Don’t Let Motorcycle Insurance Costs Get Out of Hand
January 7th, 2011 | 
Author: Many people are re-evaluating their driving behavior in view of the higher cost of gasoline. They’ve been gradually climbing since they came down from the shocking highs of over $4 a gallon. Prices are now in the $3 plus range. Because it’s not the worst we’ve ever seen, it doesn’t appear as bad as before. We have become a little bit complacent. Gas hit $4 and we survived. But it’s more costly that you ever expected when you purchased a car as your primary means of transportation. So you’ve finally had enough, and you bought a motorcycle. Smart move! Unfortunately there’s another stumbling block ahead; the price of motorcycle insurance.
Motorcycle insurance can cost more than car insurance for a couple of reasons. First, motorcycles are involved in a lot of accidents, simply because they’re difficult for other drivers to see. Your insurance has to pay if you are partially at fault in an accident, even if the other driver shares the fault. They also pay if the other driver is uninsured or underinsured, if you purchase that coverage. Fair or not, the insurance companies take this into consideration in their pricing.
Significant bodily injury claims are more likely in accidents involving motorcycles. Obviously this is a bigger concern than just an insurance problem, but it does drive the premiums up. There are some things you can do to reduce this danger – drive carefully and leave your bike in the garage when road conditions are especially treacherous. Motorcycles are more affected than cars by weather factors like fog, wind and rain. If you have a backup plan, like a car or some other means of getting to work, that’s a good time to use it. Always wear a helmet, and insist that any passengers do too.
Lastly, remember that statistics drive insurance premiums. If the odds of a claim or the average dollar amount of a claim are high for the particular type of vehicle that you drive (or ride), your premiums will be higher. This is where insurance companies account for all those things that they can’t quantify any other way – from risky drivers to unsafe vehicles. If you are planning to buy a bike, get insurance quotes for a few different models. The price difference may be significant enough to influence which bike you choose.
How do you keep insurance premiums from cutting into your gas savings? First, drive safely all the time so that your history shows that you are a low risk driver. Drive defensively. Avoiding accidents – whether they would have been your fault or not – is smart, and not just from an insurance perspective. Second, compare motorcycle insurance prices. Don’t just call your old auto insurance company and add your bike. Even for the same coverage with the same bike and the same driver, prices can vary a lot. It’s so easy now that you can get quotes online. Yes, it still takes time, but it’s worth it. This is not a one-time purchase. It’s a major expense, year after year, and you probably don’t price out every year. You’ll save year after year, month after month if you shop around and get a better rate. Imagine saving $200, $300 or $400 this year – and next year, and the year after that – all for doing your legwork now. Every couple years, it’s probably a good idea to get one more quote in addition to the quote from your current company. If the new one is better, then switch. If not, stay where you are. That’s not much effort to make sure you have the best price.
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