It may be tempting to assume that motorcycle insurance will be cheaper and simpler than normal car insurance. Motorcycles are smaller and may cause less damage in an accident. There’s also less space for passengers, so you’d expect to get a lower premium from the insurance company.
But while it’s true that some of those factors may affect the premium you have to pay, your motorcycle insurance premium might not be any lower than your car insurance. It might even be higher! It’s difficult to estimate what your insurance should cost because it depends on so many different factors. You should also be aware of the specific minimum requirements for insurance in your state.
Pitfalls to Avoid
Don’t believe the first estimates you see when looking for motorcycle insurance. Many advertisers will play into your expectations by offering lower insurance premiums, but they’re not giving you the whole story. Always examine exactly what the policy will or won’t include before you sign. Often that advertised rate is for a plan that leaves out valuable benefits.
You might enjoy paying less for a premium at first, but you’ll quickly regret it if your policy is insufficient in the event of an accident. The amount covered by the policy might not be enough, or the policy might exclude coverage for uninsured or underinsured motorists. That means you’ll be stuck with the bill if you get hit by a driver without insurance.
Take the time to contemplate the costs and be sure you get the right policy that includes everything you need. Keep in mind that motorcycles can be dangerous because of the lack of protection for the driver.
Other Variables
Your motorcycle policy premium is affected by a lot of different factors, just like your car insurance. If you’re young, don’t have many years of driving experience or have a significant number of accidents on your record, your bill is going to be fairly high.
More expensive or high-powered motorcycles will also mean a higher premium. The assumption is that a high-powered vehicle is going to encourage more risky and impulsive driving.
You may also be able to adjust your policy premium based on how much or little you drive and what you use your motorcycle for. You may qualify for a lower price if you aren’t driving it on a regular basis.
Your insurance premium will also be shaped by the state you’re in. The premiums vary by state depending on the number of other motorcycle insurance policy-holders in your state. States with a lot of motorcycle riders often have some of the lower premiums available.
Getting the Best Deal
The key to finding a good rate for you and your needs is to shop around and get as many estimates as possible. Speak to a professional if you’re worried you’re being cheated or you’re looking for ways to lower your costs.
