Motorcycle insurance is so cheap in some states. It’s not that the risk for coverage is different in those states, but it does speak to fairness and reasons for premiums in various parts of the country.
Motorcycle insurance Is Cheap in some states because generally motorcycles itself cheaper than cars.
Insurance companies know the risk of having a motorcycle crash is higher than other vehicles and make rates accordingly.
although I don’t think motorcycle insurance is cheaper in every state. The average Insurance Cost Of the Motorcycle Is $1,173 per year.
but we noticed a significant difference when we polled our readers in different states across the U.S. In Idaho, motorcycle owners were quoted an average rate of $649 per year; whereas motorcycle owners in Louisiana were paying over three times as much at $1,142 annually.
So why do rates vary so widely between these two neighboring states?
the motorcycle insurance can be cheap/expensive due to weather conditions, road quality, or even rates for coverage may differ between insurance providers.
Another point is that motorcycles are also cheaper than cars so Insurance companies can charge less if they think there’s more risk on part of the biker.
Also, some states have lower minimum requirements for liability insurance which will automatically result in lower rates.
That said you can certainly pay higher motorcycle insurance rates if you choose to carry higher limits on your policy.
Now Let See Is Really Motorcycle Insurance Is Cheaper?
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Is it Really Cheaper to insure a motorcycle?
The short answer is Yes.
there Is a 50% average price difference between insurance rates for cars and motorcycles right now. It’s surprising that the smaller engine on the average motorcycle usually has lower insurance rates than other vehicles with bigger engines. The reason being that if you have an accident that causes damage to your motorcycle, it is totaled by definition. So if someone rear-ended you at 50 mph, chances are they would do more damage to their car than you would do to your bike. That kind of situation can even result in injuries or fatalities for other people involved so the law typically sides with the vehicle doing less damage in those cases, not necessarily who’s at fault. This is why many lawsuits involve monetary compensation for property damage only.
How to Save Money On motorcycle insurance?
one of the easiest things you can do is embrace safety. Many companies offer discounts for riders who have completed a basic safety course and even claim that their discount increases after each additional course is completed up to a maximum which typically varies from 5% to 15%.
In addition, if you’re under 25 years old you will typically pay more for motorcycle insurance than someone older or in their 40s because younger motorists statistically have a higher accident rate.
If possible try settling an agreement on the phone or at least get a quote online before you meet with anyone. It may be easier to negotiate the rate if you speak with the insurance company over the phone first.
As we can see, Motorcycle insurance is cheaper than car insurance and you should spend more on the safety of your bike than just on a set of flashy wheels. If you’re an experienced rider and take some courses to improve your skills for road safety it will pay off in the long run.
You’ll not only save money but also feel better about yourself as a more aware driver.
It’s also worth mentioning that motorcycle riders usually don’t have to spend so much time looking for parking areas because they can easily be parked around the corner near the entrance. Overall it all boils down to good driving habits and simple tips like wearing proper clothing, having blinkers, and following rules of the road more closely which obviously includes wearing helmets will protect both drivers and motorcyclists and save on insurance rates.
How much is motorcycle insurance per year?
The price of insurance depends on the factors like where you live, which insurer you pick, and what type of motorcycle you own. The exact rate may vary between companies as well.
However, generally speaking, an annual premium can cost anywhere between $600 for basic coverage to $2500 or more depending on the model.
Insurance companies usually base their rates on the value of your bike. It is a good idea to keep comprehensive and collision coverage at a reasonably high level because it protects you against physical damage.
In addition, carrying higher limits may be beneficial in some cases where there’s potential for greater loss.
It pays off to check with different companies comparing rates online before settling with one company because different insurance providers can offer dramatically different prices depending on where they are based and what kind of motorcycle you drive.
As we have mentioned above-average cost will be around $600 – $2500 but that really depends on the type of bike you own, mileage, age, and a number of other factors which can influence premiums rate If you buy a cheap motorcycle it will be cheaper than an expensive one.
The rate can also depend on where you live For example in areas that are more urban the rates may be higher because of their greater risk of theft and injury. So if you live in the city it would be smart to pay for increased coverage just in case something happens to your bike.
However, you should always have enough limits to cover the replacement cost of your bike if it were to be totaled or stolen. This way in case of an incident involving another vehicle, you won’t have any gaps in coverage which could lead to serious liability issues.
Conclusion:
Motorcycle insurance is usually less expensive than car insurance. The rates can vary between different companies and there are factors that influence the price such as your age, type of bike you own, where you live and other influencing factors mentioned above.
Before settling with a company take some time to compare quotes online because it could save you quite a bit of money.
Picking a higher deductible tends to lower premiums rates but try keeping limits high enough to cover the cost of repair or replacement in case something happens.
Be sure to keep comprehensive and collision coverage at a reasonable level even if it’s more expensive because this way in case of an accident involving another vehicle you won’t have any gaps in your coverage which could lead to serious liability issues.
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