How Much Does Motorcycle Insurance Cost


How Much Does Motorcycle Insurance Cost

You may be asking yourself how much does motorcycle insurance cost? If you're a motorcycle rider on a strict budget, then you're in for some surprises

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You may be asking yourself how much does motorcycle insurance cost? If you’re a motorcycle rider on a strict budget, then you’re in for some surprises. Motorcycle insurance can easily cost from about one hundred to more than a thousand dollars a year. When that open road is beckoning, you might want to answer that call.
Average Cost Of Motorcycle Insurance
But first, you should know what the average cost of motorcycle insurance is. In this state, it’s about two hundred and fifty dollars on an average yearly policy. On the low end, that’s about one-third of your annual income. The more serious bikers out there, it costs in the neighborhood of one-fourth of your annual income. And that’s not even considering how much fun you can have on the road with your newly enhanced “cool” motorcycle.
That’s why it’s so important to make sure your motorcycle is appropriately insured. If you’re starting out or even just buying your second bike, then you might want to start by checking with your local motor vehicle department. They will be able to give you a rough estimate of what your new bike coverage will cost. Or, if you’re really into the sport, then maybe you should check with the Department of Motor Vehicles. DMV regulates motorcycles and scooters in the state of California.
Important Things To Know About Motorcycle Insurance Rates
The most important thing to know when looking at motorcycle insurance rates is getting multiple quotes. You see, the more quotes you get, the better chance you’ll have of finding the cheapest coverage that you qualify for. So get several different quotes and then compare them. You can find the most affordable coverage online or with a personal visit to your local motor vehicle office.
In some cases, you can buy a bike or scooter that has a lower coverage limit. This lower limit can sometimes save as much as fifty percent on your motorcycle insurance premiums. For example, many people will purchase a Yamaha motorcycle with a one-hundred thousand dollar coverage limit, which is the most expensive motorcycle in the average consumer class. However, because most insurance companies will not increase your coverage limits, this still means that your motorcycle is adequately protected should you ever become involved in an accident or theft.
While many riders will go overboard when it comes to their coverage, keeping your bike insured is an essential precaution. If your bike is not adequately covered, you could be held financially responsible should you ever need to put a claim on the policy. Therefore, it’s highly recommended that you purchase at least the minimum American family coverage required by the state you live in.
There are ways to get additional motorcycle insurance coverage if you don’t feel that you receive adequate coverage. Some of these options include adding more riders to your policy or purchasing a higher level of coverage. However, when it comes down to it, how much does motorcycle insurance cost will boil down to your situation. It’s up to you to determine how much of a premium you’re willing to pay.
A twenty-year-old American male will, on average, be paying about $600 a year for motorcycle coverage. Adding two younger guys to your policy will raise your rates substantially, as the average age of the riders on your policy is closer to twenty, and the average age of the bike is closer to seven. In this case, you would be paying almost four thousand dollars more a year for coverage. This may not seem like a lot until you’re faced with the possibility of an accident, and you find out how much your bike is worth.