How much is motorcycle insurance for each rider? How come each driver has different insurance rate? Those two questions may arise among riders who plan to purchase motorcycle insurance for the first time or those who has come to renewal.
We cannot simply answer the first question in a specific number. There are several factors that influence the amount of insurance for particular rider. That’s why each one has different rate. To ensure that we get an average rate that is not too low or high for motorcycle insurance, let’s read the following information.
The Average Amount of Motorcycle Insurance
Since we cannot say in specific number, we can only get the average amount of the minimum requirement. The liability costs rage commonly range from $100 up to $500 per year. Since it is only the minimum requirement, the amount is highly affected by the law of the state.
However, carrying the minimum liability is not enough and that’s why motorcycle insurance becomes more expensive (but less than car insurance). How much is motorcycle insurance with optional coverage may go up to $1,000 to more than $3,000 per year.
What Determines Motorcycle Insurance ?
What factors playing the most important role in affecting the insurance amount? Of course, there are a lot. The differences will vary based on state, city and region. This, the state where we are living is the most affecting factor that determines the amount of insurance especially the minimum limit. The implication is the cost of collision and also other types of coverage will be varied as from one state and another as well.
Moreover, our bike in terms of the make, model and year will be taken into account to determine the insurance rate. Clearly, sports motorcycle will have higher insurance rate and that also applies for new motorcycle rather than five-year-old motorcycle since it will be more expensive to repair or replace the new one.
The power of engine and if or not we already install a turbo kit and also other enhancement will also influence how much is motorcycle insurance for us.
If we are the rider of the motorcycle, our age and driving history also affect the insurance rate. The younger we are, we will be regarded to have more possibility for an accident. It means, the insurance amount will be higher. If we have ever had involved in an accident and broken traffic violations, how much is motorcycle insurance amount will also increase.
Those with higher risk to get an accident will also have to pay more. They are usually riders who use their motorcycle in daily basis such as going from or back to work. However, it will be different for those who only rider the motorcycle to go out on the weekends only. We probably face less hazards.
The way we store the motorcycle is also taken into account. It may look impossible but if we store it in garage that is secured and locked while not in use, we possibly have lower insurance rate since it has less risk for being stolen.
What to Do Now ?
How much is motorcycle insurance will depend on those factors. It is that simple. If we want to reduced rates, those factors above need to be controlled. It means, we have to choose low risk motorcycle with standard power of engine. Make sure we obey all traffic regulations, drive safely and store it in a secured garage.
When it comes to buying insurance, we have to determine the coverage first. Is minimum requirement enough or we want to increase the limit or add other types of coverage. By considering the companies with their offered policies in the market, we will be able to control how much is motorcycle insurance to be low and affordable.