Motorcycle Insurance: Coverage Options, Costs, and Savings
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Motorcycle insurance can protect you and others if you are in an accident or your bike gets damaged. Motorcycle coverage can include property damage, roadside assistance, medical payments coverage, and optional coverage as well. Motorcycle insurance quotes will vary by state and personal need. This guide will help you better understand the types of coverage available, motorcycle policies, the cost of motorcycle insurance, motorcycle insurance discounts, and more.
Understanding Required Motorcycle Insurance Coverage
Most states require liability coverage, which covers the costs of damages and injuries, similar to your auto insurance requirements. You may also want to consider adding extra liability insurance and option insurance coverage, which can help you if you are sued or if you get in an accident with an uninsured motorist.
Your motorcycle insurance company can help you understand the local requirements for motorcycle insurance coverage in your state.
Exploring Optional Motorcycle Insurance Coverage
Beyond required liability insurance, you might also want to consider the following optional coverage for your motorcycle:
Collision coverage: This type of motorcycle insurance will cover damage to your bike from a collision or accident. It will pay for accidents minus your deductible.
Comprehensive coverage: This will cover you if your motorcycle is stolen or damaged by something other than a car or motorcycle accident.
Uninsured/underinsured motorist coverage: If you are in an accident with a driver who does not have insurance or who doesn't have enough insurance to cover the accident, this coverage will kick in.
Personal injury protection insurance: Also known as PIP or no-fault insurance, personal injury protection insurance will cover your medical expenses and lost wages if you are injured in an accident, regardless of which driver is at fault.
Umbrella insurance: Umbrella insurance or umbrella coverage will provide you with additional liability insurance and extra protection.
You can also choose to add trip interruption coverage, roadside assistance, coverage for customized motorcycle parts, and more as part of your personal motorcycle insurance policy.
Factors Affecting Motorcycle Insurance Costs
Several key factors will influence your motorcycle insurance premiums, including:
Your age and driving record: Younger and older drivers are more expensive to insurance. A good driving record can lower your motorcycle insurance costs, while a bad one will do just the opposite.
Where you live: If you live in an urban area with more traffic (and therefore more traffic accidents) and higher crime, your insurance premiums will reflect that by going up.
The type of bike you ride: Sport motorcycles are more expensive to insure than cruisers because they are considered to be a greater risk. The age of your bike will also play a role in your insurance costs, with newer bikes being more expensive to insure since newer parts are more expensive to acquire.
The number of miles you ride: If you ride a lot, your motorcycle insurance will cost more than if you only use your bike occasionally.
How to Find Discounts on Motorcycle Insurance
The good news is that you can find discounts on motorcycle insurance. You can start by asking your current motorcycle insurance company if they offer discounts for good driving habits, safety courses, or bundling insurance. You can also shop around and compare insurance quotes to make sure you are getting the best deal.
Tips for Lowering Your Motorcycle Insurance Premiums
If you want to reduce the amount you are paying for motorcycle insurance, check out these helpful hints:
Take a motorcycle safety course. Most insurance companies provide discounts based on these safe-driving classes.
Bundle and compare. Bundling your motorcycle insurance with auto and home insurance, for example, can lead to discounts. Likewise, when you compare insurance quotes, you can shop for the best option for your riding needs.
Update your deductible. While a higher deductible will cost you more if you need to make a claim, it will lower your premiums in the meantime.
Reduce your mileage. More miles per year leads to more risk, so if you can reduce the number of miles you put on your bike annually, you might be able to lower your insurance premiums. If you currently ride a sportier cycle, consider a smaller model that might be less expensive to insure.
State-Specific Motorcycle Insurance Requirements
Motorcycle insurance requirements vary by state.
Connecticut, Illinois, Kansas, Maine, Massachusetts, Missouri, New Jersey, North Dakota, Oregon, South Carolina, Virginia, West Virginia, Washington, D.C., and Wisconsin, for instance, all require uninsured motorist coverage for motorcycle operators. Texas requires more minimum insurance than most states, with liability insurance minimums of $30,000 per person and $60,000 per accident, as well as minimum property damage liability insurance of $25,000 per accident. The motorcycle insurance requirements in Minnesota are similar, with liability insurance minimums of $30,000 per person and $60,000 per accident, but the property damage liability per accident is lower than that of Texas at $10,000.
If you are planning on moving to another state, make sure you take the time to research any changes or updates that will be required in your motorcycle insurance.
Get the Best Motorcycle Insurance Today – Start Saving
How much is motorcycle insurance in your state? It pays to compare motorcycle insurance quotes so you can find the best motorcycle insurance for your needs. EverQuote offers free online insurance quotes so that you can review and evaluate options side by side. Save money and time by checking out EverQuote's insurance comparisons today.