Most people see motorcycle insurance as a cheaper alternative to car insurance. But is this the case? In this blog post, we will explore the cost of motorcycle insurance and compare it to car insurance. We will also look at factors affecting your premiums, such as age, location, and driving history. You’ll also learn how to find the most affordable motorcycle insurance.
At The Fran Haasch Law Group, we’re always looking out for our fellow motorcycle enthusiasts. Not only do we want you to be safe, but we also want you to know we’ll be here for you if you’re ever in an accident that’s not your fault. Contact our office as soon as you can for a free evaluation.
Is it Harder to Get Motorcycle Insurance or Car Insurance?
There is no easy answer to this question, and it depends on your circumstances. For example, if you have a good driving history, it may be easier to get motorcycle insurance than car insurance. However, if you are a young driver or live in a high-risk area, it may be harder to get affordable motorcycle insurance than car insurance.
How Much Does Motorcycle Insurance Cost in the US?
The cost of motorcycle insurance varies depending on several factors, including the make and model of your bike, your age, and your location. However, motorcycle insurance tends to be cheaper than car insurance as a general rule.
The average motorcycle insurance costs range from $150 to $500 per year, and it depends on your motorcycle model and how many miles you drive it. The average motorcycle insurance premium is around $200 a year, less than half of what people pay for car insurance.
If a motorcycle owner drives 12,000 miles/year with no accidents or tickets on their record, they will pay roughly $150 in annual premiums. If another motorcycle owner drives 3,000 miles/year with no accidents or tickets on their record, they will pay about $130 annually. So, if you don’t ride that often, you probably won’t have that hard of a time finding cheap motorcycle insurance.
How is Car Insurance Coverage Different From Motorcycle Insurance Coverage?
Motorcycle insurance coverage can be pretty different from auto insurance coverage.
The most significant difference between motorcycle insurance policies vs. car insurance is that motorcycle policies don’t cover liability or property damage to others while driving. If you’re riding on public roads, you’ll need both motorcycle liability coverage and auto liability insurance, which are separate products. But they often bundle together at competitive rates since most people have more than one type of vehicle like cars, trucks, RVs, boats, etc.
Another significant difference between motorcycle insurance policies and auto insurance is that motorcycle policyholders aren’t required to purchase comprehensive and collision coverage for their bikes. Comprehensive and collision insurance is purely optional. Motorcycle owners can buy liability-only policies, which tend to be cheaper than bundled packages with both types of protection included in one plan (liability + collision/comprehensive).
This means there’s more flexibility when it comes time to decide how much coverage you want on your bike.
What Factors Affect the Average Cost of Motorcycle Insurance?
The cost of motorcycle insurance varies depending on several factors including:
- Make and Model: The type of motorcycle you own can affect how much coverage will cost. Some bikes are more expensive than others to insure based on their value and the likelihood they’ll need repairs if something goes wrong with them during operation. For example, newer models tend to be cheaper due to having fewer issues than older ones, which might have more wear and tear on their parts.
- Age: Younger motorcycle riders typically have higher insurance premiums than older ones. The reason is that the typical insurance company will consider younger drivers to be riskier drivers. Younger riders, for example, may not be as experienced in operating these vehicles safely or following traffic laws. Additionally, younger people tend to take more risks, leading to accidents (and ultimately claims filed against motorcycle companies).
- Driver history: Motorcycle owners with past violations such as speeding tickets are likely to pay higher rates because this indicates that they are unsafe drivers who might get into accidents frequently resulting from bad driving habits like reckless behavior while out on roads around other motorists/pedestrians. Insurance companies want customers who will follow the rules, so it pays off to cover these individuals who have shown themselves capable of doing so.
- Where the motorcycle is stored: If someone lives in an area where there are no motorcycle parking restrictions or if they choose not to keep their bike locked up at all times when parked outside their home during night hours, then they will likely pay higher premiums due to increased risk of theft which costs insurance companies money because they may end up having file claims filed against them by those vehicle owners whose property was taken unlawfully while being out and about town doing things like shopping (and other people were around).
Is Motorcycle Insurance Cheaper Than Car Insurance?
In most cases, motorcycle insurance is cheaper than car insurance. However, this depends on many factors, so comparing quotes from different insurers is essential to find the best deal.
Now that we’ve answered some common questions about motorcycle and car insurance, let’s look at how they compare cost-wise.
As mentioned earlier, motorcycle insurance tends to be cheaper than car insurance. For example, the average motorcycle insurance premium is around $200 a year, less than half of what people pay for car insurance.
This means that motorcycle insurance may be cheaper than car insurance, but not always by much! If we look at some examples: If a motorcycle owner drives 12000 miles/year with no accidents or tickets on record, then they would pay roughly $150 in annual premiums, and if another motorcycle owner drives 3000 miles/year with no accidents or tickets on record then they would pay about $130 annually.
The cost of car insurance, on the other hand, varies depending on several factors, including your age, location, and driving history. However, car insurance costs more than motorcycle insurance as a general rule.
