How Much Is Motorcycle Insurance?
That depends on several factors, including where you live, what kind of bike you ride, and your riding experience. And let’s not forget about liability being responsible for the safety of other drivers on the road as well as your own.
Insurance companies have unique ways of calculating these risks, so it’s important to know how to get the best deal when shopping around. Here are some tips to help you find the motorcycle insurance policy that fits you best.
Step 1: Figure out your liability coverage
Just like a car, most states require that your motorcycle be insured for bodily injury liability and property damage liability in case you are at fault for an accident and cause damage to others or their property.
Most states require that you carry a minimum of $20,000 in bodily injury liability coverage and $10,000 in property damage liability coverage per person per accident. However, some states have higher requirements—for example, California requires $30,000/$15,000. In addition to these amounts per accident, you should also consider purchasing uninsured/underinsured motorist coverage (UIM).
This type of insurance covers you if you’re involved in an accident with another driver who does not have any insurance or does not have enough insurance to cover your damages. UIM will pay out up to your limits even if the other driver is completely at fault. The amount of UIM coverage you purchase depends on how much bodily injury liability coverage you choose.
For example, if you purchase $100,000 in bodily injury liability coverage, then it’s likely that your policy will include $100,000 worth of UIM as well. Some states don’t allow drivers to purchase less than $50,000 in bodily injury liability coverage. If you live in one of those states, make sure that your bodily injury liability limit is set high enough so that you can purchase adequate UIM coverage.
You can typically add additional uninsured/underinsured motorist coverage after an accident if needed. It’s important to note that no state requires you to carry either uninsured/underinsured motorist coverage or personal injury protection (PIP) but many do require both types of insurance.
PIP pays medical bills related to injuries sustained in an accident regardless of who was at fault. While PIP won’t pay for damages to your bike, having it could help protect you from expensive medical bills if you get hurt while riding. Learn more about How much life insurance do I need
Step 2: Decide on Optional Coverages
The number of optional coverages you purchase will likely depend on how much your bike is worth. You can always increase or decrease your coverage over time, depending on what you’re riding. Here are some common motorcycle insurance add-ons: Uninsured/Underinsured Motorist: These coverages are pretty self-explanatory; they ensure that if someone hits you and doesn’t have insurance or has an inadequate amount, you won’t be left holding all of those costs on your own.
If you do decide to get these coverages, it’s a good idea to make sure you include bodily injury liability limits high enough to cover any medical bills associated with a serious accident. Personal Injury Protection (PIP): This is similar to no-fault car insurance; it covers your medical expenses up to a certain limit in case of an accident regardless of who was at fault.
For example, if you get hit by a drunk driver while riding your bike and end up with $50,000 in medical bills—but only $25,000 worth of PIP your insurer would pay for $25,000 of those expenses.
Underinsured Motorist Property Damage: Similar to UM/UIM coverages for people injured in accidents involving uninsured drivers, UMPD policies help pay for damages caused by drivers without adequate insurance coverage.
Some states require PIP coverage, but it’s not required by law in most states. Collision Coverage: As its name suggests, collision coverage pays for damage to your vehicle caused by another driver or object. Comprehensive Coverage: Unlike collision insurance, which only covers damage caused by other drivers, comprehensive coverage also helps pay for damages caused by things like hail storms and vandalism.
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However, unlike collision coverage, there is a deductible involved. Uninsured Motorist Bodily Injury: Just as UM/UIM insurance protects you from injuries sustained in accidents involving underinsured motorists, UMBI provides protection from injuries sustained in accidents involving uninsured motorists. Physical Damage Waiver (PDW): A PDW policy waives your deductible in cases where physical damage to your vehicle occurs during an accident.
Step 3: Decide on deductibles
There are two main types of motorcycle insurance deductibles: Collision: If you have a collision deductible, your insurance will only cover damages to your bike and property when you’re at fault. Comprehensive: If you have a comprehensive deductible, the damage is covered by your policy whether it was at fault or not.
