Question for a Beginner: How Much is Motorcycle Insurance
by Ankita Tripathy Insurance 21 November 2024
How much is motorcycle insurance? How much is motorcycle insurance for an 18-year-old? If these are the questions you want to answer, this is the article you need to look out for.
Therefore, follow along as we take you on a journey that will help you answer the questions and even help you choose the right insurance for your dream motorcycle.
Hence, rev up your engines and get all your gear as we are about to burn the tarmac but with the safety net of motorcycle insurance.
What is Motorcycle Insurance?
Getting a motorcycle sounds like a sexy idea. Just you and your motorcycle cruising around the countryside. However, buying a motorcycle is about more than just that sense of adventure. In fact, it is also about finding the right insurance for your bike. But how much is motorcycle insurance?
Hold on as we take you on a journey to see how much motorcycle insurance costs in today’s time. But first, let us take a moment to understand motorcycle insurance. Motorcycle insurance is a contract between you and your bike insurance company. The contract states that the company is liable to help you with a financial net if any damage occurs.
Good motorcycle insurance can provide optimal coverage in case of damage and other loss of property when it comes to bikes. In fact, as per many two-wheeler laws, every bike needs at least one third-party bike insurance as the basic norm.
Why Do You Need it?
Two-wheelers are liberating. They give you the feeling of flying. However, they are not the safest means of transportation. Therefore, you must have some sort of financial cushion for your loved ones.
This is because anything can happen at any point in time. Therefore, an insurance policy is crucial. Here is a brief yet detailed list of t why motorcycle insurance is important.
- If you live in a country like India, you must have at least one third-party insurance. Otherwise, it is counted as a traffic violation, which can result in a hefty fine or interim jail time.
- Insurance primarily covers your property from damage of any kind. Similarly, motorcycle insurance can help keep your bike safe if something happens.
- In rare cases, your motorcycle can be subjected to theft. In such cases, you need a parachute to bank on. Motorcycle insurance helps you with that as it gives you a safety net.
- Finally, motorcycle insurance covers you from third parties and your damages. Therefore, in case your bike gets into an accident, it will remain covered,
Benefits of Motorcycle Insurance
Having bike insurance is a necessity. There is so much that bike insurance does for you. However, bike insurance does so much more apart from its primary tasks. Here is a small list of unmentioned benefits of having motorcycle insurance.
- Cashless claims: In case any damage occurs, you will be able to make cashless claims that can reduce the financial burden.
- No Claim Bonus: Many third-party bike insurance companies offer no claim bonus if you do not avail of any benefits in the first year of insurance.
- Personal accident: Motorcycle insurance not only covers damage to your bikes, but it also covers damage sustained by you.
- Long-term coverage: Many insurance companies have presented specialized programs that cover a bike for over five years. This way, you do not have to worry about renewing the insurance policy for longer.
Types of Motorcycle Insurance
How much is motorcycle insurance? Well, the answer to this question is subjective. However, knowing the kind of insurance you are getting can actually help you get the answer. In this section, we will be looking at different types of motorcycle insurance plans that are out there:
- Third-Party Insurance: This is one of the most prominent and common types of bike insurance in the market. This form of insurance covers the death and injury of any third party due to the insured bike.
- Comprehensive Insurance: This form of insurance ensures you are covered on all fronts. This variant not only covers the third party, but it also covers your bike, and you as well. Therefore, these are allrounders that can help you get out of any soup.
- Standalone Insurance: This form only covers damages caused to your vehicle in case of an accident. However, like third-party insurance, this variant only covers one singular aspect and nothing more.
Average Cost of Motorcycle Insurance By State
Honestly, the average cost of motorcycle insurance is not uniform in America. Each state levies its percentage. This can greatly affect the overall price of motorcycle insurance in the said state.
