5 questions when it comes to insuring your motorcycle (2023)

FAQs

Is full coverage on a motorcycle worth it? ›

If your motorcycle is worth more than $5,000 — or is a classic or custom ride — you should strongly consider getting full motorcycle coverage. For bikes of this value, the increased premiums for comprehensive and collision coverage are justified when you consider the potential loss.

The cost of bodily injury and property damage liability, which are the most commonly required motorcycle insurance coverages, is cheaper for motorcyclists than for car owners because bikers are less likely to cause substantial damage to other motorists and their property.

Most insurance companies will include a certain amount of motorcycle accessory coverage with the base policy. However, as you're about to see, it's very easy to surpass that included amount. So, it's important to understand how much accessory coverage you need and to make sure your policy reflects the correct amount.

Why Do Insurance Companies Total Motorcycles With Little Damage? Because most motorcycles are worth considerably less than cars, the cost of repairing a motorcycle is proportionately more than repairing a car. Therefore, motorcycles are totaled more often than cars.

Most states require motorcyclists to buy policies with at least $25,000 in bodily injury protection per person and $50,000 per accident, along with $10,000 in property damage coverage — also known as 25/50/10 coverage. Check the limits for your state to make sure you're meeting its legal requirements.

Vehicle type, year, make, model and engine size (in cubic centimeters). As you'd expect, insurance for a newer sport bike with a large engine will cost more than insurance for a used cruiser with a small engine.

Sport bikes, known as “supersports” within the industry, are typically the most expensive class of motorcycle to insure. Standards and dual sports are typically the least expensive, with cruisers and tourers falling somewhere in between.

Compared to cruiser-style bikes, sport bikes cost more than three and a half times as much to insure, despite having an average Kelley Blue Book value of only 169% more. Similarly, touring bikes are 33% cheaper to insure than sport bikes, while having a much higher average cost.

Older motorcycles vary in their insurance costs. While they tend to be less powerful than newer bikes, making them less risky, they can be harder to replace and more expensive to repair. Liability may be lower but comprehensive and collision might be more.

Often, protective equipment such as a helmet is covered under your motorcycle insurance policy. But, if you travel with other items in a saddlebag, such as a computer, you'll want to verify if they're covered by your motorcycle insurance policy or your homeowners policy.

What is an insurance binder for a motorcycle? ›

An insurance binder is simply a document issued by your insurer that can be one or more pages in length. It outlines several essential details regarding your policy, such as the amount and type of coverage, effective date, names of insured parties, and any limits or deductibles.

Getting life insurance if you ride a motorcycle

The great news is that life insurance companies don't care whether you ride or not. However, for anyone who is a smoker or takes multiple medications the rates will be much higher than average.

Age and riding experience

Because teen riders pose the greatest risk for insurers, they'll typically pay higher motorcycle insurance rates. But your age won't always tell the whole story. An older, inexperienced rider may pay a higher price for motorcycle insurance than a much younger, more experienced rider.

Many drivers assume that motorcycle riders are reckless or careless on the road. But the facts say something different. Truthfully, most motorcycle accidents happen because of another driver's actions. A car or truck driver is more likely to be at fault for a motorcycle-related crash.

Eye Protection Requirements for Motorcycle Riders

Every state—with the exception of Iowa—requires all motorcycle riders to have eye protection. If a rider does choose not to wear a helmet, they are still required to have eye protection by either wearing goggles or having a windshield.

Most modern motorcycles recommend a minimum of 95 or 98 RON. If you fill up with a lower octane rating you run the risk of harmful engine detonation and pinging, Steve warns. Also the higher sulphur content in RULP can damage catalytic converters and prevent them from working properly.

The value of your bike, the safety features, the crash rate for that model, and the theft rate are factors considered when determining your premium, according to JD Power. Similarly, consider any upgrades or customizations.

You can get anything from a 125cc (cubic centimeter) engine to something more than 2,000cc. For beginner motorcycle riders, the recommended engine is 500cc to 600cc. The lower the cc figure, the easier the bike will handle, and the more forgiving it will be to the inevitable mistakes that new riders make.

Most bikes hover in the 400cc to 1,000cc range. Lightweight bikes go from 50cc to 350cc. Middleweight bikes range from 400cc to 950cc. While heavy bikes go from 1,000cc to 6,500cc.

What type of motorcycle is cheapest on insurance? ›

You can get very affordable motorcycle insurance through Harley-Davidson Insurance. On average, liability coverage with this company is about $14 per month, but if you would like to get a more full-bodied insurance policy, you can purchase some excellent coverages with Harley-Davidson.

Because motorcyclists are not protected by a vehicle, they also die more frequently during an accident. Based on these statistics, and based on how likely you are to submit claims, your motorcycle insurance premium might be higher than you expect.

Touring bikes: 40,000 – 50,000 miles or even reaching 100,000 miles. Sports bikes: 25,000 – 50,000 miles (due to extreme conditions) Off-road bikes: about 20,000 miles.

