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Motorcycle Insurance: Highway to the Danger Zone

There are many different reasons why driving a motorcycle is more dangerous than driving a car. For starters, they are far less stable than four wheel vehicles. This fact makes them more prone to collisions and damages. Drivers of motorcycles are also more seriously affected by weather and the elements, which can increase the risk of accidents. Thus, operating them requires more care and skill than a car. And, finally, motorcycles have much lower visibility than normal cars. Since they are harder for other drivers to see, they are involved in far more accidents. This really affects the cost of motorcycle insurance. Read the details below. 

Motorcycle Crash Statistics

One statistic states that, in 2016, motorcycle drivers were 28 times more likely than the drivers of cars to die in a crash. According to the Insurance Information Institute, in 2015, there were over 8 million registered motorcyclists in America. For each 100,000 motorcycle drivers, there were 1,000 recorded injuries and 57.25 deaths.  The Governors Highway Safety Association reported that 5,000 people died in motorcycle accidents in 2017. Although Forbes reports that the rates of motorcycle deaths might actually be decreasing, driving a motorcycle is still very risky. In the event that you are involved in a motorcycle crash, you want to make certain that you have good insurance coverage.  

Determining Premiums

So, what will insurance companies consider when determining the premiums of your motorcycle insurance? First of all, they will look at all of the standard variables of drivers such as age and driving record. Next, they will review the value of your motorcycle. This will give them an idea of how much it will cost to repair and replace. They will also look at any safety features your motorcycle may have. Of course, safer bikes are less likely to be involved in accidents. Related to safety features, it is important to consider crash rates. Just like cars, certain models of motorcycles are involved in accidents more often.

And, lastly, to determine the cost of your motorcycle insurance, they will evaluate rates of theft. If the type of motorcycle you own is stolen more often than others, that makes it a high target. This increases the chances that they will have to pay on a claim, so that could mean higher premiums. Overall, motorcycles are more likely to be stolen than cars, trucks, and SUVs. In 2016, motorcycle thefts were most common in California and Florida. Thus, where you live might also influence your insurance costs.

The Takeaway for Motorcycle Insurance

Overall, despite all of the risks, the cost of motorcycle insurance is not as high as you might think. According to ValuePenguin, the average monthly cost of motorcycle insurance in the U.S. is $43. Of course, this varies by state. The lowest average cost is $24 in North Dakota and the highest is $75 in Louisiana. Click to get a quote for motorcycle insurance today so you can see how those rates compare to the ones listed here.

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