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Why Increasing Rider Numbers Means More Reasonable Motorcycle Insurance Quotes


According to the Motorcycle Safety Foundation, there are more than four million registered bikes in the United States. And according to the Insurance Institute for Highway Safety, the total number of motorcycle registrations between 2000 and 2005 rose 51%. There are a number of reasons why motorcycles are increasing in popularity, including the fact that many motorcycles cost less than cars, and have much better fuel efficiency. There are also an increasing number of motorcycles ridden for pleasure or by hobbyists. You might wonder how more riders will affect motorcycle insurance rates.

It seems logical that increasing numbers of riders will result in more reasonable motorcycle insurance rates. The laws of supply and demand should drive the market. More riders will increase the collective bargaining power of bikers as a whole, allowing riders to demand increased coverage at better prices. Increasingly, many insurance companies are offering discounts to riders who complete motorcycle safety courses and to those riders with good driving records.

More riders will mean a larger market for motorcycle insurance products which should result in more insurance companies taking an interest in entering the market. More insurance companies entering the market should also result in greater competition, which should cause prices to decrease. An excellent example of a new entry to the motorcycle insurance market in recent years is Allstate Insurance. It is just within the last few years that Allstate once again entered the motorcycle insurance market and began selling new policies to riders. Allstate is one of the five largest car insurance companies and previously was not writing new motorcycle policies for riders in the United States.

As you shop motorcycle insurance rates, be sure to look for policies which offer the coverage you need to protect your motorcycle against the risk of a collision. If you have spent money on special extras for your motorcycle such as crash bars or a windshield, be sure that your motorcycle carries insurance for Optional or Added Equipment. Other desirable policy features might include: towing and labor costs, Gap insurance and rental reimbursement. Medpay or Personal Injury Protection (PIP) are also excellent choices for a motorcycle policy, especially if you do not have health care insurance.

Of course, traditional rate factors such as a good driving record (being free of at fault accidents and moving vehicle violations), years of riding experience and the type of bike owned will continue to play a big role in determining rates. However, the increase in motorcycle popularity is a good thing for motorcycle riders everywhere. More riders mean more competition in the marketplace of motorcycle insurance. Moving forward, motorcycle insurance rates should come down; more coverage available for a lower premium price.

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