Motorcycle Insurance

Coverage requirements vary by state. Motorcycle insurance is a way to protect your finances in case your motorcycle is stolen or you’re responsible for damages in an accident.

If you purchased your motorcycle using a loan, then your lender will usually require proof of motorcycle insurance to close the loan.

There are various discounts available for a motorcycle policy, such as being a homeowner or taking a safety course.

It’s also possible to save on your overall insurance bill by bundling policies, like your homeowners and motorcycle insurance, with the same carrier. Your agent can identify the types of discounts you might qualify for.

Your motorcycle insurance premiums are based on a number of factors, including how often you use your vehicle, how many miles you drive each year, and where you store it when it’s not in use.

If you only use your motorcycle for a few months a year, then you may pay less for motorcycle insurance than someone who uses it year-round. Many lenders require coverage to be in place year-round, but your agent can work with you to review coverage while not in use.

Insurance companies have different methods for assessing risk, but most of them consider these factors:

• Your driving record, age, and driving experience
• The type of vehicle you drive
• The number of miles you drive each year
• Your location, usually based on your ZIP code

Insurance companies may also look at your credit history to assess your risk, but this is not allowed in some states.