The amount of your deductible should be based on how much money you can comfortably afford to pay out-of-pocket if an accident occurs. For example, if a $500 repair bill would force you into debt for months, but $1,000 wouldn’t really make much difference in your budget, opt for a higher deductible. However, it’s important to remember that choosing a high deductible means paying more out-of-pocket after an accident.
You may want to consider raising your deductible as you become more financially stable—and lowering it again once things get tight. As a general rule, lower deductibles mean lower premiums.
The other factors that affect your premium include Your age Your driving record Whether you own or rent Your credit score (some insurers use your credit score to determine how likely you are to file claims) The year, make, and model of your bike How many miles per year you drive It’s important to shop around for rates from different companies before making any decisions about what type of coverage best suits your needs. Some companies offer discounts for bundling multiple policies together.
Also, ask how long they’ve been writing policies in your state; some insurance companies don’t insure motorcycles older than 10 years old. Finally, while price shouldn’t be your primary concern when choosing an insurer, it does play a role in determining which company provides the best value for you.
A good way to compare prices is by using an online quote comparison tool like InsureMe. Enter your zip code and basic information about yourself, then compare quotes from several major providers.
Step 4: Do you want collision coverage?
If you’re asking how much is motorcycle insurance, then chances are you’re also wondering whether you should include collision coverage in your policy. Collision insurance covers your vehicle if it gets damaged in an accident with another car.
If you don’t have a lot of money for a down payment or to pay for repairs out of pocket, collision coverage can be worth considering. However, even if you do have cash on hand, you might not want to get collision coverage.
This is because having collision coverage means that any damage done to your bike will be covered by your insurer but it also means that they won’t cover any damage done by you. In other words, if you crash into something and cause $5,000 worth of damage to your bike (or someone else crashes into you and causes $5,000 worth of damage), your insurer will only pay up to their limit ($2,500).
The rest is up to you. If you decide not to add collision coverage, then your insurer would foot all repair costs in case of an accident (except for things like vandalism). So keep these factors in mind when deciding how much is motorcycle insurance.
Your personal financial situation, how well you drive, and what kind of bike you ride all play a role in determining how much is motorcycle insurance. But there’s no right answer here it depends on what works best for your particular situation.
Remember: Always ask how much is motorcycle insurance before signing anything! There are many variables involved when calculating how much is motorcycle insurance so make sure to get multiple quotes from different companies to find out which option works best for you.
What Are You Waiting For? Now That You Know How Much Is Motorcycle Insurance It’s Time To Get Out On The Road And Enjoy Yourself! Go-Ride With Confidence Knowing That You Have A Policy That Works For You. Happy Riding!!! Welcome to WebMd’s Health News Digest.
Step 5: Review discounts for good students, veterans, etc.
Even if you’re young, have a spotty driving record, or have no credit history, your age and lack of experience behind the wheel don’t mean you can’t save money on insurance. Some companies offer discounts for students with good grades, for veterans and members of the military, and for people who use public transportation instead of driving.
You might also qualify for lower rates if you live in an area that is considered low-risk (like a city with a low crime). Check out our list of car insurance discounts to see what could help you save.
And don’t forget to ask about bundling your home and auto policies; often, it can be cheaper to bundle than to buy them separately. Consider switching providers every few years to get new quotes.
Keep in mind that while you may get a better deal initially, you won’t necessarily get better coverage so make sure your new company has good customer service reviews and a solid financial rating.
Also, look into increasing your deductible from $500 to $1,000 because that can reduce premiums by 10% or more. Remember: While cheap insurance might seem like a great idea now, you really do get what you pay for!
So think twice before choosing something that seems too good to be true. Not only will a subpar policy cost you more in premiums over time, but it could put your assets at risk if there’s ever an accident. If your budget doesn’t allow for comprehensive coverage right away, opt for liability protection only—this will cover other drivers involved in accidents caused by you and protect their vehicles against damage caused by collisions with yours.
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