Getting insurance for your bike can be as tricky as claiming insurance after you meet an accident. In fact, not getting the right insurance and under-insuring your bike could mean more hassles and problems later on. However, unlike car insurance, insuring a bike can be much of a headache and may keep you wondering for a long while about your moves before you actually step out to insure your bike.
The cost of insuring a bike can vary greatly according to the make of your bike. Moreover, you age, previous driving records, the state that you live in and the options that you chose for in the insurance policy.
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The average bike insurance quotes goes thus:
Cost of the bike (the make and the model, year) + Modification (if any) + Engine power + State of Insurance + age and experience of the driver + Hardware and Accessories (including anti0theft devices) + extent of coverage + optional (if any)
All these factors, combined with several others, determine what amount of insurance you can get and how much would be premium be. You can call an insurance company, meet their agents or get these quotes online. The online quotes would also include the various details that about you and your bike that we mentioned above.
An average insurance quote would take into consideration the purpose of the bike as well. Is it for home use or pleasure vehicle? Will it be put to any commercial purpose or not? Has the driver had a clean driving record in the past? The cost of the bike itself plays a major role in the determining the insurance quote. Owning a high-end bike with more than 1000 cc engine can result in a higher insurance quote. Plus, some states have mandatory rules regarding the safety of the passenger. This means that additional liability rests on the shoulder of the driver.
If you already have motorcycle insurance and are an experienced driver, you might be able to get a better insurance deal with a lower premium. With a very basic insurance coverage, you get to pay at least $150 for a year of coverage. As the cost of the bike increases, the quotes will be higher. You may have to pay $1500 or more for a racing bike or a super bike.
Most of the insurance companies would make sure that they customize their plans according to your needs. Therefore, it is advisable to compare a few insurance policies before making a move.