Motorcycles are often considered a cool way to get around town, but they also involve more danger than a regular automobile, which can lead to a hefty insurance premium. When a company gives you an insurance quote on a motorcycle, it includes factors beyond your driving history. You can reduce your premium by increasing your knowledge of your bike and a few safety issues.
The cost of motorcycle insurance can vary widely, from a couple of hundred dollars per month to well over $1,000 per month for more powerful bikes and riskier riders. Each applicant's situation is different, and insurance providers estimate the expected risks based on statistics related to similar individuals. Such things as your gender and where you ride your motorcycle can have an impact on the cost of your motorcycle insurance.
All motorcycles--including sports bikes--are lumped under one category of motorcycle insurance, but the type of bike you choose can raise or lower your premium. In general, sport bikes are more difficult to ride and are capable of going faster than most other motorcycles, which means they carry more risk to an insurance provider.
All states require that motorcycle users have at least some type of insurance coverage, however, a significant percent of motorcycle owners have no insurance in some states. According to the National Highway Traffic Safety Administration, many tens of thousands of people are involved in motorcycle accidents that require immediate medical attention each year, and around 5,000 deaths occur annually as the result of motorcycle accidents.
The state-mandated minimum coverage typically pays for claims only when you cause damage to other people or property, so adding additional coverage for you (the driver), your bike and any additional property is important, and unlike an automobile, passengers are not covered unless you pay an additional premium. Coverage for towing, roadside help and personal belongings often can be added for relatively little expense.
The biggest discounts on motorcycle insurance rates can be earned by receiving certification from a safety course, which also can reduce the likelihood of your being in an accident by 50 percent. Another way to reduce your premium is to install an anti-theft device. These recover stolen bikes in up to 90 percent of cases of theft.