Potentially it is, so an owner should make sure they can afford it. Rates for motorcycle insurance can vary wildly, so it’s important to shop around and make sure you’re getting the best coverage without paying a huge price.
There are several factors to consider though, that can save you a bit of money on your insurance bill.
Is motorcycle insurance expensive … if I have a simple motorbike?
The first thing to consider is the type of motorbike you’ll be insuring. “Collision and comprehensive” coverage pays to repair or replace a crashed bike. Up to two thirds of your insurance premium can be made up by this coverage alone.
If you’re riding a small, commuter motorbike, your motorcycle insurance premium could be as low as $200. However if you are insuring a high-horsepower racer or sport bike, your premium could easily shoot up as high as $1000.
Is motorcycle insurance expensive … if no one rides with me?
A unique category in motorcycle insurance is guest passenger insurance. Not all motorcycle insurance policies cover a second rider. Some do, but it’s an important factor to look at before buying insurance. If guest passenger insurance is optional in the policy you’re looking at, you can choose to never have a passenger ride your bike, and thus, save yourself a bit of money.
Is motorcycle insurance expensive … if I pay my bills on time?
Another way to determine how high (or low) your insurance premium will be is taking a look at your “risk factor.” Insurance companies have realized that people who are responsible with money will be responsible with their lives as well – and will thus take fewer risks.
If you are careful to pay your bills on time, it makes you look like a better risk to insurance companies. This can result in dramatically lower rates.
Is motorcycle insurance expensive … if I’m part of a motorcycle association?
If you are the owner of a higher-end bike, you could also consider joining a motorcycle association. Not all insurers offer discounts for this, but Allstate, for example, offers lower premiums if you belong to one of the following associations: BMW Motorcycle Owners of America, American Motorcycle Association, Gold Wing Road Riders Association, Harley Owners Group, or Gold Wing Touring Association. .
Every major insurance agency also offers discounts to graduates of the Motorcycle Safety Foundation. Riders are generally required to take the short course every three years; but it’s a good deal when you consider the money saved.
So, is motorcycle insurance expensive?
It can be, but it doesn’t have to be. Comparing costs, comparing coverage plans, and getting quotes from different insurance companies, will help you get the best deal.
Remember also, that while there are many ways to save a bit on your motorcycle insurance premium, it’s very important not to skimp on the coverage that you do need. Make sure that you’re properly covered, with the right kinds of insurance.