If you are a rider, then motorcycle insurance is a necessity to protect yourself, your bikes, and others on the road. Whether you’re a seasoned motorcyclist or a new rider, having the right motorcycle insurance policy can save you from hefty financial burdens in case of an accident or theft.
Furthermore, having this insurance is legally required in many regions, just like auto insurance. However, the coverage and costs can vary widely depending on the rider’s needs, location, and bike type.
What Is Motorcycle Insurance?
This insurance is a type of coverage that helps protect riders and their motorcycles in case of accidents, theft, damage, or other incidents. A motorcycle insurance policy typically includes liability coverage, which is required by law in most areas, as well as optional coverage like collision, comprehensive, and uninsured/underinsured motorist protection.
Types of Motorcycle Insurance Coverage
There are different types of motorcycle insurance coverage to suit the diverse needs of riders. These types include:
Liability Insurance
This is the most basic and legally required form of motorcycle insurance. It covers bodily injury and property damage that you may cause to other people in an accident. It typically covers medical expenses, repair costs for damaged property, legal fees, and settlements.
Collision Coverage
Collision coverage pays for damages to your motorcycle in the event of an accident, regardless of who is at fault. Moreover, it also covers repairs or replacement of your motorcycle after a crash with another vehicle or object.
Uninsured/Underinsured Motorist Coverage
This coverage protects you if you are involved in an accident with someone who doesn’t have insurance or doesn’t have enough insurance to cover the damages. It also covers medical expenses and bike repairs in the case of an accident with an uninsured or underinsured driver.
Comprehensive Coverage
Comprehensive coverage has a policy that protects against non-collision incidents, such as theft, vandalism, fire, and weather damage. It also covers other non-collision-related damage to your bike.
Medical Payments Coverage
Medical payment coverage helps pay for medical expenses for you and your passengers, regardless of fault in an accident. Furthermore, it also covers doctor visits, hospital stays, surgeries, and other medical expenses related to injuries sustained in a motorcycle accident.
Accessory Coverage
This coverage helps pay for the repair or replacement of non-standard parts and accessories on your motorcycle, such as custom exhaust systems, saddlebags, or helmets.
Average Cost of Motorcycle Insurance
The cost of motorcycle insurance you get varies depending on several factors, like your age, riding experience, type of motorcycle, and location. However, on average, motorcycle insurance costs range from $300 to $1000 per year for basic liability coverage.
Furthermore, riders who opt for additional coverage such as collision, comprehensive, and uninsured motorist protection can expect to pay anywhere from $500 to $900 per year.
Factors That Affect the Cost Of Insurance
There are several factors can impact your premium and they include:
- Bike Type: If you possess high-performance or sports bikes, they typically cost more to insure than standard motorcycles or cruisers.
- Riding Frequency: If you are a biker who rides year-round, you are more likely to pay more than a rider who only uses their bike seasonally.
- Rider’s Age and Experience: Younger riders and those with less experience tend to pay higher premiums.
- Location: Riders in urban areas or locations with higher theft rates may pay more for insurance.
These are influencing factors that affect the rates you get on motorcycle insurance.
Top Motorcycle Insurance Providers
Several reputable insurers in the industry offer motorcycle insurance policies with varying levels of coverage. They are thus listed:
Progressive
Progressive is one of the most popular providers of motorcycle insurance in the U.S., offering customizable coverage options and discounts for safe riders. On average, it costs about $250 to $500* for comprehensive coverage. Moreover, their policies have features for accident forgiveness, total loss coverage for newer bikes, and discounts for insuring multiple motorcycles.
Geico
Known for its affordable rates and excellent customer service, Geico offers a range of motorcycle insurance options, including liability, collision, and comprehensive coverage. Their key features include 24/7 roadside assistance, accessories coverage, and discounts for experienced riders.
Allstate
Allstate is another top insurer that offers motorcycle insurance with extensive coverage options, including protection for custom parts and accessories. With an average cost ranging from $200 to $600, they have features for new bike replacement, optional equipment coverage, and multiple discounts for safe riders.
State Farm
State Farm is a trusted name in the insurance industry, offering competitive motorcycle insurance rates and excellent claims support. Moreover, their key features include a nationwide network of agents, personalized service, and multi-policy discounts.
Markel
Markel specializes in insurance for motorcycle enthusiasts, offering customizable policies for all types of bikes, including cruisers, sport bikes, and touring bikes. Furthermore, they have features for discounts for safety courses, flexible payment plans, and roadside assistance.
These are reputable insurance providers where you can legit and great insurance premiums and services in the industry.
Benefits of Motorcycle Insurance
Motorcycle insurance offers several key benefits for riders which include:
- Legal Protection: In most states, motorcycle insurance is legally required to cover liability in case of accidents.
- Financial Security: Comprehensive and collision coverage also ensures that you don’t face large out-of-pocket expenses for bike repairs or medical bills after an accident.
- Theft Protection: This coverage can also help replace or repair your bike if it’s stolen.
- Peace of Mind: With the right coverage, you can enjoy riding with confidence, knowing that you and your bike are protected.
Drawbacks of This Insurance
While this insurance is essential, it also has its downsides:
- Cost for High-Risk Riders: Younger or inexperienced riders may face high premiums.
- Deductibles: You’ll need to pay a deductible before your insurance kicks in for repairs or replacement.
- Exclusions: Some policies may exclude certain types of damage, such as wear and tear or damage sustained while racing.
Frequently Asked Questions
Here are some frequently asked questions you can check out:
Is motorcycle insurance required by law?
Yes, it is required in most states to cover liability in case of accidents. The minimum coverage requirements vary by state.
Does motorcycle insurance cover theft?
Yes, theft is typically covered under comprehensive insurance, which protects against non-collision-related incidents, including theft, vandalism, and natural disasters.
How much does this cost?
The average cost of this insurance ranges from $500 to $900 per year for basic liability coverage. Full coverage, including collision and comprehensive insurance, can cost between $700 and $1,000 per year.