Cost of Motorcycle Insurance
Regardless of the fact that it’s mandatory in mostly every state, motorcycle insurance is extremely important to have for many reasons as it could save you thousands of dollars in the long run. Motorcycle insurance should cover medical expenses and costs of damage in the unfortunate even of an accident. Having insurance can give you peace of mind while you’re cruising down the road; knowing that if anything ever happened, you have nothing to worry about is priceless.
Factors of Cost
There are many different types of policies to choose from that will vary in price based on the coverage offered. The lowest you will be able to find insurance is about $100 per year but it could go as high as $1,000 depending on your personal circumstances. Similar to car insurance, if you are just covered for no fault, the monthly balance will be almost insignificant. If you want to be covered for damages and loss coverage as well, that’s when the monthly bill could get as high as $300.
All insurance policies are different depending on how much coverage you want along with the budget you’re working in. Some of the things that could be covered in your policy are:
- Medical Coverage
Make sure when you choose your policy that everything you want is going to be included. The most basic of coverage will cover you from damage or injury that is done to another person which is concluded to be your fault. None of your own injuries or damages will be covered though.
The more expensive policies are what is going to cover your medical costs along with the damage of your vehicle. These types of policies will come with around a $500 deductible and everything after the first $500 will be covered.
Typically for motorcycle insurance, your policy will need to be renewed in order to keep you policy active but that cost should be minimal.
On top of the coverage in your basic policy, there are many add ons that you can choose but will cost you extra. Some adds ons that are common for motorcycle insurance include:
- Breakdown protection
- Roadside assistance
- Passenger protection
Choosing any of these options will significantly increase your premium. There are also factors that you may not have considered that will increase the overall cost of your insurance. Factors such as your age, gender, value of your motorcycle, driving history, and location will all influence the final cost. Also if you have never ridden a motorcycle before, your insurance will be much pricier than if you are a skilled rider.
Ways to Save
Look around. Make sure you get multiple quotes before choosing a policy. Different insurance companies are going to charge different amounts so it’s important to search around. The first quote you get could be significantly higher than the third quote.
Choosing a higher deductible could also decrease your monthly costs substantially. You could save hundreds of dollars per year if you choose a $1500 deductible versus a $500 deductible.
Get a quote from your homeowner or car insurance company first as you may be able to get a multiple policy discount. This will help you maximize your savings.