Motorcycle Insurance Articles
Three Reasons Motorcycle Insurance Is More Costly Than For Automobiles
2010-11-16
While getting motorcycle insurance quotes, the rates given are often higher than for regular automobile insurance. This might come as a surprise initially, because automobiles would appear to be more expensive to maintain and are involved with more traffic accidents than motorcycles. When the position of the insurance provider is realized, it can be understood why motorcycle insurance quotes are higher. There are three major reasons that coverage for motorcycles is more costly than automobile insurance that will be discussed.
One reason that motorcycle insurance quotes are so high is because the chances of accidents occurring are higher. Although statistically cars have a higher number of collisions, the risk factor for being in a car and having an incident is lower than if someone is on a motorcycle. This means that if someone is on a motorcycle, they are more likely to have a collision than if they were driving some other sort of automobile. This means that as an individual, automobile insurance for cars has less of a risk than for a motorcycle.
Another reason motorcycle insurance quotes are higher than other automobile insurance quotes is the actual costs of repairs and settlements. People on motorcycles are not likely to have minor reports, because of the type of vehicle involved with collisions. Fender benders occur regularly in other automobiles which usually results in smaller settlements. Whenever a motorcycle is involved with some sort of metal to metal conflict, history shows that damages are major with the motorcycle. The costs associated with the risk for major damage is reflected in higher rates for the individual that carries motorcycle insurance.
A final reason for higher motorcycle insurance quotes is personal injury liability. If someone is riding a motorcycle, they can expect higher automobile insurance because the typical insurance underwriter has evaluated the risks of physical injury to the company's client. Physical injury is more likely to be major because there is no cargo area to safely transport individual drivers. Even in minor collisions, people are thrown from these motorcycles, often with no protective gear on. This results in higher medical costs which is passed on to the clients that are seeking coverage.
Motorcycle insurance quotes are typically covered by insurance providers with a variance of cost that is higher than other automobile insurance. Three reasons this occurs are because of the likelihood of having an incident are increased, that these incidences will cause more costly repairs needed to the vehicles involved, and the costs of physical injuries are also expected to occur. These are all reasons that will significantly impact the bottom line to insurance providers, and the costs are passed on to those who need motorcycle insurance coverage.