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What is Cheaper: Bike Insurance or Car Insurance?
Like all vehicles motorcycles need insurance, and just like cars it is one of the major expenses of operating a motorcycle. Many people may wonder if it is cheaper to bike insurance or car insurance, in fact most people just assume that it is more expensive to insure a bike. The logic is that since you are more likely to get hurt riding a motorcycle the insurance must be higher. This actually isn’t true it is much cheaper to insure a bike. The reason for this is that the greatest expense to the insurance company is damage you do to other people not the damage you do to yourself. Since a bike can do less damage it is cheaper to insure.
The primary reason that bikes are cheaper to insure than cars is that the amount of damage that you can do on a bike is substantially less than the damage you can cause with a car. The biggest expense when buying insurance is the liability insurance, the coverage for damage you do to other people. If you cause an accident whether on a bike or in a car you can pretty much be assured of getting sued. The amount that you get sued for is going to be determined by the amount of damage that you caused. Since the damage a bike can cause is so much less the amount you get sued for will be less. Which means that the amount the insurance company has to pay will be less, which translates to lower premiums
It is also usually cheaper to get insurance that covers damage to your bike than it is to get insurance that covers damage to a car, although this isn’t always true. Since bikes are cheaper than cars in most cases, the cost of repairing damage to them is usually less. However this is offset by the fact that bikes are more likely to be damaged since they get into accidents more frequently. The result is that insurance to cover damage to your bike may or may not be cheaper than that for a car, there are a number of factors at play here. Obviously it all boils down to which insurer you choose too. In the UK, the choice is simple because they have specialized insurers like Carole Nash, but in the US – even the specialized insurers are spread all over the place, with huge differences in cover and rates.
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