Motorcycle Insurance vs. Car Insurance Rates

Motorcycle Insurance vs. Car Insurance Rates
by Arthur Williamson

When you get any type of automobile, it is imperative you get the best insurance for your vehicle. Automotive insurance normally covers damages to the vehicle as well as personal injury in case of an accident or a mishap. So, what’s the difference between the insurance rates for a motorcycle and a car? We talked to the experts, and here is what they say about the difference in insurance rates for a motorcycle vs. a car.

Motorcycle Insurance is More As There Is More Risk Involved

Motorcycles are typically purchased for much cheaper than your average car. However, insurance rates for motorcycles are much higher than their automotive counterparts because motorcycles are more dangerous to maneuver. Thus, higher risk and higher insurance.

Motorcyclists should also seek personal injury protection because they do not have the luxury of the heavy metal protection of a car. The amount of coverage and the price you’ll pay for it will differ depending on your lifestyle with your motorcycle.

Daivat Dholakia, Director of Operations Force by Mojio

There are Many Variations In Insurance

Whether it’s for motorcycles or cars, auto insurance is essential as it offers financial protection to the driver. Still, it also gives protection to the passengers and other people involved in case of any accidents. 

Even though it is mandatory to have insurance, many car owners and motorcycle riders still drive without it. Insurance is not a “one size fits all,” because the providers have their versions of coverages and terms in their insurance policies. 

Many companies offer insurance for motorcycles and vehicles. However, they have different prices, terms, and scopes regarding liability, collision, and comprehensive coverages. For cars, there are many types of auto insurance you must understand. 

Some companies offer affordable insurance rates. However, if you check out the entire policy, they may not be giving you the best coverage. The rates may also depend on the owner’s car. Just because you own a larger vehicle, it does not mean motorcycle insurance has a lower rate. There are instances wherein insurance rates for cars are more affordable than motorcycles. The chance of getting major injuries in a motorcycle accident is higher than the injuries attained in a car collision. 

Insurance providers suggest car owners who want to modify their vehicles get a special insurance policy. Truck owners must also avail of particular insurance if they own a trailer or plan to buy one for hauling. 

Aftermarket car and truck parts may be a viable approach to fix the vehicle. The original equipment manufacturer (OEM) parts can sometimes be more expensive, so car owners must discuss it with the repair shop and the insurance provider. 

Some insurance companies cover aftermarket parts to repair the car after being damaged in an accident. Vehicle owners must read the fine print thoroughly to check what is covered by claims and reimbursements.  

Jen Demkin works for 4 Wheel Online

In Most Cases, Basic Motorcycle Insurance Is Lower Than Cars

Like car insurance, motorcycle insurance rates are based on the type of motorcycle you have, its value, and your driving history and demographics. In most cases, motorcycle insurance costs less than car insurance for several reasons. Motorcycles are less likely to cause significant damage to other vehicles, so the premiums for liability insurance tend to be lower than with a car. 

Often, motorcycles are less expensive and cost less to insure than a car, so the full coverage rates are also cheaper. The more expensive and big a motorcycle is, the more expensive it will be to insure, but most of the time, insurance costs are 25-50% lower for motorcycles than cars. 

If you’re shopping for motorcycle insurance and want to save even more money, find out what discounts you’re eligible for because you could save up to 30% with discounts. 

Melanie Musson is an Insurance Expert with AutoInsurance.org

Full Insurance Coverage for Motorcycles Can Be Higher Due to the Increased Risk Factor

On any given day you’ll see far more cars on the road than motorcycles. With a higher demand, cars are much more expensive. But, when it comes to the risk factor, the risk of injury with a motorcycle is significantly higher. Insurance companies know that and charge accordingly. According to the Insurance Information Institute, someone riding a motorcycle is five times more likely to be injured in a traffic accident than someone in a car. So, depending on the model of your vehicle, motorcycle insurance can be much more costly.  

For the same reason, it is crucial for motorcycle owners to have personal injury protection (PIP) in their policy since motorcycles leave the rider much more exposed than a car. In the case of a bad accident, medical bills can stack up much faster than if you were driving a car! 

Lastly, due to the nature of the vehicle itself, motorcycle insurance usually comes with different add-on options than cars, such as transport trailer coverage and coverage for custom accessories, parts, and equipment. This is definitely something to take advantage of. 

Jay Miller, Founder of Motobike Secure

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