Motorcycle Insurance

Riding a motorcycle is very much like driving a car. Be cautious, leave plenty of distance between you and the other guy and drive defensively. Another big similarity is the need for motorcycle insurance. Yes, under most circumstances, you must have insurance for your motorcycle, too. The big top 3 motorcycle insurance providers are basically the same as the top auto insurance providers – Progressive, GEICO and State Farm. They are not always going to offer the best deals for everybody, though. Motorcycle insurance rates and coverage vary, depending on a number of criteria. Find out what you need to know in order to get the best deal on the best insurance policy.


Is motorcycle insurance expensive?

No, it isn't really all that expensive. It is usually cheaper than automobile insurance. The premiums vary considerably, though, depending on a number of factors. The estimated value of your motorcycle, how much you owe on it, your age and where you live are the biggest factors in determining how much you pay. Younger riders pay considerably higher premiums than more mature riders. If you live in a high-risk location, where the chance of your motorcycle getting stolen is greater, you will have to pay more for coverage. Motorcycle insurance is also much higher in some states than others. In general, motorcycle insurance premiums range from $70 per year to $3,000 per year.


Is there any way to get other discounts on motorcycle insurance?

Yes, there is. There are actually quite a few ways for you to get discounts. Completing a safety course before buying your motorcycle will usually get you a discount of 5% or more. You commonly will need to have taken the course within the past two to three years. If you are a member of a riding association or group, you will likely get a discount of about 10%. If you haven't had a serious traffic violation or insurance claim within the past few years, you may qualify for a safe rider discount. You will likely get a discount if you store your motorcycle for the winter. If your bike has a GPS-driven locator, you might be able to get a 20% discount or have your deductible waived. There are other possible discounts, too. Be sure to check with your insurance company as each one offers different discounts.


Is it cheaper to get motorcycle insurance with my car insurance company?

It could be. Certainly, you should check there first. Some insurance companies won't cover motorcycles at all, though. In that case, you will have to go to another company for your motorcycle insurance. You should still explore how much it would cost to switch your car insurance coverage to the company that sells you motorcycle insurance. It is usually a bit cheaper if you bundle them together. If you have home insurance or renters insurance, check with that company, too. They may be able to offer you a great deal if you bundle your home, auto and motorcycle insurance.

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Are expenses like towing and rental cost covered by regular insurance?

Not normally. You usually have to get extra coverage for roadside assistance like towing, rental coverage, accessory coverage for special custom accessories, trailer coverage for when you haul your motorcycle on a trailer and trip interruption coverage. These little extras are usually fairly inexpensive to add to your regular coverage.


Is there any other type of coverage that I may need?

There are additional types of motorcycle insurance that you should at least consider. Underinsured or uninsured motorist covers expenses if you are hit by an underinsured or uninsured driver. Some states actually require this, so be sure to check. Medical insurance that covers your medical expenses. Even if you already have good health insurance, this might be a good idea. It could even cover your health insurance deductibles. Guest passenger liability is good to have if you often ride with a passenger. You should also consider comprehensive and collision coverage. If you have a loan on your bike, the bank might even require this. It covers the cost of repair or replacement of the motorcycle if it is damaged or stolen.


Do I only need to get insurance to pay for repairs on the motorcycle?

No. You have to get coverage for bodily injury and liability coverage for property damage. The minimum amounts required by each state are displayed as 00/00/00. The first number represents the minimum amount of coverage you must have to cover bodily injury per person injured. The second number represents the minimum coverage you must have for bodily injury per accident. The third number represents the minimum amount you must have to cover property damage. For example, the minimum requirements in Colorado are 25/50/15. That translates to $25,000 for bodily injury per person, $50,000 total coverage for bodily injury per accident and $15,000 for property damage.


How much insurance do I have to get?

That depends on which state you live in. Every state has different minimum insurance requirements. Check with your insurance company or the Department of Motor Vehicles in your state.


Do I have to get insurance on my motorcycle?

Yes, unless you live in Florida or Washington. They are the only states that do not require motorcycle insurance. However, if you have financed your motorcycle, the bank will probably require it no matter where you live. If you don't have insurance and you wreck your bike, the bank will want the insurance to either pay for repairs or pay off your loan.

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