Whether you’re planning on buying a motorcycle in the near future or you already have one, you should know that as much as fun it is to get around with bikes, there’s a certain level of risk that comes with them. So if you’re going to purchase a brand new motorcycle, then you should also consider buying some level of insurance. In fact, a certain amount of liability insurance is required in every state as well as in the District of Columbia. Buying insurance can be confusing at times so to ease your job, we created a list of questions and answers that you need to know before buying motorcycle insurance.
Does Motorcycle Insurance Cover Theft?
Motorcycles are generally more attractive for thieves than cars for may various reasons and therefore are more likely to be stolen. However, if you get a comprehensive insurance policy, you won’t need to worry about your motorcycle being stolen. Most of the comprehensive insurance policies cover theft of your motorcycle as well for anything that might be stolen from your bike, such as helmets or other accessories.
Does Motorcycle Insurance Cover Other Riders?
Depending on your policy, your insurance may or may not cover other riders. For the most part, minimum liability coverage won’t cover other passengers in case of an accident. If you want to protect yourself and your passenger there are several policy options you may look at, such as medical payments coverage, personal injury coverage or other policies depending on the provider as well as the state.
How Much Does Motorcycle Insurance Cost?
Motorcycle insurance rates usually vary based on the type of policy: liability or full coverage. Liability only covers the damage to other vehicles or property and is usually much cheaper than full coverage. However, compared to liability coverage, full coverage provides a higher level of protection while including comprehensive and collision insurance, in addition to any state-mandatory coverages.
However, other factors also play a role in the cost of your insurance, such as:
- Your age and gender
- The amount of your deductible
- Geographic location
- Motorcycle value
According to Balance.com, the range of motorcycle insurance varies from $200 to $3,000 per year, depending on the combination of all the factors listed above.