Just as is the case with cars, owning insurance is a must if you have a motorcycle. While motorcycle insurance is only legally required in 47 states (Florida, Montana, and Washington don’t mandate motorcycle insurance), owning insurance for your bike is absolutely critical. With motorcycle insurance, you and your wallet are protected should you be in an accident on your bike.
While motorcycle insurance is very similar to car insurance, a lot of people wonder how rates compare. In this article, Part 1 looks at how much it costs to insure a motorbike as compared to a car, and Part 2 looks at occasions when a bike is more expensive than car insurance.
Part 1 of 2: Is motorcycle insurance more expensive than car insurance?
Most people tend to think that motorcycle insurance is more expensive than car insurance. The thought process behind this makes sense: motorcycles are a lot more dangerous than cars. The more dangerous a car, the more expensive the auto insurance tends to be, so it would follow that a bike would be expensive to insure.
However, that’s not the case. Under most circumstances, motorcycle insurance is not only cheaper than car insurance, but it’s a lot cheaper. The reason for this is fairly simple: in general, motorcycles cost a lot less than cars do. If you total your motorcycle and need it replaced, it will usually only cost a few thousand dollars, often just a few hundred dollars. Compare that to the cost of replacing a totaled car, and it’s easy to see why motorcycle insurance is so much more affordable.
Because motorcycles cost less to replace, they also cost less to repair. The average bike repair following an accident is much less than a car repair after a crash, and that’s another reason motorcycle insurance rates are low.
Finally, motorcycles generally cause less property damage than cars, because they’re so much smaller, and quite a bit less powerful. So if you crash your motorcycle into someone’s yard or house, you’re going to cause much less damage than if you do the same thing in your car.
Part 2 of 2: Are there any times where motorcycle insurance costs more than car insurance?
Like car insurance, motorcycle insurance is fluid. There aren’t set prices, and a handful of variables ultimately determine your rates. While most bikes are quite cheap, some are very expensive. The more expensive a bike, the more it will cost to be repaired or replaced, and the more you’ll have to pay in motorcycle insurance. While motorcycle insurance is usually a bit less than car insurance, the rates for a $60,000 motorcycle will likely be higher than those for a $2,500 car.
Luckily for bikers, motorcycle insurance is usually quite a bit more affordable than car insurance. Just as with car insurance, it’s always important to make sure you get a plan that fits your budget.