What is motorcycle insurance?
Just like car insurance, motorcycle insurance provides financial and asset protection in the event of a motorcycle accident or theft. But, motorcycle policies can cover more than just your chopper. They can also cover fast street bikes, mopeds, and even Segways (if that’s something you’re into).
Insurance always includes bodily injury and property damage liability coverage up to the limit of your policy. If you’re found responsible for an accident, liability will cover the costs of another person’s injuries or property damages and any legal fees you encounter. Be aware that every state has different legal requirements for motorcycle insurance coverages and minimums. To learn more about these coverages you can contact your local DMV or speak to an Insurify agent online or over the phone.
Okay, so liability coverage protects other drivers on the road from an accident, but what about protection for you and your motorcycle? Most states don’t require drivers to carry personal protection unless you live in a no fault state. However, personal coverage is highly recommended especially if you don't think you could pay for costs of damage out of pocket. Luckily, you can customize your motorcycle policy to include and cover:
- Full replacement of your bike in the event that it’s totaled
- Medical bills in the event you’re injured or hospitalized
- Uninsured/underinsured motorist coverage in the event of an accident in which the at fault driver doesn’t have adequate liability insurance.
- Comprehensive coverage which will cover costs of damages caused by something other than a collision. This can include hail storms, floods, fire, theft, etc
- Collision coverage which will cover costs of damages to your bike in the event you’re at fault for an accident
- Damage to gear or apparel
Is motorcycle insurance legally required in the United States?
Yes, motorcycle insurance is required by law throughout the U.S. Each state has their own required minimum for liability coverage and recommended additional coverages you may want to include on your policy.
How much motorcycle insurance do I need?
How much and what kind of insurance coverage you need really depends on where you live and what kind of bike you ride. As we’ve said before, each state has a different set of requirements for motorcycle insurance. Beyond that, your zip code will also determine how much coverage you need and how much it’ll cost you. If you reside in an area with a high volume of traffic and theft, like a city, you can expect to pay more for an insurance policy. The good news is if you have a clean driving record you’ll receive discounts from your insurance provider.
Keep in mind that having a clean driving record doesn’t necessarily make you a low risk driver. For example, if you own a high-horsepower bike or dirt bike, your insurance coverage will most likely cost more due to the increased risk of speeding and injuries to yourself or others.
How much does motorcycle insurance cost?
Just like the cost of car insurance, motorcycle premiums vary widely by policy. A motorcyclist who uses a small bike to run errands and has an accident-free record will likely pay a few hundred dollars a year. Whereas, a teenage motorcyclist with a fast bike could pay upwards of a few thousand a year for coverage.
While policy rates vary, many drivers are still shocked by the high cost of motorcycle coverage. The higher rates are directly related to the higher risks motorcyclist face on the road, including:
- Motorcycles are often difficult to see in blindspots
- Unlike car accidents, motorcycle accidents result in more serious injuries to the driver due to lack of protective devices such as air bags
- Motorcycles are easier to steal and more difficult to recover, especially if sold off for parts
- Because of their two wheels, motorcycles are often more difficult to maneuver
How can I save money on motorcycle insurance?
Car owners aren’t the only ones who can save money on their insurance. Motorcyclists have the option to:
- purchase a less expensive, older bike model
- purchase a bike with a smaller engine
- enroll in a motorcycle safety course
- practice safe driving in order to keep claims to a minimum
- bundle multiple policies with your motorcycle insurance including home, auto, or renters
- compare insurance quotes and discounts from a wide range of providers in your area on a free quote comparison site like Insurify to ensure you’re getting the best deal.