Is Motorcycle insurance the same price as car insurance or is it cheaper?

Question

I had a coupld of friends that have motorcycles and some that have cars. They don't pay for their own insurance but i wanted to know if by any chance if motorcycle insurance is cheaper then auto insurance. I know auto insurance these days are sky high. But since a motorcycle is a lot smaller, shouldn't insurance for it be cheaper for it?

Answer 1

Motorcycle insurance is CHEAPER than cars. I pay around $125 for a year....FULL COVERAGE, etc. through Progressive for my H-D. Check around and compare.

Answer 2

This really depends on your location and the kind of bike your talking about. In many states (with an actual snow-filled winter season) they can insure the motorcycle for half the year, since most people wouldn't ride in a harsh winter. However, I for example, live in Phoenix Arizona, so I have the pleasure of paying year round for my bike. Also, if you finance the bike, they would want full coverage which will significantly increase the price of your premium. As for the kind of bike, again, I have the privilege of living in Phoenix in which the most expensive common motorcycle to insure is the Suzuki GSX1300R Hayabusa, which happens to be the bike that I own. When I initially moved here from San Diego, by bike insurance shot up to $1700 vs. my insurance for my Mercedes which is $1300. I was finally able to drop my bike insurance by eliminating Collision coverage, but it's still pretty high. My case is exceptional, as the majority of the time motorcycle insurance is usually significantly cheaper than car, but it proves that it can exceed car insurance given the right variables. If you don't own a bike yet, I suggest calling different insurance companies and pricing different motorcycles that you are interested in...this should give you a good idea and point you in the right direction. Good luck.

Answer 3

Insurance rates are calculated by the type of vehicle operated, the age of the person operating it, and the accident history of that particular vehicle.

If you are over 25 (being married also helps), you have cheaper rates than a teenager for the same coverage. The assumption is that younger people do not have the experience or common sense and do not drive safely. You are, of course, the only exception on the planet, and you ALWAYS drive safe. Insurance companies don't care; they have MANY years of claims filed that proves young drivers are bad, case closed.

The type of vehicle makes a difference depending on the type of insurance you get. Liability is required on almost every state, and is loosely based on how much damage you would do to the OTHER vehicle. Since motorcycles are light (and a lot of motorcycles crash solo), liability is dirt cheap. Like under $20 per month cheap for the older crowd.

Full coverage, i.e. "Comp & Collision" is where a motorcyclist can get raped. The cost there is determined by how much the vehicle is worth, and to a lesser extent how likely that vehicle is to crash. These can cancel each other out depending on the bike you want. Not a lot of 18-year olds can afford a Ducati 999, so there is very little data that suggests Ducati 999s are wrecked by teenagers. Therefore, the insurance is lower than a GSX-R600, which get wrapped around everything in sight.

The deductible amount is also critical. If you lay the bike down and need $1000 worth of work, a $150 deductible means you pay only $150 to get it fixed. If you have a $500 deductible and drop it in the garage, that $200 clutch cover, $80 rearview mirror and $50 turn signal come out of YOUR pocket. If you finance a motorcycle, you will be required to carry full coverage, and a lower deductible means higher premiums.

I am 34, have full coverage on a 600cc sportbike, no tickets, one crash, and pay about $32/month. On the other side, a 17 year old with two tickets, no MSF course, and a Yamaha R6 might see $2000 per year premiums just for liability coverage.

BTW, car insurance is only sky high if you fall into the under 25/bad driver category. Full coverage on my Jeep is only $35/month.

Answer 4

When I was 21 I bought a CBR600 and full coverage was going to be $1900/year. Liability was only $185/year. I was told that since my 400 pound bike wouldn't do much damage to a car I slammed into that liability was pretty low while all of the plastic would need to be replaced if the bike went down so full coverage was high. They would like it even better if I slid off the road because they don't have to pay to repair trees and grass. 11 years later I have full coverage and pay about $300 a year on the same bike because I am 32 with a clean record and married and all the boring things insurance companies like to hear. I would imagine a cruiser would be much cheaper just because of the generally more sedate riding style of people attracted to cruisers.

Answer 5

$8/mo cheapest bike insurance
$100/mo cheapest car insurance for me.

2002 Kawasaki Ninja 500R
1992 Buick Century winter beater
Clean accident record/ticket record

Try www.progressive.com AND
www.geico.com

I did a progressive quote on my bike, and the cheapest they would offer was $25/mo
I did an IDENTICAL quote on geico.com and they were $8/mo

Remember, if you have an accident, it is probably not going to be a little 'fender bender' on a bike, which is why I have mid-range coverage.
But you can try quotes for different motorcycles on the sites. My motorcycle only cost $5,000 brand new, so I see no reason to pay $2000/yr for full coverage. It is not like I plan on having a accident that will total my motorcycle. I have ridden for 3+ years now, and if I had full coverage, I would have paid THOUSANDS EXTRA for something that I didn't even need. I could have bought a BRAND NEW motorycle for that price!!! Remember, full coverage usually pertains to how much damage you do to the bike or other property, not yourself (that is what medical insurance is for)

Answer 6

My motorcycle insurance is about 1/3 to 1/2 the cost of my truck insurance. ('83 Yamaha Virago 920 vs '91 S-10)

Answer 7

Motorcycle insurance is based on your age and the engine size and type of bike you buy... so don't be under 25 and buy a Suzuki GSX anything... the cost of the insurance will be higher than the cost of the bike..

Answer 8

It's alot cheaper, I pay only $200 a year for a $20,000 Harley.

Answer 9

one years worth of full coverage with a medical rider for two bikes is about half the price of six months worth of liability insurance on my car.
of course i ride cruisers, not crotch rockets

Possum

Answer 10

Actually because of the fact that a motorcycle is much more dangerous, in most cases much faster, and has a higher risk of being stolen, hit, or damaged motorcycle insurance in most cases is MUCH higher than car insurance. Sorry to deliver the bad news. Merry chrismas. Oh yeah and it depends on where you live too. My insurance isnt too bad because where I live I can only ride my bike for a few months of the year. If you live somewhere that is warm year round then you will need year round insurance so that will make a difference too.