Why is motorcycle insurance so expensive? Well, it’s pretty simple; motorcycles are extremely expensive to repair and bodily damage costs to riders can be very high after an accident. Despite the small size of your motorcycle the parts and repairs are costly and your insurance company is in this for a profit. If you were to get into an accident where the bike was completely destroyed, you may end up having to fork over the money for it out of your own pocket, even if the bike was insured at the time of the accident unless you pay more for a higher cost insurance plan.
How Much Does Motorcycle Insurance Cost?
The average cost of motorcycle insurance is $720 a year in the U.S. This can go up by as much as 250% depending on your location and driving record, depending on your personal details, your policy, and many other variables. For instance, if you live in a state that requires a complete coverage policy on your motorcycle, you will have to pay more for your insurance plan than a typical PPLD plan. On the other hand, if your state doesn’t require a complete coverage policy on motorcycles, you can expect your premiums to be more reasonable.
How to Lower Your Motorcycle Insurance Rates.
Before you look at motorcycle insurance rates, do some research on the internet and talk to various insurance agents to see what kind of savings you could potentially realize by carrying other types of insurance besides just motorcycle insurance. Some insurance companies will offer discounts for things like safe driving records and even for insuring multiple motorcycles, vehicles, and even home and life insurance under one account with them.
Your driving record will play a big part in the types of discounts you are able to get on your motorcycle insurance. Insurers are not as inclined to give out discounts if you show yourself to be a bad risk driver or if you have numerous speeding tickets under your belt. Being a good driver is a great way to save money on both motorcycle and auto insurance.
What Factors Effect The Price Of Motorcycle Insurance?
The company you buy your motorcycle insurance can be a big factor in the price. For example, if you buy auto insurance from a large company such as Allstate, Progressive, or GEICO, you can rest assured that your rates will not be adjusted based on your gender, your age, or your credit score. Large insurers have access to a large pool of drivers. If there is a reason why a given bike insurance rate for one segment of the population might be above average or below average than the rate for another segment, insurance companies are aware of that fact and adjust accordingly.
If you have been in an accident in the past, you are considered a high-risk driver by a specific insurer. That means if you choose a specific insurer, you are guaranteed to pay a higher rate than someone who has never had an accident. Why is that? Because insurers have access to certain information about your past experience with their clients including the kind of vehicle they owned and the type of accident they were involved in. In other words, the insurer knows that bikes are expensive to repair, and they know how many people own power bikes and where those people live so they can adjust their rate accordingly.
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