Bike Insurance Costs and Factors
The cost of bike insurance is dependent on factors such as your bike’s value, riding history, and location. Sportbikes cost more to insure than cruisers, and more coverage leads to higher premiums.
You can find standalone bike insurance for $100 to $300 a year. Markel and Veloinsurance offer annual premiums starting at $100.
Considerations When Insuring Different Bike Types
- A 125cc or moped is cheaper to insure than a sports bike.
- Custom parts on a bike can increase insurance costs due to a higher theft risk.
- Younger, less experienced riders typically face higher premiums than seasoned riders with clean records.
Facts About Bike Insurance
Bicycle insurance can be costly due to the higher likelihood of accidents and easier damage susceptibility. Theft coverage can also raise premiums, given the common occurrence of bike theft.
Insurance Coverage Details
Factors Affecting Cost:
- Your bike’s value
- Your riding history
- Your location
Types of Coverage:
- Liability insurance
- Collision insurance
- Comprehensive insurance
- Uninsured motorist coverage
Insurance Costs and Considerations:
- Sports bikes and young riders increase insurance costs.
- Areas with high theft rates lead to higher premiums.
- Custom parts can raise insurance prices.
Additional Notes:
- E-bikes and motorcycles are more expensive to insure than regular bikes.
- Consider quotes before choosing your first bike for practicality.
- Losses from wear and tear are often not covered.
- Reevaluate filing claims if the cost is less than your deductible amount.