Motorcycle insurance is typically about 30% less than auto insurance when you just comparing the hardware, that is, motorcycle to car. However, the risk of injury while driving a motorcycle is higher than when driving a car, so many states require a higher amount of liability and hospitalization coverage. Even though a car costs much more than a vehicle, motorcycles are still a greater risk for accidents. There are additional differences that can change the cost as well. As you’d expect, the more expensive your bike is, the more of a risk it poses. Bikes with larger engines are more likely to be involved in an accident, so they cost more to insure. Also, some bikes are much more likely to get stolen than are others, and are therefore more expensive to insure. A classic bike may cost more to repair than a newer model, and if it’s rare, the cost of spare parts could be higher, and therefore it will be more expensive to insure. However, this does not mean that if you drive an old beat up scooter your insurance will cost less. The safer the bike is, the more likely you are to be able to get cheap motorcycle insurance.
The most important factor when it comes to setting a price for an insurance policy is safety ratings. The safer the bike is, and the safer the driver is, the less expensive the policy will be. Just like with car insurance providers, motorcycle riders with a safe driving record are more likely to get discounted rates for safe driving. Riders between 17 and 25 years of age are considered the riskiest age group, and therefore tend to have higher prices. Different insurers may put more importance on certain factors over others, so it’s worth shopping around for policies and find the best cheap motorcycle insurance that suits your wallet. Here are some additional factors that insurers look at:
- Security-the harder your motorcycle is to steal, the lower your premiums will be. Keeping your bike in a locked garage at night can help keep costs down. Anti-theft methods such as ground anchors, immobilizers, and bike locks also help reduce theft risk. Make sure you tell your insurer if you’re planning to use any of these security measures, otherwise you may not get a discount. Where you live Your postcode also has a bearing on the cost of insurance. If you live in a built-up area where the risk of accidents is greater, you’ll pay more. You’re also likely to pay more if you live somewhere that has high recorded levels of bike theft.
- Usage-how often you use your bike will have a big effect on your risk, and therefore your insurance cost. If you use your ride for commuting as well as for recreation, you’re likely to pay more because you’ll be riding during peak traffic times. Your annual mileage also has a bearing, just like it does with your car. The more time you spend on the road, the more likely you are to be involved in an accident.
- No-claims Bonus-your claims history is one of the more significant factors in calculating your insurance cost, and whether you have any points on your license. When you are looking for insurance, you will be asked for details of any claims or driving violations in the past five years. Even if a claim wasn’t your fault, you still need disclose it. If you haven’t made any claims for a year or more, and your record is clean, you should qualify for a no-claims bonus. Most insurers will accept up to five years’ worth of no-claims to give you a discount on your premium.
As a final reminder, you may be able to add your motorcycle to your current auto insurance policy and receive a discount. Also, many motorcycle associations have access to special rates, so belonging to one may provide a reduced rate. In the end, do your due diligence in finding out what type of cheap motorcycle insurance best fits your personal needs, as well as the insurance laws in your state regarding motorcycle coverage.