Many people think of buying their first bike and hitting the road during summer, as the warm weather has us daydreaming of all the fun we can have on two wheels. Visions of blasting through two-lane twisting roads and other long trips make anyone with a penchant for adventure excited, but there are a few practical things to consider first regarding insurance. Here on the blog today, we’ll break down a few basics so you can be properly informed before you excitedly sit down and engage the throttle!
What is the Average Cost of Motorcycle Insurance?
On average in the U.S, you can expect to pay $178 a month for auto insurance. These costs will vary depending on where you take up residence, and what coverage type you opt for. We ARE a cold weather state here in Missouri, which can affect your cost for the better. Warm weather states prompt riders to take their bikes out more often, which causes a greater risk of an accident. In other Midwest states such as Minnesota, you could expect to pay $70 a month, or $840 annually. In California, you could pay over $500 a month or $6,100 yearly, which is more than seven times the national average.
How is Motorcycle Insurance Cost Determined?
The final amount you’ll have to set aside for motorcycle coverage each month will depend on some of the following factors:
- The covered parties age, with the youngest and oldest riders expecting to pay more
- Bonus points for a clean driving record.
- The zip code you live in
- which type of motorcycle you own, with sporty and high-performance types dictating higher rates
- The number of miles you put on the bike yearly
- where the bike is stored during its downtime
What Does Motorcycle Insurance Cover?
If you have experience with current insurance policies these offer a pretty good guidance reference for the type of coverage you can obtain with motorcycle insurance. Motorcycle insurance offers liability coverage that will protect you if you cause injury to someone else or destroy their property. In some states, insurers will also provide guest passenger liability, which will assist if your passenger is suddenly hurt. Here are a few other types of motorcycle coverage that may be optional:
- Collision Coverage will pay for your bike’s coverage if it’s damaged during an accident.
- Comprehensive Coverage pays for damage to your bike if it is caused by something other than a collision, or if it’s stolen. Nature events, fire, and vandalism are also covered.
- Uninsured/Underinsured Motorist Coverage pays for your medical bills if another driver who is completely covered or not adequately covered causes the incident.
One of the benefits of this hobby is being able to upgrade your bike with customized parts. A typical comprehensive or collision policy may not reimburse you for damage to these parts and may choose to pay to replace them with factory-grade issues. If you want to assure that your high-end upgrades are fully covered, ask us here at the Alexander Agency of Saint Charles for separate coverage on your custom additions.
What are Some Tips for Saving on Motorcycle Insurance?
Here are some steps you can take to ease the burden of a high motorcycle insurance bill.
Shop Around: shopping room is the most important thing you can do while trying to lower your insurance premium cost. If you compare quotes from several providers, you’ll find the best fit for you that takes care of your custom needs. It can be difficult to know if you’re overpaying until you do the groundwork in comparing quotes from different companies, whether online or on the phone.
Consider Raising Your Deductible: another way to save money on your insurance premium is by increasing the amount of your deductible, whether you have comprehensive or collision insurance. One standard example is raising your deductible from $500 to $1000, which will lower your monthly cost. When you raise your deductible, you must be prepared to receive a lower amount if you file a claim, but it is a very good means of cutting costs and you are riding safely.
Look for a Multi-Vehicle Discount: if you are looking to cover more than one bike, or both an automobile and a bike, you can obtain a lower rate. Many insurance providers will offer a substantial discount when you bundle in this way, and you enjoy the convenience of seeing your cost on one collective monthly bill for the two of them.
Discounts Dependent on Organizations You Belong to: many of the writing organizations that you can belong to will assist you with obtaining a lower rate. Entities such as the Honda Riders Club of America, Motorcycle Safety Foundation, Gold Wing Touring, Road Riders Association, and the American Motorcycle Association are all included among organizations that can allow you to enjoy a discount with membership.
Hanging up the Hat During Winter: Here in Missouri where we endure a sizable duration of cold weather, many riders will keep their bikes in storage for the cooler season. This can qualify you for a “lay-up” discount which only keeps the comprehensive portion of your policy on the bike over the winter. Even as some weather patterns have changed drastically as of late, this is still a great way to not spend as much after the Christmas bills have already hit!
We understand the heavy pull of a bike’s appeal: feeling free on two wheels makes just about anyone excited enough to rush out and make a purchase right away! Check with us here at the Alexander Agency of St Charles to obtain the best rates, advice, and assistance. Seeing the world from the back of a bike has become the method of choice for so many, and we are standing by to guide you every step (and hearty kickstart!) of the way.