The average annual premium for car insurance is around $800, and this means that people typically pay four times more for car insurance than they do for motorcycle insurance.
How Does Motorcycle Type Affect Insurance Costs?
It is essential to know that motorcycle type affects motorcycle insurance costs. Different motorcycle makes and models may be more expensive to insure than others because of their higher risk levels or lower safety ratings.
For example, motorcycle owners who drive cruisers will pay less than those who drive sportbikes or touring motorcycles. This is because cruisers are heavier and have more protection around them, which means these motorcycles tend to be safer on the road and therefore cost less to insure (because they reduce risk). Also, motorcycle owners with a good driving record will usually get better rates from insurers than those with bad records.
What Other Factors Affect the Cost of Motorcycle Insurance?
Other factors, such as driving record, are generally considered when determining how much you will pay for motorcycle insurance. For example, suppose two people have identical motorcycles, but one has a good driving history while the other has a terrible record. In that case, they will get different rates from insurers even though everything else might be equal (such as age).
A person with no accidents in the past three years might pay $200 less per year for coverage than someone who has had multiple claims over that same time.
What Type of Coverage Do You Need for Your Motorcycle?
When it comes to motorcycle insurance, there are a few different types of coverage that you can choose from:
– Bodily injury liability: This covers expenses related to injuries or death caused to other people as a result of an accident that you are involved in while riding your motorcycle.
– Property damage liability: This covers expenses related to damage that you may cause to someone else’s property as a result of an accident while riding your motorcycle.
– Uninsured/underinsured motorist coverage: This type of coverage protects you if you are in an accident with another driver who does not have insurance or has insufficient insurance to cover the costs of damages.
– Collision coverage: This reimburses you for repairs to your motorcycle after an accident, regardless of who was at fault.
– Comprehensive: This covers any damage other than collision, such as theft, vandalism, fire, and weather events. For example, comprehensive coverage would pay for repairs if lightning strikes your motorcycle.
Is Motorcycle Insurance Cheaper for Older Riders?
The motorcycle insurance cost will be lower for older motorcycle riders. This is because motorcycle owners over 55 years old have fewer accidents than younger drivers, so their motorcycle insurance premiums tend to go down as they get older.
Is Motorcycle Insurance Cheaper if You Have a Homeowner’s Policy?
Motorcycle insurance rates may decrease if you already have homeowner’s coverage with the same insurer that provides your motorcycle policy. This is because insurers view people who own homes and cars as less likely to file claims on either one of them, which means there would be less risk involved in insuring both these possessions together under one “umbrella” plan (and therefore less money out of pocket).
Another factor that could lead to a discount on motorcycle insurance is installing safety features on your motorcycle, such as anti-theft devices
Should I Consider Bundling Motorcycle Insurance with Other Types of Coverage?
People who own homes and cars also get discounts when they bundle these policies together under one company. This is because insurers view people who own both types of properties more favorably than those who own either alone. After all, it means that person has some responsibility to reduce risks associated with insuring them.
Another advantage of bundling motorcycle insurance with other types of coverage is that it makes managing claims easier as they will all be handled through one company rather than having to deal with multiple companies if something happens while riding your motorcycle or driving another vehicle like an automobile.
Tips for Getting Great Motorcycle Insurance Rates
– Shop around: Get motorcycle insurance quotes from a few different insurers to find the best rate.
– Ask about discounts: Many insurers offer discounts for things like having multiple policies, being a good driver, or having safety features installed on your motorcycle. For example, if you install anti-theft devices or airbags, make sure that these are properly maintained and installed correctly, so there won’t be any issues down the road when it comes time for motorcycle insurance companies to cover the damage.
– Consider bundling: If you have homeowner’s and car insurance, see if your motorcycle insurer offers a discount for bundling policies together.
– Review your policy regularly: Make sure you are aware of what is covered and what is not so there are no surprises when it comes time to file a claim.
– Ride safely: The best way to keep your motorcycle coverage rates low is to ride safely and avoid motorcycle accidents.
Taking a motorcycle safety course is a great way to learn how to ride safely and reduce your risk of getting into an accident or incurring damages. Some insurers also offer a motorcycle safety course discount.
You may also be able to save money by opting for higher deductibles, which means that you pay more out-of-pocket costs before the insurer covers any expenses related to damage done during an accident (but only if those accidents are your fault).
Another option would be not having comprehensive coverage included in your motorcycle insurance policy. Comprehensive coverage includes things like fire and theft protection, which could save you money if you don’t have it included but may end up costing more if these unfortunate events occur without being covered by motorcycle insurance costs.
Injured in a Motorcycle Accident? Contact The Fran Haasch Law Group
The motorcycle accident attorneys with The Fran Haasch Law Group will be ready to help if you need us. If you or someone close to you has suffered an injury due to an accident that’s someone else’s fault, please contact us as soon as possible for a free case evaluation.