Motorcycles are awesome—they’re fun to ride, and they make you feel like the movie character in your favorite action-adventure flick (minus the explosions).
Unfortunately, buying a new bike isn’t always as exciting as riding one. Between insurance costs and registration fees, there can be a lot of administrative junk to deal with before you hit the open road on your new motorcycle. In this blog post we’ll explain what type of insurance is necessary when purchasing a new bike and how much it will cost you.
We’ll also offer some advice on how to find affordable coverage so that you can focus on what’s important: getting out there and enjoying your ride!
You need a license for your new bike.
You’ll want to get a license before you buy your bike, because some states require a motorcycle endorsement for drivers under the age of 18 (and sometimes even 21).
Also, if you’re buying from an individual, it’s best to check that their license is valid and up-to-date. If the seller doesn’t have one, they may not be able to sell you the bike without first obtaining one themselves.
If you’re in an area where motorcycles are not required by law to have insurance or registration plates, then be aware that this might very well change as soon as you start riding around town with your newly acquired vehicle. It could happen almost immediately after purchasing one if someone sees it on the road without any form of identification showing its owner belongs to them: they might call police officers who will pull over anyone who appears suspicious enough—such as someone riding through town without any sort of official documentation proving ownership over said vehicle.
Your new bike will be covered from theft and accidents.
- Your new bike will be covered from theft and accidents.
- You’ll be able to rest easy knowing that your new bike is protected against theft, as well as accidents.
- If someone else damages your bike in an accident, insurance will cover that damage.
- This can include things like repainting the frame or replacing damaged parts.
You will most likely only have to pay for damage done to your bike.
You will most likely only have to pay for damage done to your bike. You may also be covered for damage to others’ bikes, property and yourself.
If you are hit by a car or truck while riding on the road, in many cases your insurer will pay out any compensation claims.
Most policies come with third party liability cover which means that they will pay out if you cause an accident that injures someone else – this can be as much as $1 million (depending on the level of cover).
There is usually no excess payable with this type of policy unless the incident was caused by recklessness or negligence.
There are different levels of insurance for your motorcycle, so choose wisely.
The first thing you need to do is figure out what level of insurance your bike needs. This depends on the value of your bike, how much it’s worth.
The value of your motorcycle will determine the cost of your insurance policy.
Your motorcycle is more expensive when it’s new or has a bigger engine than other bikes in its class.
Bigger engines mean more power and speed—but also make for a pricier policy!
You can also get different kinds of coverage if you have an older bike that isn’t as fast or powerful as newer models; you’ll pay less for these policies because they don’t carry as high risk levels as newer bikes with higher capacities.
Restoring an old motorcycle can be more expensive than purchasing a new one, so it may not be worth it in terms of insurance cost.
If you’re restoring an old motorcycle, it could be more expensive than purchasing one.
You might be better off buying a new bike that’s already in mint condition.
The reason for this is simple: restoring an old bike can take quite a while, as well as lots of money to get it looking professional again.
Plus, you have to keep up with the maintenance on your newly restored bike too—which means more time and money spent on keeping it running smoothly.
Even if it’s cost effective, don’t skimp on insurance when buying a bike
- You need insurance to drive legally. Yes, you can get away without it, but if you do, your car will be impounded and/or you’ll face a fine (and possibly jail time).
- Insurance protects your car from damage. If you hit something or someone with your car and it’s not your fault, then the other party will be compensated for their damages by the insurance company.
- Insurance protects other people from damage. If someone hits you with their car and it’s not their fault, then they’ll be compensated for their damages by the insurance company on your behalf—and vice versa if it’s your fault and they’re at fault for hitting you.
- Insurance protects bikes from theft: Unlike most cars where theft is inevitable at some point in its life span due to poor security measures or being left unattended while parked outdoors overnight somewhere in a neighborhood frequented by thieves, having an expensive bike stolen would likely break anyone’s heart who had saved up months’ worth of paychecks just so they could buy one
A motorcycle is a big investment, so it’s important to protect it. You need to know what coverage you have and what the limitations are before purchasing insurance.
Make sure you read all of the fine print on your policy so that there are no surprises later on when something happens.