Why is motorcycle insurance so expensive?

Written by mike smith
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Why is motorcycle insurance so expensive?
Motorcycles are more dangerous and more expensive to insure than passenger cars. (motorcycle image by Bionic Media from Fotolia.com)

Insurance premiums can vary drastically between motorcycles. Insurance companies bases differences on the type of motorcycle you own, whether you are financing it and the type of insurance you choose. These factors can combine to make insuring your motorcycle much more expensive than expected.

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Model and Size

A small commuter motorcycle will be less expensive to insure than a higher horsepower sport bike. More expensive motorcycles cost more for insurance companies to repair and therefore cost more to insure. Insurance companies may consider some types of motorcycles a greater accident risk.

Type of Insurance

If you are not fully covered by a health insurance, many motorcycle insurances will add what is called "Med Pay, " which covers any medical expenses you incur because of a motorcycle accident that are not covered by your normal health insurance. Med pay raises your premium.

Increased Danger

Motorcyclist are more likely to be severely injured or killed in an accident than car drivers. Insurance companies are therefore less likely to offer less expensive options, like no-fault insurance, which pay for any losses to the insured regardless of fault. They are also likely to charge more for traditional liability insurance because medical bills associated with a motorcycle accident are higher.

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