Is it Cheaper to Insure a Motorcycle or a Car?
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There’s nothing better than hitting the open road on the back of your bike; feeling the power of the motor underneath you and feeling the wind whipping through your hair. It really is quite an exhilarating experience.
However, while riding a motorcycle is certainly thrilling, it can also be quite dangerous. In order to protect yourself – and other motorists – carrying the right type of motorcycle insurance is an absolute must. Plus, in order to legally operate your motorcycle, you are required to carry an adequate amount of coverage.
But, if you’re new to riding a motorcycle, you probably have a lot of questions about insurance coverage. Namely, you likely want to know if it will cost more to insure your hog than it will to insure your car. Below, we answer the most frequently asked question among new motorcyclists: Is it cheaper to insure a motorcycle than it is to insure a car?
Motorcycle Insurance and Car Insurance: The Similarities
First, let’s take a look at the similarities between motorcycle insurance and car insurance. Of course, both types of coverage are meant to protect you and other drivers from the property damages and physical injuries that can occur in the event of an accident. In most states, you are legally required to carry a minimum of liability insurance for both types of vehicles. This type of insurance offers coverage for third-party injuries and property damages; it doesn’t protect you or your vehicle. For instance, if you are involved in an accident and you are at fault, liability coverage will pay for the injuries and damages that the other party experiences; it will not pay for damages you or your property sustains.
Whichever type of insurance you carry on your motorcycle, there are a number of factors that an insurance provider will take into consideration when determining how much it will cost to cover the bike. These factors are generally the same as those that are considered when determining how much it will cost to cover a car.
These factors include:
- The type of bike you are riding
- How much the bike cost
- Whether or not you are financing the bike
- Where you reside
- Where you will be riding
- Other individuals that may be riding your bike
- How often you plan on riding
- Your driving record
Whichever type of insurance you are purchasing for your motorcycle, all of these factors will be taken into consideration when determining your rates.
Which Costs More to Insure?
Generally speaking, it will cost more to insure a motorcycle than it will cost to insure a car. Why? – For the simple fact that motorcycles are much riskier than cars. While your bike might cost less than your car, the price has virtually no bearing on the likelihood that an accident will occur, because you are more likely to get into an accident while riding your bike than you are while driving your car.
In addition to the greater likelihood of an accident occurring while riding a bike, it’s also much more likely that injuries will occur. Furthermore, the injuries are more likely to be catastrophic, and as such, the cost of medical care will be higher.
How Can you Lower the Cost of your Motorcycle Insurance?
While it generally costs more to insure a motorcycle than it will cost to insure a car, there are ways that you can keep the costs down. The methods for lowering the price of your motorcycle coverage are very much the same as keeping the cost of your car insurance premiums down.
Here are a few pointers:
- Ride a safe bike. Just like a safer car costs less to insure, a safer bike will also cost less to insure. Consider driving a bike that offers key safety features, such as anti-lock brakes, stability control, LED lighting, anti-theft devices, and even airbags. Yes, motorcycles are not being manufactured with airbags.
- Ride safely. Make sure you adhere to the rules of the road, avoid driving in inclement weather, keep your speed down, and don’t take risks. The safer you drive, the better your record will be, which can translate to substantial discounts on your premiums.
- Use the same insurer for your car and motorcycle. Your insurance provider may offer discounts if you insure both vehicles with them.
- Take defensive driving courses. Your insurance carrier may offer discounts if you complete a defensive driving course.
The Bottom Line on Motorcycle Insurance
While riding a motorcycle can certainly be an exhilarating experience, it can also be dangerous. To ensure your safety, carrying the right type of coverage is paramount; even if it does cost you more than your car insurance. To take advantage of bundled-insurance discounts, call your insurer today to ask about adding motorcycle insurance to your existing account.