How Much Does Motorcycle Insurance Cost?

How Much Does Motorcycle Insurance Cost?

Table Of Content

  1. What is motorcycle insurance?
  2. How much does motorcycle insurance cost?
  3. Insurance Quote for cheap motorcycles
  4. The best motorcycle insurance companies
  5. Types of Coverages or Plans
  6. How is the price of your motorcycle insurance calculated?
  7. How can you save on your motorcycle insurance?
  8. Frequently Asked Questions about Motorcycle Insurance

1- What is motorcycle insurance?

Motorcycle insurance is a damage policy very similar to car insurance. The protection packages even have the same name as the equivalent for cars in almost all insurers. They are a contract by which the owner of the motorcycle and the driver are protected against various risks related to the possession and driving of this vehicle, such as accidents and theft.

Some of the motorcycle insurance policies are mandatory in 17 states of the country, in addition to being essential for those who travel on federal highways. However, the penetration of these insurances only shows that one in 10 motorcycles is insured.

Most motorcycles are purchased by low-income people and purchasing motorcycle insurance represents a burden for them. The situation is worse when they have an accident since it is where they realize the advantages that these policies represent, such as:

  • Legal defense against accidents of which one is presumed guilty, including payment of bonds.
  • They cover the compensation that the driver or owner must make when found guilty of an accident, to repair the damages or injuries caused to third parties.
  • Financial protection for the driver’s family in the event that he or she dies as a result of an accident.
  • It covers the necessary medical expenses for the driver and his companion, as well as others for their treatment, and even funeral expenses if there is death.
  • It protects the economic investment that was made in the motorcycle against material damage and total loss due to collision or theft.

You can learn more about these motorcycle insurance policies in How motorcycle insurance works and The 5 best motorcycle insurance 2018 . If you prefer, you can know the price of the premiums of what your motorcycle insurance would be in the Motorcycle Insurance Quote.

2- How much does motorcycle insurance cost?

You can get an idea about the price of motorcycle insurance with the following table, which illustrates some of the most representative insurers in the sector. They correspond to insurance costs for men in Mexico City, with 30 years of age:

Italika 125Z 2022 – Insurance plan

INSURANCE CARRIER             RC            LIMITED     `    WIDE
Bancomer by Wibe         $ 6,899.55 $ 13,334.42 $ 14,786.59
GNP                                                 $ 12,739.00     

Suzuki Vitara 2022 – Policy

Mapfre     $ 3,159.25 $ 4,948.03 $ 12,001.79
ANA             $ 5,973.80 $ 13,969.33 $ 28,648.37
HDI             $ 5,557.11 $ 7,319.08 $ 12,513.53

Yamaha Cygnus 2022 – Insurance Plan

Bancomer by Wibe $ 5,107.51 $ 10,623.60 $ 14,884.48
Quálitas         $ 7,477.83 $ 8,314.31 $ 8,562.82

3- Insurance Quote for cheap motorcycles

The comparison of quotes from all insurers allows you to select the most complete and economical option. However, this is not so easy for the common people, because each insurer integrates their packages with the coverage they want and the insured amounts they like to handle. This greatly complicates the choice. In addition, the prices differ greatly between the different insurers and can reach thousands of pesos for the same plan.
Using the services of a quote like ours from Cotizator is a good decision. We compare the insurance plans for each particular motorcycle and send them the best options.

4- The 13 best motorcycle insurance companies

Some of the names of the plans shown may vary from one insurer to another. For example, that of Civil Liability is usually called Basic or Essential, as well as that of Amplia Plus can be Elite or some other name. The coverage in each plan could also vary between the different insurers:
In the limited and extensive coverage packages, some protections are indicated that are not included, but can be added to the package as an option. The coverages mentioned are some of the most common, but others can be found in each insurer:
  • Civil liability. This is the essential coverage in all motorcycle insurance. You cannot sell motorcycle insurance without this coverage, which is in itself what is required in the mandatory insurance. Protects against damage or injuries caused to third parties as the motorcycle is responsible for the accident.
  • Legal assistance. Provides attorney’s fees for the driver’s legal defense, in addition to bail and other trial-related expenses.
  • Medical expenses to occupants. Respond with the immediate attention of the driver and companion, in addition to paying for other necessary expenses, such as ambulance, hospital, and even funeral expenses.
  • Total robbery. Indemnify the owner of the motorcycle in case of total theft of the same.
  • Material damage. Protects the owner of the motorcycle to provide the necessary expenses for repairing the damage caused by accident or replacement for total loss in a collision.
  • Accidental Death of the driver. It serves as compensation to the beneficiaries of the driver in the event that he dies as a result of an accident. 60% of deaths in road accidents are motorcyclists, so this coverage is very important.
  • Helmet and special clothing. It replaces the cost of the special clothing and helmet-less the agreed deductible.
  • Additional coverage. There are various coverages that can be part of the Comprehensive Plus coverage or integrated into the limited and broad coverage packages:
    • Road assistance. Services that are sent to the place where the motorcycle is left. They generally encompass fuel shipment, tire repair, and tow truck shipment.
    • Key coverage. Replace the key in case of loss or damage.
    • Cosmetic surgery by accident . Covers necessary cosmetic reconstruction operations if necessary for injuries caused by accident.
    • Passenger civil liability. Applies to bike taxis, as protection against injuries or damage to passengers.
    • Civil liability for damage caused by the cargo. For motorcycles used to transport goods and other products.
    • Motorcycle accessories. Covers theft of parts, mirrors and special equipment.
    • Civil liability extension. Expansion of the insured sum of civil liability to be able to meet the expenses in very serious accidents.
    • Tire insurance. It replaces the cost of tires and wheels for damage on the road or by accident, less the agreed co-insurance.

