Why is Motorcycle Insurance Much Cheaper than Car Insurance?

Given that motorcyclists are four times more likely to be involved in accidents in 28 times more likely to die as a result of accidents when compared to other vehicles, it is mysterious that the cost of motorcycle insurance tends to be far less than that of other motor vehicles. To understand why motorcycle insurance tends to be cheaper than car insurance, you must understand the difference between the insurance policies for each vehicle type.

Difference Between Motorcycle Insurance and Car Insurance

When you compare motorcycle insurance to car insurance, it is important to understand that the key difference is that the insurance company generally classifies motorcycles as recreational vehicles. Cars tend to fall under either personal or commercial vehicles. As a result, motorcycle insurance policies may provide different coverage options when compared to car insurance policies.

In terms of coverage options, insurance companies may offer specialized protection that is specifically designed for motorcycles. This can include coverage for custom parts or even accessories. On the other hand, car insurance policies tend to offer more comprehensive coverage options, such as liability protection or collision damage.

Another key factor influencing the price of insurance for motorcycles and cars is the price point. In general, motorcycles cost less than most other vehicles on the road. However, this is not true when it comes to classic motorcycles.

It is important to note that classic motorcycle insurance can generally cost up to three times more than typical motorcycle insurance coverage. This is because the vehicle is classified as antique or vintage.

What Influences Motorcycle Insurance Costs?

Several factors can influence the price of your motorcycle insurance. One of the most important factors considered is the type of motorcycle you own. High-performance motorcycles and sports bikes tend to be more expensive, which can increase your premium.

Another factor is your age in your driving experience. Younger drivers tend to have higher insurance premiums than those driving for several years. The amount you pay for insurance coverage can also be influenced by where you live. In addition, the type and amount of coverage you choose for your policy can impact how much you pay.

What Does Motorcycle Insurance Cover?

If you are in a motorcycle accident, it is critical to understand what your insurance policy will cover. In general, motorcycle insurance works in a way similar to car insurance. After an accident, the insurance policy will provide financial protection for various damages and injuries you have suffered.

A typical insurance policy for a motorcycle will include liability insurance, which pays for any damages you are vehicle causes to others. It can also include coverage for your injuries and your motorcycle.

In addition, motorcyclists may have bodily injury and property damage liability coverage. As the name implies, this type of insurance will cover any injuries or property damage sustained by the other people involved in the accident.

If you have been hurt due to a motorcycle accident, you may be able to seek compensation for some of your losses and damages as well. You should seek guidance from a property damage lawyer as soon as possible to discuss the coverage that may be available.

Let Our Team Help You

Being involved in a motorcycle accident can be a terrifying ordeal. Should you be injured in an accident, you must have a skilled legal team. Seeking guidance from our property damage attorney at Steelhorse Law can ensure you can defend your legal rights and receive the compensation owed.

Our team has fought to protect the legal rights of individuals across Georgia who have been harmed in accidents through no fault for over a decade. If you have been injured, contact our dedicated legal team to schedule a free consultation to see how we can help you.