How Affordable Is Motorcycle Insurance?

Owning and driving a motorcycle can save a lot on gasoline costs in today's market. But does owning a motorcycle or an ATV put additional financial burden to you when you calculate insurance costs?

Motorcycles are cheap

Compared to an automobile, especially an SUV or pickup, the cost of purchasing a motorcycle or an ATV is considerably less. For only a few thousand dollars, you can purchase a used motorcycle or ATV. And even most new motorcycles run less than $10,000.

Replacing a motorcycle or ATV due to damage, theft, or fire is much more affordable than expensive automobiles or trucks. Motorcycle insurance that pays repairs damages, or even replaces the bike, can be as little as less than $20 per month for ATVs, or up to $1000 per year or more for newer motorcycles, depending on the make and year of the motorcycle, and how often you use it.

How is motorcycle insurance calculated?

Most auto insurance companies will also offer motorcycle insurance. When you shop for motorcycle insurance, you want to get the best deal for your needs. You should take into consideration a number of things that can affect the price of your premium.

The motorcycle - The make, model and year of your motorcycle will be the biggest factor in calculating your motorcycle insurance premium. Make sure when you purchase a motorcycle, you buy a model that is affordable for insurance purposes.
Age and experience - As with automobile insurance, your age plays a big factor in determining your motorcycle insurance premium. Younger and newer motorcycle drivers will probably have to pay more insurance premiums.
Driving Record - Your previous auto and motorcycle driving records counts toward the cost of your motorcycle insurance premium. If you have recent speeding tickets, you can bet you will pay a much higher insurance cost for your motorcycle.
Location - Locations and cities with high traffic or high crime may pay more than a motorcycle driver in a lower populated area.
Frequency of Use - If you plan to drive your motorcycle frequently for work, you may have increased motorcycle insurance costs. The more often you drive it and park the motorcycle where it may be damaged, the more insurance premium you will be charged.

How to save on motorcycle insurance

There are ways you can save money when you purchase a motorcycle insurance policy.

Shop around - Shop for motorcycle insurance quotes from a number of different insurers.
Security - The more effort you take to secure your bike from damage or theft, the better chance you could receive a discount on motorcycle insurance. Park it in a secure garage. Install an anti-theft alarm.
Take a safety class - Your state DMV may offer special training and certification for motorcycle drivers. A motorcycle safety training course may help save you money on motorcycle insurance.
Pleasure riding - If you can certify to an insurance company that you only use your motorcycle for infrequent riding, you could save money on your premium as well. ATVs are generally recreational vehicles used infrequently for pleasure use.

Your motorcycle insurance is only a small portion of the total cost to owning and enjoying a motorcycle or ATV. However, a little research and work on your part can save you tremendously when you actually purchase a motorcycle insurance policy.

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