How is the price of your motorcycle insurance calculated?

There are several variables that influence the cost of motorcycle insurance. Among the most common are the following:
Price of the bike
This depends on the make, cylinder capacity, special factory or add-on equipment, model, age and other factors.
State in which it is registered
The accident rate is different for motorcycles, as it is for cars. States with higher claims rates must pay more.
Driver’s age

Mature people are more aware of the actions that can cause accidents, so they could get discounts.
Driver sex
It is one of the variables that is analyzed in the motorcycle accident rate. Insurers set their premiums according to male sex and women could pay more or less, according to the insurer’s statistics.
Use of the motorcycle
The cost of insurance for passenger motorcycles is higher than those for commercial use for cargo and delivery. Those for private use pay less.
Applicable deductible
Some coverages operate by applying a deductible, as is the case for property damage. If a higher deductible is chosen, the cost of the insurance goes down.
Something similar to deductibles occurs with coinsurance. Wherever it is possible to purchase the policy with a higher coinsurance in the applicable coverages, you will obtain a lower cost of insurance. Some of the coverages in which coinsurance are used are the total theft of the motorcycle, although in many insurers it is also known as a deductible.

Type of protection contracted
The more coverage you take out, the more expensive the policy will be. In this order, the Amplio Plus insurance costs more than the Amplio and this in turn is more expensive than the limited one. The cheapest motorcycle insurance is civil liability insurance.

How can you save on your motorcycle insurance?

In order to save, it is recommended to choose the best plans by requesting quotes by Cotizator. Saving on the cost of premiums generally represents a greater loss when suffering a loss. If the most reasonable protection cannot be paid, it is possible to lower premiums by:
  • Request a higher deductible in the coverages where possible. By raising the deductible, it means that in the event of a claim, the insurer will start paying from a higher damage cost, so the motorcycle owner will have to absorb more costs when an accident occurs.
  • It does the same for coinsurance.
  • Some insurers may discount some premiums for marking parts or installing geolocation systems.
Frequently Asked Questions about Motorcycle Insurance
1- I took out motorcycle insurance for private use. Later I decided to distribute pizzas with her to earn money. Should I notify the insurance company?
Ans: Yes. It is essential that the insurer is aware of the use that you give it, so that you pay the premiums corresponding to the risk and can be covered in the event of an accident. If you do not inform the insurer and suffer an accident, if the insurer realizes that you were using it for another purpose, you could not receive any help despite having had the insurance.
2- What does it mean that I have a 5% deductible on property damage?
Ans: By having your insurance deductible in this protection, it implies that you must always cover in each accident in which your motorcycle is damaged the amount of 5% of the value of your motorcycle. If it costs twenty thousand pesos, then you must always pay a thousand pesos for each accident. In the event that the damages suffered by your motorcycle are less than or equal to a thousand pesos, the insurer will not pay you anything. If they are greater than a thousand pesos, he will pay you everything that exceeds one thousand pesos. If the damages add up to two thousand pesos, he will pay you a thousand, if they add up to ten thousand pesos, he will give you nine thousand.
3- Will they pay me the invoice price of the motorcycle for the total loss?

Ans: It depends on how old your motorcycle is. New ones can be insured at invoice value, but after two years it is only possible at commercial value, which is the price of your motorcycle on the market at the time of the accident due to its age. Remember that a deductible also applies, although this may be exempted by some insurers for total loss.

4- Are mechanical failures covered by motorcycle insurance?

Ans: Mechanical failures due to normal use or wear and tear are not covered by insurance. The only way would be that these failures are due to some covered risk, such as flooding, for example.
5- A tree fell on my motorcycle and it was totally damaged. Does the insurance company pay?
If you had material damage coverage, the insurer pays. This protection is included with the comprehensive and superior coverage packages.