motorcycle insurance

Motorcycle insurance in most areas is required by law before you can even start the engine on a bike. If you are deciding to purchase your bike from a dealer, they will most likely ask for proof of your insurance before they sell you your bike. The reasoning for this is that if you purchase the bike and drive it off the lot and get into an accident there is a chance that the dealer would be liable for any damages caused by the accident. Any dealership with half a brain would not take such a risk and thus requires proof of your insurance before they will let you drive away with your new bike.

how much does it cost?

Motorcycle insurance is calculated much like automobile insurance. There are two main costs, the monthly fees and the deductible. The monthly fee is the general fee you pay each month to be insured. The deductible is the amount of money you have to pay if you make a claim. For example, if your bike was worth $10,000 and you were to get into an accident where the bike was completely destroyed in the accident - if your deductible was $2,000 you would have to pay that much for them to replace your motorcycle. Like all insurance, coverage costs vary on a number of factors. Here are some of the main factors:

where You Live

Your location is viewed like this, the more populated the area you live in, the higher likelihood you will get in an accident as there are more drivers around you - and thus, the more costly it will be to get insurance. Living in 'nowhere town' where there are not as many people has it's benefits.

your age

If you are under 25 or over 50 you will have to pay a higher premium. Young drivers are viewed as immature and inexperienced drivers. There is good reason for this viewpoint as they are the demographic with the highest accident statistics. If you are over 50 you may also find your premiums are higher. This is because the older we get the more our eye sight and reflexes decrease. Insurance companies know this and take it into account when calculating your premium.

your driver's license class:

If you have a learners permit or a graduated license you will pay more in your insurance as the insurance world views this as inexperience. Once you receive your full license your premiums should decrease. If they do not, call your insurance company and state that you now have your full license and feel that it is only fair that you pay less. Taking a rider safety training course will increase your experience level and is usually recognized by insurance companies as such. Even if your insurance company will not lower your premiums after you have taken such a course, the knowledge learned from a safety training course is well worth the effort.

driving record / history

Infraction tickets, such as speeding, and any accidents listed in your driving record will raise the cost of your insurance. If you made some mistakes in the past, or simply had bad luck, do not fret, each year that passes lowers the impact these unfortunate episodes have on your insurance.

length of time covered by insurance

The longer you have been insured the more favorable in terms of costs it will be for you. Also, the more loyal you are to one particular company, the more likely they will be willing to give you a discount as they see you as a valued customer whom they would like to keep insured.

vehicle information

The make, model, overall value, engine size, and year your bike was made all factor into how much you are going to pay in insurance. The more expensive the bike the more it will cost to repair. If you choose to have a higher collision insurance deductible, or do not take collision insurance at all - the cost of your bike will not be as great of a factor when determining your overall costs. However, the speed of your bike (engine size, bike type, whether or not it is turbo charged) will most always affect your insurance costs. The faster the bikes acceleration and top speed are - the more expensive it will be to insure.

types of insurance

liability insurance

Liability insurance is the only mandatory insurance you need to legally drive. A few decades ago, liability insurance was optional and as a result, some drivers chose to do without. What ended up happening was that people who were not insured did not have enough money personally to fund expenses caused by an accident - leaving victims with damages to their lives / possessions with no compensation. Since this time liability insurance is required for you to legally drive. Liability insurance provides coverage for you if someone else is injured or killed as well as coverage if their property is damaged as a result of an automobile accident. Since it is relatively cheap, it is recommended to get the highest degree of liability insurance coverage as personal injury claims can reach well into the 100,000's of dollars.

collision insurance

Collision insurance protects your vehicle if it is damaged in an accident. The more expensive your vehicle the more likely you will want collision insurance. Sometimes the costs of the repairs to the vehicle are less than the actual collision insurance costs, in this case it only makes sense to opt to not take collision coverage.

comprehensive insurance

More commonly referred to as 'fire and theft' insurance, comprehensive insurance protects your vehicle from damages caused to it other than means that would fall under collision insurance, such as fire, theft, terrorists attacks, etc.

where to get insurance

Now that you have an idea of the types of insurance plans you can purchase and how the costs are tabulated you have enough information to start shopping for the best rate. This is easily done via an insurance company's website where you can input the criteria that reflects your situation (your bike make, your riding experience, your age, etc) into their online form and it will calculate the monthly and annual costs for you automatically. A good idea is to get several different quotes from one company for different criteria, such as a different bike model or engine size. You may also want to full fill your curiosity to see how much of a cost difference there is if you change your location, age, or riding experience to see what factors are the most sensitive.