How Much Does Motorcycle Insurance Cost These Days? A Quick Guide For Insuring Your First bike
As many as 13.7% of Illinois drivers do not have insurance. These people are choosing to not protect themselves and not follow the law.
If you own a motorcycle, it's smart to purchase insurance. It will protect both you and your bike while out on the road. Consider it like another piece of safety equipment.
So, how much does motorcycle insurance cost? Unfortunately, there isn't a specific number that everyone will pay.
We're going to go over the factors that go into determining your cost and the consequences you face if you choose not to purchase insurance.
How Much Does Motorcycle Insurance Cost?
Predicting the exact cost of your motorcycle insurance is quite tricky, especially since several factors contribute to the quote you will receive.
A good rule of thumb is that your rate will be lower if you're older, are a safe driver, and purchase a bike that's designed for cruising.
The Bike
The rate will change based on the type and age of the bike. For instance, sport bikes tend to have higher rates than cruisers. This is because people who ride sport bikes tend to be younger and more reckless.
Because of this, they get into more accidents. Cruisers such as Harley Davidsons tend to get into fewer accidents and thus require more infrequent payouts. This directly relates to the insurance company quoting lower since their expense is lower.
Another consideration is the age of the bike. A bike that's brand new is going to be more worth more and be more expensive to repair or replace.
While an older bike will be worthless and more affordable to repair; the new bike will have higher insurance rates.
Then there are additional factors such as special editions or any customizing you have done to the bike. These features will increase the cost of repair and raise your insurance rates.
Your Driving History
Next, the insurance company will look at your driving and claim history. If you have a history that includes several tickets and claims, then expect your insurance rates to increase. But if they're spotless, then you will be able to get some competitive quotes.
If you're between the age of 16 and 24, then you will face high rates. The age of 25 is the threshold for when insurance companies start to drop their rates.
Your State
As a general rule, the more riders there are in your state, the lower rates will be. To double down on this, the more bikes that have insurance coverage, the lower the rates are for everyone.
Here in Illinois, there are over 300,000 motorcycles registered. That ranks the state seventh in the country for the number of registered bikes.
Since everyone is required to have insurance, almost all of those registered motorcycles should have coverage. This means rates should be relatively low in comparison to other states.
Requested Coverage
The more coverage you choose to have, the more expensive your insurance will be. So if you're looking for the best rate, then you should choose the state minimum.
However, this may not be possible. If you finance your new bike, your lender will most likely require that you carry full coverage insurance. They want to ensure that if anything happens to the bike, they will recoup their loan.
This type of insurance includes collision and comprehensive. Collision provides reimbursement if the bike is totaled in an accident.
Then comprehensive covers if something destroys the bike while you're not riding it. This could include things like damage from the weather, freak accident, or theft.
Full coverage is the most expensive plan, especially if you want to buy a brand new motorcycle.
Possible Discounts to Lower Your Rate
You may be able to lower your insurance rates by qualifying for potential discounts offered by insurance companies. Not all companies offer the same discounts, but some common ones are:
- Multi-vehicle
- Antilock brakes
- Paid-in-full
- Recovery device
- Association member
- Motorcycle endorsement
- Safety course completion
- Safe driver
- Homeowners
The Minimum Required Insurance in Illinois
Some states don't require motorcycle owners to have insurance. Florida, for example, lets riders skip the insurance if they meet a set of qualifying standards.
This is not the case in Illinois. The mandatory insurance laws state that you must have a minimum of:
- $20,000 death and bodily injury for one person
- $40,000 death and bodily injury for two or more people
- $15,000 property damage or destruction
You can probably tell from these requirements that they are not very high. It's likely they won't fully protect you, your passenger, or your bike.
Whatever your insurance doesn't cover, you will be personally responsible for. This could potentially drain your life's savings. So it's in your best interest to purchase insurance that's greater than the state minimum.
What Happens If You Don't Have Insurance
Illinois is an "at fault" state. This means that if you choose to drive or ride without insurance, you risk facing fines or even jail time. If you get into an accident, you could be thrown into severe financial hardship.
What Constitutes a Motorcycle
There are certain thresholds that your vehicle must meet to be required to have insurance. You must have insurance if your two or three-wheeled vehicle can travel over 30 miles per hour, have 2 brake horsepower, and over 150ccs.
Time to Get Riding
So, how much does motorcycle insurance cost? The answer is, it depends. Your best course of action is to get a quote for the bike that you're interested in buying.
This will give you a good idea as to what you can expect to pay for your new motorcycle. Remember, while a new bike may be more expensive, they also have more safety features. This will significantly reduce your rate.
So are you ready to ride home your new Harley? With our extensive inventory, we are sure to have your dream bike.