Many people tend to lump motorcycles together with other types of vehicles when it comes to modes of transportation. However, a motorcycle will require you to have a different type of license, as well as a different type of auto insurance. You will not get the coverage you need if you just look for cheap auto insurance – you will need to find a policy tailored to the needs of a motorcycle.
Although it might be slightly more difficult to find motorcycle insurance, it is fortunately oftentimes cheaper than auto insurance. You could put in a lot of effort finding cheap auto insurance, or you could get a motorcycle and automatically have cheap insurance! There are a few reasons why motorcycle insurance will cost less than cheap auto insurance:
» Cost. One factor that goes into determining the amount of an insurance policy is how much the vehicle costs. Motorcycles are usually much cheaper than cars and trucks, so they have cheaper insurance policies. This is because if your vehicle is totaled, the insurance company will need to pay to replace it – or repair it for less serious accidents. Motorcycles are cheaper to repair and replace than cars, trucks, and SUVS.
» Damages. If a motorcycle is involved in an accident, the motorcycle is more likely to be severely damaged, but less likely to cause severe damage to the other vehicle. This is an advantage as far as insurance goes. Insurance companies know that if your motorcycle is found to be at fault in an accident, they will have to pay out less for the damage (whether due to medical bills or property expenses) than they would if it were a bigger vehicle. Motorcycles also carry less people (two for a motorcycle and sometimes 8 for an SUV), meaning less medical bills.
» Mileage. Although many people do use their motorcycles as their primary means of transportation, for most, it is more of a hobby. This means that the typical motorcycle will spend less time on the road (and therefore have less chances for an accident) than the typical car.
One important thing to consider with motorcycles is passenger liability. For cars, it is almost a given that you will carry passengers at some point, so there is no additional steps needed. With a motorcycle, however, it is highly recommended that you add guest passenger liability coverage to your policy if you intend to carry passengers. Unfortunately, this will likely cause your premium to increase, but it will still likely be much cheaper than auto insurance policies.
Just like with normal vehicles, almost every state will legally require motorcycle owners to carry insurance. Cheap auto insurance is oftentimes made more affordable due to discounts, and this applies to motorcycle insurance as well.
Before you hop on your bike make sure to find out the legal requirements for insurance, and verify that your policy meets these needs.