Often motorcycle owners have several preconceived notions about motorcycle insurance costs, coverages, and other significant aspects. While purchasing coverage, the owners must consult their insurance provider and understand the coverage details clearly. This besides dispelling the motorcycle insurance myths they harbor, helps them get the best available insurance coverage.
This blog discusses the common motorcycle insurance myths you may have as a motorcycle owner. It also proves that they are just myths not facts, on which you may base your insurance selection criteria.
Motorcycle Insurance is Expensive
You may assume that since riding a motorcycle is riskier than driving a closed vehicle, the insurance costs of a motorcycle must be higher than average car insurance costs. However, the latest statistics suggest that it is a motorcycle insurance myth.
While the average cost of motorcycle insurance in the U.S. is $60 per month or $721 annually, the average car insurance monthly premium is $168 for full coverage.
Car Insurance Rates Don’t Impact Motorcycle Insurance Costs
Another common misconception is that if you buy your car and motorcycle insurance from separate insurers, filing a car insurance claim with its insurer will not affect the motorcycle insurance rates with your other insurer. You must know that it is a motorcycle insurance myth.
On the contrary, buying both coverages from the same insurer may fetch you a discount for bundling your policies. Your insurer may be more amenable to you getting better claim benefits.
Not Filing a Claim Will Prevent an Increase in Premium Rates
If you don’t file a claim after an accident, your insurance rates will not be affected is a motorcycle insurance myth. Even if you don’t file a claim, your insurance provider will know about the incident, from other sources or through the claim filed by the other party. If required, they may hike the rate.
Friend’s Coverage Will Provide Coverage While Riding Your Motorcycle
If your friend has an accident while riding your motorcycle, you may be held responsible for increasing your insurance rates.
Parking Tickets May Lead to Increased Motorcycle Insurance Rates
Minimal traffic misdemeanors, such as getting a parking ticket may not affect your insurance rates. However, repetitive incidents or non-payment of fines may impact your insurance costs.
Motorcycles Require Minimum State-Mandated Coverage
Minimum coverage may make you eligible to ride your motorcycle on roads, but it may need to provide more protection. You may need other coverage, such as collision and comprehensive insurance.
Insurance Coverage is Not Needed During the Winter
As a cost-cutting measure, you may cancel your insurance for the winter months. It is a very common motorcycle insurance myth. However, it may prove to be an expensive error. Due to a lapse in coverage, you may have to pay higher premiums.
The At-Fault Driver Pays for the Damages
Not all car insurance covers a motorcycle-related accident. In such cases, you may have to file a claim on your insurance leading to increased costs.