Motorcycle Insurance Considerations
- It Is Usually Required
- One Kind Doesn’t Fit All
- Rates May Depend on the Rider’s Age
- A Poor Automobile Driving Record May Affect Rates
- Premiums Will Be Higher for Certain Kinds of Bikes
Motorcycles are hugely popular and offer an adrenaline rush to riders, but insuring them may bring a fast “downer.” Cheap insurance may seem like a great way to go until the bike is involved in an accident. Then, hindsight may prove very expensive. Most accidents involving motorcycles are collisions with an automobile. That type of accident accounts for three fourths of motorcycle events. According to the National Highway Transportation Association, motorcyclists are 27 times more likely to die in an accident, and six times more likely to be injured as an automobile driver. Usually, the driver of the automobile doesn’t see the motorcyclist in time to avoid the collision. In an automobile-motorcycle accident, the automobile usually wins. That’s why insurance is so important for bikers. All motorcycle insurance is not equal. Here are five things you should consider before investing in coverage.
1. It Is Usually Required
Only three states do not require motorcyclists to be insured. These are Florida, Washington and Montana. The rest of the states require at least liability, though the amounts required may differ. Even if a biker lives in a state where he doesn’t have to be insured, it doesn’t mean he shouldn’t have insurance. If the rider is at fault, he will be financially responsible to compensate the other person or persons involved for their losses. He must also pay for his medical expenses, and the average motorcycle accident results in just under $6,000 in medical costs to the rider.
2. One Kind Does Not Fit All
There are different types of motorcycle insurance. The standard liability kind generally pays for compensation to the other driver for damage to his property, medical expenses, lost wages and other expenses involved in “making him whole.” Riders can purchase optional coverage that may partially pay for bike replacement in case the motorcycle is totaled, protect riders against uninsured motorists, cover the rider’s medical bills, compensate motorcycle owners in case of theft and insurance that covers damage from things like hail and high winds.
3. Rates May Depend on the Rider’s Age
People between the ages of 16 and 24 have the highest incidence of motorcycle accidents. That means they pay more for insurance. After a rider turns 25, rates drop an average 20 percent for men and 12 to 15 percent for women. This is because people in this age group are considered more settled and mature, sometimes having family responsibilities and jobs. The rate keeps dropping, too, until the age of 55. People 65 and over will see their rates begin to increase.
4. A Poor Automobile Driving Record May Affect Rates
Many insurance companies will increase premium rates for riders with several accidents on their record, DUIs and other types of infractions. Some insurance companies will not, if the record is not too bad. If a biker has a poor automobile driving record, he can increase his chances of lowering motorcycle insurance by taking a motorcycle safety course. Some states have a mandated premium decrease for riders who take these courses.
5. Premiums Will Be Higher for Certain Kinds of Bikes
Riders who own very expensive road bikes will find they pay more for motorcycle insurance because the bikes cost more to replace. Racing bikes will pay higher premiums as well because of the increased risk of the higher speeds. Another rate hike involving owning these types of motorcycles is the area in which owners live. This is especially true if the bike is stored overnight in an area at high risk for theft. A motorcycle that is driven on weekends for short jaunts will be less expensive to insure than one that is driven daily as the main mode of transportation.
Related Resource: 10 Best Cheap Motorcycle Insurance Companies 2017
Riding a motorcycle can be a cost-effective mode of travel. It can also be an enjoyable leisure activity. Insurance can reduce the stress of owning and driving a bike. Before purchasing motorcycle insurance, it is important to look at the kind of insurance you are getting, and to make certain it is a good fit with the way the bike is used.