How Much Is Motorcycle Insurance?

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Why Do I need Motocycle Insurance?

Without doubt, anything which involves wheels & speed is associated with risks. Many motorcyclists end up in an accident because of speed and reckless riding. So, once you buy a motorcycle, you need to consider getting a motorcycle insurance policy so that you get full coverage in case you have an accident or your motorcycle gets stolen.

However, before applying for this policy, it is best you make comparisons across different companies; therefore you need to get as many quotes as possible. In the event of getting quotes, you also need to know the type of motorcycle insurance you need because each policy has its own distinct coverage and rate.

The reason that I did not give you the cost for motorcycle insurance coverage is that insurance companies consider a multitude of factors when determining premiums. Therefore, I have listed a range of factors you need to consider before applying for motorcycle insurance and accordingly, depending on your circumstances, you may be able to save on your insurance premiums.

Without doubt, anything which involves wheels & speed is associated with risks. Many motorcyclists end up in an accident because of speed and reckless riding. So, once you buy a motorcycle, you need to consider getting a motorcycle insurance policy so that you get full coverage in case you have an accident or your motorcycle gets stolen.

However, before applying for this policy, it is best you make comparisons across different companies; therefore you need to get as many quotes as possible. In the event of getting quotes, you also need to know the type of motorcycle insurance you need because each policy has its own distinct coverage and rate.

The reason that I did not give you the cost for motorcycle insurance coverage is that insurance companies consider a multitude of factors when determining premiums. Therefore, I have listed a range of factors you need to consider before applying for motorcycle insurance and accordingly, depending on your circumstances, you may be able to save on your insurance premiums.

 

What Is Required To Get Motorcycle Insurance?

 

Liability Insurance: By default, all insurance companies will require you to have a liability insurance before applying for a motorcycle insurance. A liability insurance policy covers for damage caused in an accident and also caters for your legal defense where it is necessary. This liability coverage is classified into 3 forms and these include:

  • Maximum Bodily Injury compensation per person
  • Maximum Bodily Injury compensation for all people in the entire accident; and
  • Maximum total Property Damage compensation for all property in the accident.

How Much Does Motorcycle Insurance Cost?

 

This will vary from company to company, that is why you have to get quotes from different insurance companies. When you purchase a motorcycle insurance policy, you will have the opportunity to set out exactly what the insurer has to pay just in case you have an accident.

For example and in-line with the above, if for example, you choose a coverage with a 10/20/10 plan, the insurer will pay a maximum of $10,000 in any expenses to every single person injured in the accident; $20,000 will be the maximum the insurer will pay for everyone injured in the accident and lastly $10,000 will be the maximum the insurer will pay for property damaged in the accident.

On the other hand, younger and newly licensed drivers will end up paying more in motor insurance coverage. Most insurers categorize young and new riders as risky riders; this conclusion has been reached by the insurance companies based on historical statistical data. The main cause of risky behavior is peer pressure and lack of experience on the road. Therefore, the insurer will try as much as possible to cover their own interests and stay on the safe side as they accommodate a risky rider. For that reason, the insurance companies have to charge them more for their insurance coverage; in some way, this also makes the rider become more cautious to ride safely so that their monthly premiums are reduced.

If you are classified as a risky rider, you don’t have to panic. As much as I know the premiums will scare you initially, however, if you play by the rules, your monthly / yearly premiums will eventually reduce as the insurer re-assesses you in due course. One of the things you can do is monitor your riding behaviors, avoid speed and collisions. Being careful while on the road will reduce or even completely eliminate the claims you make in a year and this will send a positive message to the insurer. This will save you at least $100 or more every month.

You can get a quote on Motorcycle Insurance via the following companies:

  1. PROGRESSIVE Motorcycle Insurance
  2. GEICO Motorcycle Insurance
  3. Allstate Motorcycle Insurance
  4. Dairyland Motorcycle Insurance
  5. Farmers Motorcycle Insurance

 

Special Coverage for Motocycle Insurance

 

Classic Motobike Insurance

PROS:

People with classic bikes, tend to have strong attachment to them. They care for their bikes and ride them safely because they want to maintain the legacy of these bikes. With that in mind, the insurer will take this applicant as a non-risky policy holder so that their premiums will generally be low.

It is the correct bet made by the insurer. WHY? Because owners of classic bikes don’t ride them for long distances, make sure they stay away from risky areas and best of all, maintain their bikes in pristine condition.

CONS:

Much as I campaign for these classic bikes, their premiums can also be quite high due to spare parts unavailability. Spare parts will be required from time to time to repair the bike if it gets involved in a collision. However, you should not get worried about the high premiums; you can get quotes from different motorcycle insurance companies and settle down with a company with affordable rates.

 

Modified Bike Insurance

Many times you will see bikers modifying their bikes. This is because they have a very strong attachment to their machines and they want them to look different and unique. But with all those expensive accessories and parts, your premium might be high because in case of a collision, it might be expensive to replace those parts. However, you can reduce your premium by using appropriate parts or accessories. For example, by using parts which guarantee security for your bike, this will show the insurer that you will not be making theft claims too often.

 

Factors That Affect Your Motorcycle Insurance Rates

Motorcycle insurance companies consider a multitude of factors when determining premiums. By now, you know that insurance companies are not charities – they are in the business of making profit. Therefore, they have to use verified historical statistical data about a client before issuing out any given insurance policy. Some of the factors they consider when pricing motor insurance policies include:

  • Age: Young drivers are charged more for their premiums than grown up responsible riders. Just image a 16 – 25 year old male with a bike, I guess you have seen them around your neighborhood, they drive fast and are generally reckless.
  • Gender: Males will pay more in premiums than women. There is no discrimination here, but statistics show that women drive safer compared to men.
  • Location: The place where you live or where you ride from will also play a big role when setting premiums for your insurance coverage. If you live and ride from a risky area which is characterized with accidents and high theft rates, the insurer will flag you as a risky applicant and they will set a very high premium because they know that the likelihood of you making a claim is very high.
  • Credit Score: Your credit history will definitely affect your motorcycle premium. This is related to your driving / riding history. The insurer has to be sure that you will be in position to pay for your premium every month. If you have a poor credit history, the chances are that you will also be filing for insurance claims, so, instead of rejecting you, the insurer will set a high premium rate for you to cover their own interests.
  • How often do you ride: I know you own that bike and you love riding it all the time. But obviously, the more you ride, the more the chances are of you getting involved in an accident. By all means, if you have to travel long distances, try to switch your means of transport.
  • Model of Motorcycle: Insurance companies categorize bikes based on their models and year of manufacture. This method is similar to what they use when determining premiums for cars. The price of your bike and its engine capacity will determine its face value. If you drive a Ducati 1199, expect a premium special rate because spares for this machine are quite expensive.
  • Non-factory built: This isrelated to the model of the bike, but in this case, the insurer will look for the specifications and originality of the bike. If you over-modified it with new parts, the insurer might hesitate to cover your motorcycle, or you will be charged with a high premium. WHY? Because the altered version of your bike is not listed anywhere in their database, so they do not have a guarantee of its face value. This means, you have to be very careful when rebuilding your bike before it gets insured.

Now you can talk to different motorcycle insurance companies to get a quote for your motor.

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