Is Motorcycle Insurance Expensive? Here’s What You Need To Know
If you're considering purchasing a motorcycle or have very recently come to own one, you may be wondering, "Is motorcycle insurance expensive?" It's a valid question and one that many riders-to-be ask when they are in the process of getting a bike.
We insure many Oklahomans who ride motorcycles at the Streller Agency, and as enthusiasts and advocates for safe motorcycle riding, we can help you find the right motorcycle insurance. We understand that the allure of motorcycle ownership often comes with questions about practicalities, particularly regarding insurance.
If you're contemplating the purchase of a motorcycle or already reveling in the freedom of the ride, questions about insurance expenses inevitably arise. We strive to offer transparent information and guidance on this important topic. In this article, we’ll dive into what you need to know about motorcycle insurance costs.
And, if you’re ready for an Oklahoma motorcycle insurance quote, contact us today. One of our team members in Edmond or Del City is ready to help prepare your personalized motorcycle insurance quote.
Is Motorcycle Insurance Required in Oklahoma?
First and foremost, yes. Liability insurance is required in Oklahoma to operate a motorcycle. Even before you take your motorcycle driving test, you must be insured. In Oklahoma, you’ll be asked to show proof of insurance before you take your permitting or licensing exam.
Our team can explain in detail the state’s requirements for insurance and provide a personalized recommendation for the right level of coverage.
Understanding the Factors Influencing Motorcycle Insurance Cost
First and foremost, it's essential to recognize that the cost of motorcycle insurance can vary significantly depending on several factors. These factors include your age, driving record, location, type of motorcycle, coverage options, and insurance provider.
Transitioning from a car to a motorcycle may change insurance rates, as motorcycles are often perceived as riskier to insure due to their smaller size and increased vulnerability on the road.
Age and Experience
When determining premiums, most insurance companies (including the Streller Agency - Farmers Insurance) consider several factors, with age and riding experience being significant considerations. Typically, younger riders and those with limited experience operating motorcycles are viewed as higher risks, often leading to higher insurance rates.
However, your premium may decrease as you accumulate more time on the road and demonstrate responsible riding behaviors, such as maintaining a clean driving record and completing safety courses. A potential reduction reflects the insurer’s acknowledgment of your growing expertise and reduced likelihood of being involved in accidents.
2. Type of Motorcycle
The type of motorcycle you ride can also impact your insurance costs. When considering the type of motorcycle you ride, it's essential to understand its impact on insurance costs. With their agility and speed, sport bikes and high-performance motorcycles often command higher premiums. These bikes are associated with a more aggressive riding style and are perceived as having a higher risk of accidents.
Alternatively, cruisers and touring bikes, known for their comfortable and leisurely riding experience, tend to have lower insurance rates. This discrepancy reflects the insurance industry's assessment of the risks associated with different types of motorcycles, emphasizing the importance of selecting a bike that aligns with your riding preferences and financial considerations.
If you’re weighing motorcycle purchase options, contact our team and let us know what you’re considering purchasing. We can provide guidance about which bikes may be more or less expensive to insure.
3. Coverage Options
When it comes to motorcycle insurance, there are several coverage options to consider, each affecting the overall cost of your policy.
Liability coverage, which is required by law in Oklahoma, covers damages to other vehicles and property in the event of an accident for which you are at fault.
Collision coverage helps pay for repairs to your motorcycle if you're involved in an accident, regardless of fault.
Comprehensive coverage protects against non-collision incidents such as theft, vandalism, and weather damage.
The extent of coverage you choose will directly impact your premiums, with more comprehensive coverage often resulting in higher costs. However, increased coverage also provides peace of mind and security if you are in an accident or experience a non-collision incident.
4. Location
Where you live plays a significant role in determining your motorcycle insurance rates. Urban areas with higher traffic congestion and crime rates may have higher premiums than rural areas with fewer vehicles on the road and lower instances of theft and vandalism. Climate and weather patterns in your region can also influence insurance costs, as areas prone to severe weather may experience more frequent claims.
What Discounts and Savings Are Available For Motorcycle Insurance
Insurance premiums are often higher than you might hope for, but fortunately, with the Streller Team’s Farmers Insurance products, there are ways to lower your motorcycle insurance premiums. Through discounts and savings opportunities, our team is often able to find ways to reduce your premium.
Many discounts may be available. For example, completing motorcycle safety courses, installing anti-theft devices on your bike, bundling multiple policies (such as auto insurance, motorcycle insurance, and home insurance), and maintaining a clean driving record. These discounts can help offset the overall cost of your insurance coverage.
Customizing Your Oklahoma Motorcycle Insurance Policy
At the Streller Agency, we pride ourselves on recognizing the individuality of each rider. We understand that your riding habits, preferences, and lifestyle are unique, so we offer customizable policy options tailored to your specific circumstances.
Whether you're a thrill-seeking weekend warrior embarking on epic adventures down Route 66 or a practical daily commuter navigating bustling city streets, we're dedicated to working closely with you to craft a policy that aligns with your needs and budget. Our goal is to provide you with peace of mind, knowing that your coverage is tailored precisely to your riding style, ensuring that you can focus on enjoying the journey ahead without unnecessary worry about insurance details.
How Do Motorcycle Claims Processes Work?
Understanding the claims process is paramount in the unfortunate event of an accident or incident involving your motorcycle. As your trusted insurance provider, we stand ready to assist you through every stage of the claims journey. From the initial filing of your claim to the eventual resolution, our team of dedicated claims specialists is committed to delivering swift and efficient service.
We recognize the importance of getting you back on the road as soon as possible and strive to streamline the claims process to minimize disruptions to your riding experience. With our expertise and personalized support, you can confidently navigate the aftermath of an accident, knowing that you have a reliable partner by your side.
If you need to file a claim or have any questions throughout the process, contact our team. We are always here to help.
Oklahoma Motorcycle Insurance Experts - The Streller Agency
While the cost of motorcycle insurance can vary based on several factors, including your age, riding experience, type of motorcycle, coverage options, location, and more, you can take steps to potentially lower your premiums. We’ll work with you to build the right insurance policy for you and your motorcycle. At the Streller Agency, we're here to help you navigate the world of motorcycle insurance and find the right coverage at the right price.
We look forward to helping you! Ready to get riding? Request a quote today.
