Motorcycle Insurance vs Car Insurance Policy Differences

Insurance is required to operate a motor vehicle in most states. In that respect motorcycle or motorbikes are no different than any other vehicle on the road. But there are a few key differences between traditional car insurance and motorcycle insurance, namely, the price.

Let’s see how motorcycle insurance works, what it costs, and where you should buy it.

What is Motorcycle Insurance?

Motorcycle insurance is a type of insurance policy where a motorist is insured by an insurance company against costs and damages associated with an accident, theft, medical bills, or property damage during a wreck. The motorist and the insurance company agree on terms where the motorist pays a monthly premium and the insurer agrees to provide financial assistance for repairs and replacement of the vehicle following a wreck.

An Insurance policy can protect against:

• medical expenses for you and other involved motorists
• repairs for vehicle damages
• reimbursement for taxis or ride-sharing services
• repairs to property
• compensation for theft
• the replacement cost of your vehicle
• collision damage repairs
• car breakdown (roadside assistance)
• and more

You can see from this shortlist that having a policy works in very much the same way as traditional car insurance. The difference is that it only applies to motorcycles and motorbikes.

Insurance Costs Understood

Certain types of insurance cost more than others and depend on a large number of varying factors. The lower the value of your vehicle the lower your car insurance premiums will be. An expensive fast-moving sports car will cost more to insure than a family minivan. The same principle applies to motorcycles.

If your motorcycle is a brand new speed machine you’ll pay more for insurance than the same person riding an older slower-moving road bike. That is because the cost to repair the new fast-moving bike is far higher than the older bike. Also, because the new fast-moving bike can go very fast it is at a greater risk of a serious accident or reckless driving. That is another reason it will cost more to insure a new fast bike.

The insurer will also consider what the total cost would be to completely repair or replace the bike. If it will cost them more to replace the motorcycle in question then it will cost you more per month to insure. Insurance costs to the consumer directly correlate to the vehicle repair and replacement costs that would be incurred by the insuring company following a claim.

The fancier your bike the more you’ll pay. If you are younger you will pay more. If you are a young male you will pay more as well.

Motorcycle Insurance Costs vs. Car Insurance Costs

This will mainly depend on the type of car or bike in question, its mileage, its cost to repair or replace, the age and sex of the insured, and finally the driving record of who will be the operating motorist. All of these things affect the cost of both motorcycle and car insurance independently.

Generally, motorcycle insurance costs less than automobile insurance. In fact, it can cost a motorist half as much as a similar car insurance policy.

In the United States, the average cost of car insurance for a year is $1,300 – $1,500. While the average cost of a motorcycle policy is $500-$600. This will depend on a number of factors that we saw above, including the location, driving history, costs to repair the vehicle, etc.

Because state motorist insurance minimums are the same for cars and motorcycles, it shows that the same level of coverage is required for motorcycles, that coverage just tends to cost substantially less than for the same coverage on a car.

Is it Simpler to find Car or Motorcycle Insurance?

It is more common to see advertising for car insurance policies than motorcycle insurance policies. This is because there are far more car drivers than motorcycle drivers (which is a small percentage of the driving public in the USA). For this reason, car insurance policies are offered by more insurance companies in comparison to motorcycle policies. On that note, it would be “easier” to find a car insurance policy just because of the sheer volume of policies on offer.

Just because there are more car insurance offers out there doesn’t mean it’s hard to find a motorcycle insurance policy. Some of the larger auto insurance companies (Allstate, Geico, Esurance, etc) will car, motorcycle, RV, and boat insurance policies. Some smaller insurers may only focus on car insurance or boat or motorcycle, but not all of them.

With the internet today it is very easy to get a few good quotes for a motorcycle insurance policy.

Get a Motorcycle Insurance Quote

The only way to be sure you’re getting the best possible policy, with the best coverage, at the lowest price; is to get more than one quote. In fact, it’s a good idea to get no less than 3 quotes when shopping for any type of insurance.

Also, because rates will change regularly, it’s a good idea to get a new insurance quote every 6 months or a minimum of once every two years. This way you can ensure any changes to your driving record have been illustrated.

Consider if you had a lot of speeding tickets, that would make your insurance premiums be high. But after time and with no added tickets, your driving record will clear up and that will mean you qualify for a less expensive insurance policy. So there are multiple reasons to get a policy quote every year.