How much to insure my bike?

Motorcycle insurance is a bit different then car or truck insurance. You usually require a different class of license which has its own testing. It is a good idea to shop around and to start with a broker who has a few different insurance companies to consider.

The liability premiums are relatively inexpensive. When you get to the physical damage then you see a big difference.

The cost of repairing a bike once it has laid down at highway speed is going to be very high. Often the bikes are written off. So the collision and upset will be quite pricey. It will be based on the value of the bike and the size. Like automobile insurance, a younger driver will pay more then the experienced driver. Driver training can also make a difference.

Comprehensive coverage is also very expensive. It will include vandalism and impact with an animal. Often a motorcycle owner will choose not to buy the Comprehensive but go to the reduced coverage, Specified Perils. This Specified Perils will respond to claims for fire, theft, hail, flood, wind, etc.

Motorcycle insurance does not usually rate for claims that you have with an automobile policy. The rating system is different as well, with most companies giving a maximum of 4 years driving record and some only differentiating between some and none.

The insurance companies will refuse certain high speed or modified bikes. The homemade or "kit" bike is often more difficult to insure. The deductibles can range from $500 to $1000. Not all companies will give an SEF 19a endorsement - guaranteeing the amount to be paid if the bike is written off. Some companies have a limit to what they will add on for chrome and other extras bought after market.

There has been a change in the statistics for injuries on bikes. A study done by the University of Rochester Medical Centre shows that the average age of a typical injured motorcyclist in the United States has gone from 34 years-old to 39 years-old in the time period between 1996 and 2005.

In a study of hospital records of 61,689 motorcyclists aged from 17 to 89 years who were involved in motorcycle accidents there were some very interesting statistics. The riders over 40 year-old had a proportionate increase from 28% to 50%. The group which showed the fastest growth was 50-59 year-olds with the 20-29 year-olds showing the greatest decline.

What does this mean? Bikers are getting older. Even with helmets being worn and armoured clothing there are still more riders in the hospital with greater injuries over the age of 40 then the riders below the age of 40.

With this in mind it is very important that you always purchase the SEF 44 Family Protection Endorsement. This is an injury coverage that you might need if the driver that causes the accident fails to have adequate insurance. Also consider excess medical insurance (travel insurance) if you are leaving your home province or territory.