Is It Cheaper To Insure A Motorcycle Than A Car?

Sometimes, deciding what kind of vehicle you want to get depends heavily on the cost. Overall, cars are considered much safer than motorcycles. On the other hand, motorcycles are generally cheaper to purchase, maintain and insure. In fact, you can purchase a “beginner” motorcycle for anywhere between $5,000 and $10,000.

Of course, prices depend on a variety of factors including:

• The year, make and model of the vehicle
• The amount of insurance coverage
• Gas mileage
• Add-ons
• Location

Insurance accounts for all these factors and some others — including your gender, age, credit score and driving record. Men usually pay higher premiums than women, as they’re statistically more likely to file a car or motorcycle insurance claim. The average cost of motorcycle insurance in the United States is $702 a year. But this can vary by state. In Illinois, for example, the annual average for motorcycle insurance is $677. In comparison, the average cost of car insurance in Illinois is about $1,120 a year.

What Does Motorcycle Insurance Cover?

Motorcycle insurance provides a lot of the same coverages as car insurance, including:

• Comprehensive Coverage: This coverage helps if your motorcycle is damaged by fire, environmental damage, theft, vandalism and other incidents not involving collision.
• Collision Coverage: This coverage provides compensation if your motorcycle is damaged due to a collision with another vehicle or object.
• Liability Coverage: This covers both bodily injury and property damage in case you cause either in an accident. It may also help with legal fees if the victim decides to sue.
• Uninsured/Underinsured Motorist Coverage: In the event you crash with someone that doesn’t carry the right amount of insurance, uninsured/underinsured motorist coverage helps pay for the damages.

You can also add coverage for customized parts, though this will cost more.

Ways To Save On Motorcycle Insurance

• Stick with a simple bike
• Choose a bike with high safety ratings
• Build your credit score
• Drive defensively and avoid distractions
• Don’t let inexperienced drivers behind the bars
• Search for discounts (training course discounts, multi-bike discounts, mature rider discounts, etc.)

Speak with a Cloverleaf Insurance agent about finding discounts and other ways to save money.

Keep in mind, owning a motorcycle isn’t for everyone. Just because it can be cheaper than owning a car doesn’t mean it’s always the best option. Sometimes, having the added safety of a car with airbags outweighs the money you can possibly save on motorcycle insurance — especially if you carpool or give rides frequently. Consider your life’s specific needs and what each vehicle can offer.

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