If the bike is parked in a locked garage or shed you reduce the risk of theft so your quotes will be cheaper.

When is a motorcycle a classic? Classic, vintage or antique motorcycles are generally at least 25 years old and look the way they were intended to when first manufactured or built. Depending on the insurer, classic bikes as young as 20 years old can be considered vintage, but this isn't always the case.

However, there are cases where the helmet is properly fitted and the retention system has been securely fastened, but the helmet is ejected. Of course, some of such cases occur when severe facial impact causes fractures of the mandible then support for the chin strap is destroyed and any helmet can be ejected.

That is very common. It protected your head during the impact. But a helmet, with unpredictable forces put through it, can come off.

If the average mileage for a biker is somewhere between 6,000 miles and 8,000 miles, then it might be suggested that once a helmet has done between 40,000 and 50,000 miles it's about time to change it. The guys who ride 20k a year will often change their helmets every 2/3 years.

ACORD 75, Insurance Binder, addresses both Personal Lines and Commercial Lines risks, although most ACORD Personal Lines applications.

What is the difference between a binder and a policy? ›

What's the difference between an insurance binder and a policy? Your insurance policy is an official contract between you and your insurer — and breaks down all the terms and conditions of your insurance. An insurance binder briefly summarizes your insurance policy — its coverages, deductibles, and listed drivers.

When properly prepared and stored, a motorcycle can sit for up to 24 months without being ridden.

Most new cars and bikes won't really have any problems if not used for up to a month. However, older ones will likely face some maintenance issues. It's not just with the batteries, but also with rust and fungus issues if one lives in a high-humidity or coastal region or places with a lot of rainfall.

The slayer rule prevents a payout to anyone who murdered — or is closely tied to the murder — of the person insured. Instead, the insurance company will pay the death benefit to your contingent beneficiaries or your estate. Deaths that occur while you're doing something illegal may be excluded in your policy, too.

You'll spend anywhere from $200 to $300 to lower either the front or rear suspensions. Aftermarket shocks can also cost anywhere from $500 to $1,500.

Demand for the Bike

Those that sold well when they were new often have higher resale values. Limited-edition models can also fetch better prices when riders trade them in. The motorcycle's manufacturer also matters more than some riders might think.

Speeding is the number one cause of motorcycle accidents in California. Motor vehicles and bikers may speed due to traffic congestion, running behind schedule, or for the thrill. The higher speed comes with a higher risk of losing control and a limited ability to brake in time when traffic flow slows or stops.

Is it bad to get too many insurance quotes? ›

These checks are soft pulls, so they will not affect your credit score. Because getting multiple insurance quotes won't affect your credit score, shop around with several insurance companies to make sure you are getting the best rate.

#1 Cruisers:

Over half of new motorcycle sales in the United States are cruisers, thanks mainly to the huge influence that Harley-Davidson has on the US motorcycle market. By sheer volume alone then, cruisers dominant motorcycle crashes, injuries, and fatalities.

The Speed at Which Most Motorcycles Crash

The average speed of impact for motorcycle accidents is 21.5 mph. Shockingly, only one out of every 1,000 motorcycle accidents occur at speeds of around 85 mph.

Be especially alert at intersections because approximately 70 percent of motorcycle-vehicle collisions occur there! Watch for vehicles that may unexpectedly turn in front of you or pull out from a side street or driveway.

Motorcycle insurance is generally less expensive than auto insurance, but it can still set you back. The average national cost of motorcycle insurance is $60 per month, but some states have much higher average rates. Your premium will also depend on factors like your age and driving history.

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.

Question: Why is Honda the most stolen motorcycle brand? Because of the sheer amount of Honda motorcycles available on the market. Being one of the most popular motorbike brands in the world means more Honda's are stolen more than the average.

Cruiser bikes: 40,000 – 50,000 miles. Touring bikes: 40,000 – 50,000 miles or even reaching 100,000 miles. Sports bikes: 25,000 – 50,000 miles (due to extreme conditions) Off-road bikes: about 20,000 miles.

Generally, high mileage on a motorcycle is anywhere from 20,000 to 50,000 miles. For sport bikes, the high mileage number will be on the low end (usually around 25,000), while cruisers and touring bikes typically become high mileage in the 40,000- to the 50,000-mile range.

Head-On Collisions

In the majority of these cases, the car strikes the motorcycle from the front. And, it's no surprise that when head-on collisions occur, they're often fatal for the motorcyclist.

What motorcycle is the hardest to steal? ›

Triumph Tiger Explorer: Why it won't be stolen: The biggest adventure bike that weighs 271kg has provisions to fit panniers at the sides making it inches wider than the Gold Wing. Hence, forget stealing it, even owners find it difficult to take it off the stand and ride it.

Insurance quotes do not affect credit scores. Even though insurance companies check your credit during the quote process, they use a type of inquiry called a soft pull that does not show up to lenders. You can get as many inquiries as you want without negative consequences to your credit score.