Average Cost For Full Coverage Motorcycle Insurance
Everyone who owns a motorcycle should get insurance to protect themselves and their bike from any accidents. However, finding the right coverage and determining the cost can be a daunting task.
What is full coverage motorcycle insurance?
Full coverage motorcycle insurance typically includes liability, collision, and comprehensive coverage. Liability coverage is the minimum required by law and covers damages or injuries you may cause to other people in an accident. Collision coverage pays for damages to your bike if you are in an accident, and comprehensive coverage protects your bike from non-collision events such as theft, vandalism, or weather damage.
Full coverage offers more protection, but it also comes with a higher cost. The cost of full coverage motorcycle insurance varies depending on several factors.
Factors that affect the cost of full coverage motorcycle insurance
1. Age and riding experience: Younger, less experienced riders are considered higher risk and will pay more for insurance.
2. Location: Areas with higher accident rates and theft rates will have higher insurance costs.
3. Type of motorcycle: High-end or sport bikes will have higher insurance costs than standard motorcycles.
4. Driving record: Riders with a history of accidents or traffic violations will pay more for insurance.
5. Credit score: A lower credit score can result in higher insurance costs.
6. Deductible: A higher deductible will result in lower monthly premiums, but you'll have to pay more out of pocket if you have an accident.
7. Coverage limits: Higher coverage limits will result in higher insurance costs.
8. Insurance company: Each insurance company has its own method for determining costs, so it's important to shop around for the best rates.
What is the average cost of full coverage motorcycle insurance?
The average cost of full coverage motorcycle insurance in the United States is around $1,000 per year. However, this can vary greatly depending on the factors listed above. Riders in high-risk areas or with a history of accidents may pay significantly more, while older riders with a clean driving record may pay less.
How to save on full coverage motorcycle insurance
1. Take a motorcycle safety course: Completing a safety course can result in lower insurance costs.
2. Choose a less expensive motorcycle: A less expensive bike will generally have lower insurance costs.
3. Increase your deductible: A higher deductible will result in lower monthly premiums.
4. Bundle insurance policies: Many insurance companies offer discounts for bundling multiple policies such as home and auto insurance.
5. Shop around: Get quotes from multiple insurance companies to find the best rates.
Conclusion
Full coverage motorcycle insurance provides peace of mind and protection in the event of an accident. The cost of full coverage can vary greatly depending on several factors, but the average cost in the United States is around $1,000 per year. By taking steps to reduce risk and shopping around for the best rates, riders can save on their motorcycle insurance premiums.