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Sometimes car insurance companies offer motorcycle insurance and other times it is offered by companies that specialize in motorcycle insurance only. Occasionally you can find good insurance rates through a motorcycle manufacturer, motorcycle club, or other organization that deals with motorcycles; even if they don’t offer insurance themselves, they may be able to provide you with a list of preferred motorcycle insurance providers. It is a good idea to check with several different sources to find the best rates and coverage.
Why Motorcycle Insurance Is Important
Motorcycles are among the most dangerous vehicles on the road, so it only makes sense to insure them. TrafficSafety.org provides a number of eye-opening statistics, including the fact that in 2006, motorcycle riders were 35 times more likely to die in a crash than passenger car occupants. Another interesting statistic is that motorcycles are involved in 10% of crashes on the road, even though they comprise only 2% of the total vehicles in use.
Every state has some sort of motorcycle insurance requirement. The levels of coverage required for damage and bodily injury vary greatly from state to state, but liability coverage is the most commonly required type of insurance.
Even beyond the legal requirement, insurance is necessary for any motor vehicle, but the increased likelihood of accident and fatality that comes with motorcycles makes insuring them even more important. Getting the sort of catastrophic injury that can happen from a motorcycle accident can be extremely expensive; more than most people could afford without insurance. Liability and medical insurance coverage are an absolute must for motorcycle riders.
Cost of Motorcycle Insurance
Motorcycle insurance is generally less expensive than car insurance. This may seem illogical, given the frequency of motorcycle accidents, but you need to keep in mind that motorcycles are much cheaper to repair or replace than cars, and they do not do as much damage to other vehicles when they hit them.
You can reduce the cost of your motorcycle insurance in many of the same ways that you could make your car insurance more affordable. You can get multiple policies with the same company to cover the different things you need to insure; you can take a motorcycle safety course, or join a group or organization that qualifies for a discount. You also may get a lower rate based on your age or where you live. Most car insurance companies will discount your rate if you have owned a motorcycle before.
In any case, the cost of insurance is less than the cost of the paying for an accident out of pocket, not to mention the cost of being ticketed for riding without insurance. It is also important to keep in mind that the overall cost of ownership is less, since motorcycles use so much less gas than cars.
Types of Motorcycles and the Effect on Insurance Costs
Recent estimates indicate that about 9% of Americans currently own a motorcycle, but the type of motorcycle tends to vary due to personal preferences and the cost of the vehicle. There are cruisers, sport bikes, touring motorcycles, standard motorcycles and the more economical types like mopeds and scooters. Each type of motorcycle has its own attributes that might make insurance cost more or less.
Sport bikes and other bikes built for performance and high speed are generally more expensive to insure.
High-end motorcycles like those made by Harley Davidson also tend to cost more to insure. At the other end of the spectrum, mopeds and scooters are very cheap to insure.
To find a fitting insurance policy and rate for your type of motorcycle, or to find a deal on both motorcycle and car insurance together, type your ZIP code into the search box and use the FREE rate finder tool today!