The myth that insurance is higher for motorcycles seems to come from the idea that motorcyclists have a greater risk of experiencing motor vehicle accidents. However, you can rest assured you likely won’t need to spend more to insure a motorcycle. The cost for your insurance coverage comes down to multiple factors, and seeing how they all come together to create a price for your policy helps you make informed decisions about what type of motorcycle you buy and the coverage you’ll need.
Know Why Insurance Is Typically Less Expensive
Motorcycle insurance is usually lower than car insurance because the costs for repairs or replacement are typically less expensive after an accident. Motorcycles tend to have fewer parts that need to be repaired, and they’re usually smaller. This means an accident claim will result in lower costs for the insurance company, which get passed down to you. Your insurance company may also offer different rates based on whether you use the motorcycle for your daily commute or occasional pleasure rides. If your motorcycle spends the majority of the time in the garage, you might be able to score a lower price for your policy.
Expect to Pay More for an Expensive Motorcycle
There are some cases where you might expect to pay about the same for your policy as you would for a car, and your premium could be even higher if you choose an expensive motorcycle. Some motorcycles have as much value as cars, and your insurance company will take this into account when they give you a quote. Just as you would with a car, you can expect to pay more to cover a brand-new motorcycle versus one with some miles on it. On the other hand, having modern safety features, such as a camera, could lower the price of your policy.
Consider Using Your Savings for Additional Coverage
Being able to enjoy a lower premium feels good, but you should also remember motorcyclists are still at higher risk for dealing with personal injuries or needing to pay for major repairs after a collision. If you find your liability or comprehensive policy is surprisingly affordable, consider using some of your savings to purchase additional coverage that expands the protection your policy provides. For instance, you might want to add more coverage for injuries if you plan to travel with passengers.
Practice Safe Driving to Keep Your Costs Low
One of the most important things you can do to keep insurance prices low is to always follow the traffic laws and practice safe driving. You can also do things that aren’t required by law, such as wearing high-visibility clothing or installing cameras on your bike. Taking driver safety courses at regular intervals also goes a long way toward helping you keep your skills fresh and stay on top of any changes in the driving laws.
If you’re looking for reliable, affordable motorcycle insurance and high-quality customer service, reach out to the friendly agents at Altra Insurance Services. Our experienced team can help you meet all your insurance needs, including auto insurance and homeowners coverage. Call us today at (800) 719-9972.