This small list should be able to help you understand the overall or average cost of motorcycle insurance across different states:
| Alabama | $502 | Montana | $367 |
| Alaska | $389 | Nebraska | $404 |
| Arizona | $673 | Nevada | $480 |
| Arkansas | $615 | New Hampshire | $352 |
| California | $665 | New Jersey | $573 |
| Colorado | $534 | New Mexico | $597 |
| Connecticut | $389 | New York | $537 |
| Delaware | $734 | North Carolina | $551 |
| Florida | $689 | North Dakota | $283 |
| Georgia | $556 | Ohio | $457 |
| Hawaii | $458 | Oklahoma | $341 |
| Idaho | $509 | Oregon | $501 |
| Illinois | $533 | Pennsylvania | $512 |
| Indiana | $499 | Rhode Island | $537 |
| Iowa | $323 | South Carolina | $639 |
| Kansas | $432 | South Dakota | $387 |
| Kentucky | $515 | Tennessee | $620 |
| Louisiana | $896 | Texas | $749 |
| Maine | $380 | Utah | $554 |
| Maryland | $529 | Vermont | $408 |
| Massachusetts | $605 | Virginia | $470 |
| Michigan | $746 | Washington | $488 |
| Minnesota | $371 | West Virginia | $618 |
| Mississippi | $521 | Wisconsin | $496 |
| Missouri | $589 | Wyoming | $354 |
However, it would help if you remembered that the prices fluctuate from time to time. Therefore, make sure you have all the details that you will need to make an effective decision.
Moreover, how much is motorcycle insurance in a state can also change without any sort of intimation. As a result, the prices in this list might be subject to change without any further intimation.
Factors That Determine Motorcycle Insurance Cost
Motorcycle insurance is a very important detail as we can see from this above discussion. It can save your skin in a difficult situation and keep you from going financially under the bus due to an accident.
Then again, we are here to learn how much motorcycle insurance costs. Therefore, let us take a moment to learn the factors that affect the percentage. Here are some of the most prominent aspects that influence the cost of bike insurance:
- Age: age matters a lot when it comes to insurance. Insurance companies generally claim that people between 25 to 75 have more cognitive ability. Therefore, if you fail beyond the bracket, you will be charged a higher rate of premium.
- Relationship Status: Another interesting fact that has come to light is that married people pay lower premium rates. On the other hand, single people pay higher rates of premium. Nobody knows the reason behind this, but it is the general norm of the day.
- Gender: Surprisingly, if you are a man you are subjected to pay a higher premium. Therefore, if you are a female biker, you could rejoice as you need to pay less to cover your motorcycle.
- Riding Experience: Riders with more experience are subjected to pay lower premium rates than beginners. This is because inexperienced riders often lose control of the machine or meet with higher rates of accidents.
- Type Of Bike: Another factor that influences insurance premiums is the type of bike you are driving. If you ride a commuter, the percentage is generally lower. Meanwhile, sports bikes or bikes with more cc under their hood tend to have a higher premium percentage.
Things That Motorcycle Insurance Covers
With the basics of motorcycle insurance out of the way, let us focus our endeavors on closing the topic by understanding the actual extent of motorcycle insurance coverage so that you have a clear idea about the things that you are paying for.
However, remember that the coverage list can be a subjective one, to say the least. Therefore, if you are planning on getting motorcycle insurance, keep an open mind and be prepared for some variation.
- Liability Insurance: Liability coverage does not provide you or your bike with any safety net. Instead, it offers this safety net to the person who is damaged due to your bike. Every state has made this coverage mandatory except for the state of Florida.
- Guest Passenger Liability: if you are riding with a pillion and have an accident, this coverage will help you get through. This insurance covers the pillion riding with you. However, this will strictly cover the pillion and not the rider.
- Motorcycle Collision Insurance: This covers your bike in case of an accident. The coverage is extensive and will help you get financial aid for your bike. However, it will not cover you.
The Final Word
In summation, knowing ‘how much motorcycle insurance’ is heavily depends on two primary factors: the state you are living in and the kind of coverage you have. Therefore, if you have any sort of doubt, correlate these two details to get an answer.
For more such content, keep following our page for more. We will bring in more content to help you understand what you need and how to manage your wealth. Thank you and have a great day ahead.
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