Motorcycle insurance is relatively inexpensive when compared to car insurance. This is because the vehicles are generally smaller and less expensive than cars and trucks. The cost of motorcycle insurance depends on a variety of factors as with car insurance, including:

• Age and gender of the driver
• Location
• Value of the motorcycle
• Credit score
• Driving record

On average, full coverage motorcycle insurance costs $516 a year (around $43 per month).

What is Full Coverage Motorcycle Insurance?

Motorcycle insurance offers a lot of the same types of coverage offered by car insurance. A full coverage motorcycle insurance policy should include:

• Comprehensive coverage covers damage to the motorcycle due to fire, lightning, wind, hail, falling objects, theft and vandalism.
• Collision coverage covers damage to the motorcycle due to collision with another vehicle or object.
• Liability covers bodily injury and property damage caused to others by the policyholder while operating the motorcycle.
• Medical payments coverage helps with the medical expenses of the driver and their passengers after an accident, no matter who is at fault.
• Uninsured/underinsured motorist coverage covers damages that occur due to an accident involving a driver not carrying insurance.
• Guest passenger liability covers damages caused by a driver operating the motorcycle with the policyholder’s permission.
• Roadside assistance helps with trip interruptions such as flat tires, running out of fuel, etc.

You can also purchase extra coverage for custom parts and equipment on the motorcycle.

Is Full Coverage Motorcycle Insurance Required?

Full coverage insurance isn’t legally required for motorcycles. Motorcycle insurance requirements vary by state, so be sure to check your state’s specific laws when it comes to motorcycle insurance. In most states, the only insurance required is liability and uninsured motorist coverage. Tennessee bikers, for example, must carry a minimum of:

• $25,000 in bodily injury liability per person
• $50,000 in bodily injury liability per accident
• $15,000 in property damage liability

Only having liability insurance can save money on motorcycle insurance, but it also leaves you at risk for paying damages and injuries out of pocket.

Saving Money on Motorcycle Insurance

Knowing what factors affect motorcycle insurance rates can save you money on premiums. There are certain factors you can’t change. Young bikers will pay higher motorcycle insurance premiums until they’re around 25 years of age, and male bikers pay higher premiums on average due to the fact that males are statistically more likely to engage in dangerous driving habits.

You can save money on motorcycle insurance by:

Building Your Credit Score

Your credit score is a large influence on the cost of motorcycle insurance. Credit is a way for insurance agencies to determine how reliable a potential client is for paying their bills. You can build credit by paying off bills and debts such as credit cards and mortgages. To make sure payments aren’t skipped or late, schedule your bills to be drafted automatically.

Driving Defensively

Perhaps the biggest influence on your motorcycle insurance is your driving record. If you have a poor driving record, you’ll likely pay higher premiums in order for the insurance agency to cover the risk they face of insuring you. Avoid distractions while driving and carefully measure prices before filing a claim. If the cost of your deductible is more than the cost of fixing the damage, you may not want to file a claim.

Asking About Discounts

Insurance agencies offer multiple discounts for clients, such as mature driver discounts, good student discounts, military discounts and more. You can also save money by insuring multiple motorcycles or bundling your motorcycle insurance with home and auto insurance. Call McCune & Reed Insurance today for more information.