The average cost of bike insurance in the US is around $700 annually. In many cases, the policy is less expensive than auto insurance. However, what you will pay also varies depending on a number of factors. Read on to find out what influences your average motorcycle insurance rates.
First of all, it depends what you ride your motorcycle for. If you ride just for pleasure, your coverage will be pretty minimal. If you ride it as a work-horse, you will probably pay more. So how does that effect you?
The fact is that any insurance company will tell you that if you are riding the motorcycle to get money, then motorcycle insurance will not be cheap. If you ride your bike just for fun, you should look for a minimum of liability and collision coverage in your policy. If you ride the bike for work, then you may need more comprehensive coverage in your policy.
Second, you should think about what type of motorcycle you ride. For example, if you are a safe rider and never crash your motorcycle, then you should expect to pay less than someone who has multiple accidents on their record. The same goes for kids who ride their bike recklessly. If you have children under 25, you may be required by law to obtain child protection coverage in your state.
Finally, remember that even if your motorcycle has a lot of safety features, that does not mean that your average cost will be low. For example, if your bike has an ABS system, it does not mean that your insurance will be cheap. Instead, it will depend on the amount of claims that you make.
What ever type of motorcycle you decide to ride, do not forget that it may require a lot of coverage. Even if your insurance company offers lower rates, you might still need some type of coverage to protect your investment.
Some motorcycle insurance companies may offer a discount if you purchase your insurance from them. So if you know anyone who is getting insurance, ask them about this and see if it may be an option for them.
Getting motorcycle quotes is easy. Just visit one of the many insurance comparison websites and request your free quote today!
So what type of motorcycle insurance should you get? Below are a few of the basic types of coverage that every insurer offers:
There are other kinds of coverage, such as uninsured motorist, underinsured motorist, etc., but these are the most common ones that you can expect to find in motorcycle insurance. So if you want to get the most bang for your buck when it comes to purchasing coverage, take a look at the above options.
If you get the right coverage, your average cost of motorcycle insurance is going to be low. You may also find it to be quite affordable if you are careful.
It is also important to understand that there are several companies that offer different levels of coverage. and the best way to get an idea of the price of each company is to visit at least two or three companies to get an idea of what they will charge.
In addition to the above, remember that you can lower your insurance costs by using some of the same methods that lower your insurance premiums if you are not driving your motorcycle regularly. For instance, if you are not driving it very often, you may find that getting multiple tickets for moving violations will lower your premiums.