Although motorcycles are increasingly popular in the United States, they're not used as commonly as regular motor vehicles. As such, motorcycle enthusiasts typically find it difficult to obtain up-to-date information about the cost of procuring insurance on their motorized bikes. If you use your own motorcycle on a regular basis, you'll need to keep a few things in mind as you search for insurance coverage on it.
For starters, the age of your bike is important. Although most motorcycles have lower sticker prices than passenger vehicles, their cost can vary considerably. In fact, the cost of a new motorcycle is often many times more than that of a used bike of the same model. Before you purchase motorcycle insurance, you'll need to determine the precise age and condition of your bike. If you can prove that your bike is worth less than its sticker price and receive an official appraisal to that effect, you might be able to reduce the size of your annual insurance premiums by a substantial margin.
The circumstances surrounding the purchase of your motorcycle will also affect its insurance costs. If you used cash to purchase your new or used bike in full, your insurance carrier will permit you to cover it in accordance with your state's "minimum coverage" laws. In other words, you'll be required to purchase uninsured motorist coverage and liability coverage but won't be asked to obtain any form of "comprehensive" coverage.
On the other hand, your financed motorcycle will be subject to certain lender-imposed coverage requirements. Most of the lenders that regularly finance motorcycle purchases require their customers to obtain "comprehensive" policies with coverage limits in excess of $100,000. Unfortunately, these requirements aren't subject to state law: No matter where you live, your lender can set these coverage minimums in order to protect its investment in your bike. If you finance the purchase of a new motorcycle, you must be prepared to pay at least $300 per month in insurance premiums. In many cases, your annual insurance costs will exceed the total resale value of your bike.
It's important to remember that motorcycle insurance doesn't cover any of the medical costs that you might incur as a result of any injuries that you sustain while you're on your bike. You'll need to carry a separate health insurance policy to defray these expenses. Unfortunately, the fact that you ride a motorcycle on a regular basis might increase these costs.