riding lifestyle (commuting or pleasure) and expected yearly mileage.
Those first few criteria (size, make and model of the motorcycle) all emphasize the importance not only of shopping around for the best insurance policy, but of shopping around for the best bike for your situation. If money is a big concern, which it most often is, you should go into the showroom or onto the lot with the knowledge of what it costs to insure various motorcycles. While it’s always a good idea to be aware of the cost of insuring any vehicle before a purchase is made, the advice is even more significant when it comes to motorcycles. Over the life of a motorcycle, you can easily end up paying for your bike all over again due to the cost of motorcycle insurance. Finding a bike that’s less expensive to insure will help you keep costs down year after year.
You also want to make sure you are taking advantage of all discounts available to you. Different insurers have different programs in place to offer you savings. Discounts can come from a long list of situations, including insuring more than one motorcycle, taking a specified safety course, being a member in good standing of an approved motorcycle association, being a “mature rider”, holding a motorcycle instruction certification, and insuring your car and automobiles with the same company. If you put your bike in storage for any part of the year, you will save money based on the fact that it is much more difficult for a bike that isn’t being used to be involved in an accident. Finding the company with the most discounts for which you qualify will save you a good chunk of change.
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Impact of Your Driving Record and Financial Standing
Respectability and responsibility are important factors when it comes to insurance.
Simply put, if you have a record of being in multiple accidents, insurers will consider you a risk. In other words, if you have too many instances of using your coverage to cover damage to your motorcycle when it is involved in an accident, your provider may be wary.
A solid credit rating also has the effect of showing insurers you are less likely to take risks on your bike. People who make payments responsibly are statistically more likely to ride responsibly. There’s even an industry name for the equation; it’s called the “financial responsibility score”. You may be able to reap savings in excess of 50% with a good credit rating.
Good financial sense can lead to other savings as well. By paying off your bike loan expediently, you will be free of lender requirements that include possession of comprehensive collision insurance coverage. If you determine that it is not a financial necessity to have those protections, you will save significantly on your yearly premiums. Either way, it is you, not your lender, who will be in the driver’s seat when making the decision.
If you will be accompanied on your bike by a passenger, you need to be aware that not all policies cover your guest. Those that do come at a higher premium. While the guest passenger provision is not one you can skimp on if you are entertaining others on your bike, you may consider passing on that coverage if you always fly solo.
Best vs. Cheapest
The old adage holds true when it comes to motorcycle insurance: you get what you pay for. By looking only at the pricing, and not at the complete coverage picture, you may be leaving yourself open to devastating financial consequences.
The National Highway Traffic Administration reported that motorcyclists were approximately 37 times more likely than car drivers to die in a crash in 2007 (the most recent numbers available at this time). They were also 9 times more likely to sustain non-life threatening injuries. For this reason, among others, motorcycle insurance is a more costly expenditure than car insurance.
Careful research will allow you keep those rates as low as possible while maintaining a coverage level that enables you to enjoy your bike with the knowledge that you will be protected when the need arises.
Free Motorcycle Insurance Quotes Online
One way to shop most effectively for motorcycle insurance has come about with the advent of sophisticated Internet technology. Online motorcycle insurance quote comparison tools make it easy to generate quotes, based on your specific situation and needs, from many different insurers. The format makes it so that you can use the same criteria, based on your personal experience and financial history, to generate quotes from different motorcycle insurance providers. This apples-to-apples approach gives you a clear picture as to how the insurers stack up against each other. Enter your zip to start comparing free online motorcycle insurance quotes today!