Motorcycle insurance rates vary depending on a number of factors, including the cost of your bike, the size of its engine and the amount of coverage. The three types of motorcycle insurance policies are:
- Liability insurance. This type of insurance comes in handy if you’re responsible for the accident. Although it doesn’t cover your injuries or any damage to your bike, it covers physical injury to the other driver and repairs to his or her vehicle.
- Economy coverage. This type of insurance typically covers liability and the theft of your bike. It can be further tailored to include extras such as guest passenger liability and uninsured motorist coverage in the event you are hit by someone without vehicle insurance.
- Complete package. As its name implies, this type of insurance covers all the bases. It includes liability, comprehensive theft and collision insurance.
Other tips for insuring your bike include:
- Ask a specialist. There are companies that actually specialize in insuring cycles. So check with your dealer or ask fellow bikers for recommendations.
- Shop around. Get quotes from multiple insurers because motorcycle insurance rates can vary by as much as 50 percent between companies.
- Look for a bulk discount. Ask the company that insures your home, automobile, boat, etc., if you can receive a discount for insuring multiple items.
- Join a motorcycle club. Many motorcycle insurance companies offer discounts for members of established motorcycle clubs, such as the American Motorcyclist Association, BMW Motorcycle Owners of America and Harley Owners Group.
- Get additional coverage for extras. Regular motorcycle insurance policies do not cover any enhancements you have made to your bike, such as chrome accessories, custom paint or a sidecar. Look into supplementary coverage for these upgrades.
You may also receive additional discounts on motorcycle insurance for being over the age of 55, having a clean driving record, owning your own home and storing your bike in a garage.
For more information about insurance, see Bankrate’s Insurance Basics.