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You can protect more than just you and your bike with motorcycle insurance. Hit the road in style and safety with coverage for custom parts, towing, glass damage and more. How much you’ll pay for that protection depends on a number of factors — but typically ranges from $200 to $500 a year.
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As a young or inexperienced driver, it’s an unfortunate reality that you’ll have to pay more on your premiums. And if you’ve already purchased your bike, you might not have a choice in how much you’ll pay for that model. However, there are some ways to help reduce your premiums.
- Choose the right bike. Larger and more powerful engines are more expensive to insure.
- Keep your bike safe. Keeping your bike in a garage reduces the likelihood of your bike getting damaged.
- Drive safely. Do your best to avoid accidents to build up a no-claims history.
- Reassess the value of your bike. For example, if you’ve insured a brand new motorcycle, then it might be over-insured just a few years later after it depreciates, and you may be paying too much for coverage.
- Choose your payment options. Many motorcycle insurers will charge less overall for premiums paid annually rather than monthly, or for setting up auto-pay.
- Get discounts. You may be entitled to a range of discounts, including loyalty bonuses, no claims bonuses, discounts for signing up online, multi-policy discounts and others.
- Adjust your coverage. You could be paying extra for policy options that you don’t need or won’t use. On the other hand, you might be able to get helpful perks included from a specialist motorcycle policy.
How much motorcycle insurance do I need?
Motorcycle insurance is required in most states, though each state has different motorcycle insurance laws based on the engine size and other factors. If your vehicle has an engine smaller than 50cc or top speeds below 30 mph, it’s likely classified as a moped or scooter and may have different insurance requirements.
To build your policy, start with your state’s minimum liability coverage, which is typically around $25,000 bodily injury liability per person, $50,000 bodily injury per accident and $25,000 property damage liability. It’s a good idea to increase your maximums to cover at least the full cost to replace your bike.
What motorcycle insurance coverage do I need?
Liability insurance is typically the only type of coverage required for motorcycles. Many states don’t require insurers to offer personal injury protection for bikes, unlike car insurance.
Want wider coverage on a new, classic or expensive bike? Look for a full coverage motorcycle policy, which includes liability, collision and comprehensive coverage.
Bodily injury liability
Covers medical costs in an accident where you’re at fault, including medical aid, legal help and funerals.
Property damage liability
Covers damage you cause to someone else’s property or vehicle in an accident, not including damage to your own bike.
Covers damage to your motorcycle from non-collision damage, including weather, vandalism, falling objects, vandalism and theft.
Covers repairs to your motorcycle if you’re involved in an accident.
Covers damage to windshields, luggage racks, storage and other personal items.
Covers medical costs, deductibles and co-pays if you’re injured in an accident, regardless of fault.
What does motorcycle insurance cover?
Depending on the types of coverage you choose, motorcycle insurance can cover situations like:
- You’re involved in a collision with another vehicle.
- You accidentally swipe a mailbox and scratch your paint.
- Your bike is stolen while it’s parked.
- Your windshield is cracked by a rock.
- You lose your keys and don’t have your spare.
- Your tire pops on a nail.
- Your side mirror is broken in the parking lot.
What else should I look for in a bike policy?
Consider the extras available in a policy. These additional benefits may be available to you based on the specific policy and level of coverage you have. For example, accessory coverage for motorcycles or custom parts and equipment (CPE) coverage includes coverage for helmets, sidecars, antennas, trailers, custom paint or exhaust and trike conversion kits.
Some extras may include:
- Loan & lease gap insurance
- Windshield and glass damage
- Rental reimbursement & trip interruption
- Passenger coverage
- Bike trailer
How much does motorcycle insurance cost?
Motorcycle insurance costs depend on several driver and vehicle factors. For example, new bikes in the $15,000 range could start around $200 annually for liability-only policies and extend up to $500 or more for full coverage policies with higher maximums. A bike that’s twice the price could see double the annual premiums.
You’ll also see premium increases if you’re considered a high risk driver, such as if you have multiple accidents or claims on your driving record or you live in an area with high theft rates.
Which motorcycle insurance discounts can I get?
Like with car insurance, you might qualify for discounts to help you save on your premiums, such as:
- Riding safety course discount
- Multi-vehicle discount
- Motorcycle club discount
- Storage,layup or seasonal discount
- Safe driver or claims-free discount
- Paid in full discount
- Anti-theft device discount
How does a layup policy work?
Only ride your bike in the summer? A seasonal, temporary or laid-up policy will cover your bike only when you regularly ride it. Usually you’ll still have comprehensive coverage on your bike during winter or when you don’t ride it, but liability and collision will drop off. You’ll have lower premiums overall due to the lower use and lower risk.
What factors affect my motorcycle insurance premiums?
In addition to your age, level of coverage, riding history and how high or low your deductible is, these factors can affect what you’ll pay for motorcycle insurance:
- The type of bike you ride. Newer, more expensive and more powerful bikes will usually cost more to insure than older, cheaper and less powerful models. Expect a premium increase if you add performance enhancements to make your bike faster or more powerful, or if you swap to a sport bike or a new Harley.
- Your claims history. You could get a discount on your premiums by not making insurance claims. If you’ve made a claim on your motorcycle insurance in the past, insurers will classify you as posing an increased likelihood of making a future claim.
- How much you ride. Weekend warriors could save money on usage-based or mileage-based insurance, so you only pay for coverage for the miles you ride. Or save with a seasonal or lay-up policy if you only ride in the summer.
- Who rides your bike. If you’re an experienced rider with an unblemished claims history and you’re the only person riding your bike, the cost of your coverage should stay low. But if you want your policy to also cover a 22-year-old rider with a speeding conviction and several previous insurance claims, expect your premiums to skyrocket.
- Where you live. Theft is more likely if you live in an urban or high crime area, which could increase your rate.
- Where you keep your bike. For example, securing your bike in a garage when it isn’t being ridden should lower your premiums. Bikes with alarm systems are less likely to be stolen, so you could get an anti-theft discount.
How do I get scooter and moped insurance?
Moped and scooter insurance are widely available. Motorbike insurance premiums are determined by the vehicle’s engine capacity, so less powerful mopeds and motor scooters have lower insurance premiums than higher-end motorcycles.
Start by checking what kind of engine yours has. Mopeds typically have a very low engine capacity and are almost always less than 225cc, while most but not all scooters are.
225cc and under is the lightest class of motorcycles, and this category of moped or scooter will lower your insurance premiums more than standard motorcycle insurance.
Before insuring your motorcycle, be aware of its nuances and what you can do to save money on your premiums. Check out all your insurance options to ensure you’re getting the right coverage for your situation.
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