Average motorcycle insurance rates depend on how much of an accident risk your insurance company deems you and your bike to be. While motorcycle fatalities have declined over the last couple of years, insurance companies tend to see bikes as more risky than cars; thus, your rates for motorcycle insurance will probably be higher than for comparable auto insurance. There are several factors that control how much you pay for motorcycle insurance.
Type of Bike – High-powered sports bikes are more expensive to insure than other motorbikes. These bikes are harder to control; therefore, there’s a greater risk that you will get into an accident while driving a high-powered sports bike. The average motorcycle insurance rate on a sports bike may be close to double that of a lower-powered bike for this reason.
If you want to drive this kind of bike, it’s imperative that you take a driver’s safety course. Not only will this type of class help you become a safer motorcycle driver, but most insurance companies offer bikers a hefty discount if they complete a safety course.
Experience Level – Insurance companies also take your age, experience level and driving history into account when determining the insurance rate for motorcycle coverage. If you’ve never driven a bike before, you’re more likely to get into an accident because of your inexperience. This is especially true of younger drivers, who statistically get into more fatal accidents than older people regardless of whether they are driving a motorcycle or a car.
In addition to your experience level, your insurance company considers your driving history. It may seem unfair to have to pay higher than average motorcycle insurance rates because you have multiple speeding tickets while driving a car, but insurance companies see your driving history as a reasonable measure of how safe a driver you are. If you are constantly speeding or breaking other traffic laws, insurance companies assume you take a lot of risks while driving or are an impatient driver. Thus, you are more likely to get into an accident, regardless of whether you are driving a motorcycle or a car, and your insurance company will charge you a higher rate than it would charge someone who has a cleaner driving record.
Location – Average motorcycle insurance rates differ from state to state because of a wide range of factors. Some states feature poor weather for part of the year. These states may charge you a cheaper rate than states that are sunny year-round because you probably won’t be able to use your bike in heavy rain or snow. Thus, you only have to pay for insurance for the months that you will be using the bike.
Regardless of the weather in your state, urban locations usually require you to pay higher insurance rates than rural locations. The standard of living in cities is higher than out in the country, so everything will be more expensive. In addition, there’s more traffic and congestion in urban locales. This means that there is a greater chance of getting into an accident. Bikes are considered riskier than automobiles when there is congestion because bikers may be tempted to ride between lanes; automobiles are too large to be able to do this.
Type of Insurance – By law, you usually have to carry liability insurance on your motorcycle. Liability insurance is the cheapest type of insurance; it covers damage to other people’s property and bodily injury to other drivers in the event of an accident. However, it doesn’t cover repairs to your motorcycle. You have to purchase comprehensive or collision insurance for this purpose, which is more expensive.
Saving Money on Motorcycle Insurance – Since the average motorcycle insurance rates are much more expensive than comparable auto insurance, it’s important to do whatever you can to keep costs down. Most insurance companies offer discounts to motorcyclists who install anti-theft devices on their motorcycle; the reduced risk of theft drives down the price of motorcycle insurance. You can also get discounts for taking driver safety courses or for insuring your motorcycle and your automobile via the same insurer.
It’s difficult, if not impossible, to calculate exactly what the average motorcycle insurance rates might be for your bike because so many factors affect motorcycle insurance. However, if you plan to buy a bike you should be aware that insurance usually is not cheap. The best way to save on motorcycle insurance is to be a conscientious, careful driver and avoid accidents or tickets so that you can avoid rate increases and possibly get a discount for having a good driving record.