Motorcycle insurance is expensive due to the higher risks involved in riding. Motorcycles are more vulnerable to accidents, theft, and damage, which leads to more frequent claims. Additionally, riders often lack protection, resulting in more severe injuries and higher medical costs.
Motorcycle insurance is one of the most important types of insurance you can get.
If you’re a motorcycle rider, and you don’t already have it, you should consider adding this coverage to your policy as soon as possible.
Why is motorcycle insurance so important? The simple answer is that it protects you from financial loss in the event of an accident.
You may not realize just how much this sort of protection can cost until something happens, but it’s better to be prepared.
Motorcycles are expensive vehicles to replace if they are totaled or stolen.
They can also be very difficult to repair or replace if they are damaged beyond repair in an accident.
In some cases, motorcycles may be more expensive than cars because they require more specialized parts and repair techniques.
Why Is Motorcycle Insurance so Expensive
Motorcycle insurance is more expensive than many other types of insurance because motorcycles are particularly dangerous vehicles.
They don’t have the same safety features as cars, and they’re more difficult to control in an emergency situation.
In fact, a motorcycle accident can be even deadlier than one involving a car.
If you’re trying to save money by riding a motorcycle, it might help to know that it’s not just the cost of your insurance policy that makes it so expensive. The price of the bike itself plays a role too.
Here are some reasons why motorcycle insurance is so expensive:
1. Driving Record
A good driving record is one of the best ways to save on motorcycle insurance premiums.
Accident and ticket convictions can raise your rates significantly. Even a minor speeding ticket could trigger a rate increase when you next renew your policy.
If you get multiple tickets or accidents within a short period of time, it’s likely that your insurer will cancel your policy altogether and refuse to insure you again until after six years have passed since your last accident or traffic violation conviction date (or until age 65 if that’s sooner).
If you have several accidents or moving violations on your record, it might be time to buy another vehicle instead of paying for expensive motorcycle insurance premiums each year.
2. Motorcycles are More Dangerous
The Insurance Information Institute reports that the death rate per 100 million miles traveled is five times higher on motorcycles than on passenger cars. In 2021, four times as many people died in motorcycle crashes than did while riding in cars.
Insurance companies use this data to determine your premium.
If you have a motorcycle, your insurance company will charge you more than someone who drives a car or truck, because it’s more likely that you’ll be involved in an accident.
Riders who carry comprehensive coverage may also experience higher rates, as some policies include damage to your bike if it’s stolen or damaged beyond repair.
3. Motorcycles are Costly to Repair or Replace
Motorcycle insurance is a little different from other types of vehicle insurance.
Motorcycles are more expensive to repair or replace than cars, trucks or SUVs.
A motorcycle accident can cost thousands of dollars in damages, and injuries to the rider may result in medical bills that are just as high.
Insurance companies know this, so they charge higher premiums for motorcycle insurance than they do for other types of vehicles.
4. Minimal Bodily Injury Protection
Auto insurers typically offer at least $10,000 in bodily injury protection per person for injuries sustained in an accident.
However, some states require higher amounts than that.
In California, for example, you must have at least $15,000 per person in bodily injury liability coverage to drive legally.
So if an accident happens and there are two people involved — one on a motorcycle and one on a car — they would each be entitled to $15,000 from their own auto insurer as well as another $15,000 from the other driver’s policy.
If there were three people involved in an accident (two motorcycles and one car), each would be entitled to $30,000 total in benefits from their respective insurers.
5. Value of Your Bike
The value of the bike is another important factor in calculating insurance costs.
Insurance companies base their premiums on what they believe a motorcycle is worth in its pre-accident condition.
means that if your bike is worth more than $2,500, then you’ll pay an extra premium for it.
This doesn’t mean that only expensive bikes cost more to insure; even if your bike is relatively inexpensive (say $5,000), you’ll still pay more than someone with a less expensive bike (say $3,000).
It’s all about comparing apples to oranges.
6. Your Location
The location of your home and garage has a big impact on the cost of your motorcycle insurance policy.
If you live in a large metropolitan area, chances are you will pay more for motorcycle insurance than someone living in a rural area.
The reason for this is that there are more people in urban areas than rural areas, which means there are more drivers on the road, and therefore more accidents.
In addition, In some states, insurers can charge higher premiums to riders who don’t take safety courses or who have a history of traffic violations or at-fault accidents.
If you live in a state where these practices are allowed, you may have to pay more for coverage than drivers who don’t have similar histories.
7. Riding Experience
The first thing that goes into motorcycle insurance quotes is how experienced you are as a rider.
If you’ve been riding for years, it’s likely that your premiums will be lower than someone who has just started riding motorcycles.
The reason for this is simple: the more experience you have as a rider, the less likely you are to get into an accident while on the road.
8. Type and Size of Motorcycle
Another important factor in determining the cost of motorcycle insurance is the type and size of bike that you ride.
Insurance companies charge more for larger motorcycles because they’re considered higher risks than smaller bikes; this means that if you have a 250cc sport bike, your premiums will be higher than if you had a 300cc touring bike or even a 600cc sport bike.
That being said, even large touring bikes can be expensive to insure.
9. Speeding and Traffic Tickets
Speeding tickets increase your motorcycle insurance rates by an average of 25 percent, according to Consumer Reports.
Traffic tickets are often more expensive than speeding tickets because they result in points on your license, which will also lead to higher premiums.
10. Your Age
The first thing that will determine how much your motorcycle insurance costs is your age.
If you are under 25 years old, you will most likely pay more for your coverage, because companies believe that younger drivers are more inexperienced on the road and therefore more likely to get into an accident or have an accident-related claim.
11. Accident and Claim History
Motorcyclists who have been in an accident or filed claims with their insurer tend to pay more for coverage than those who have not been involved in an accident or made claims.
The reason is simple — insurers want to avoid covering high-risk customers who might file many claims or cause significant damages if they get into an accident again.