[workingdad]

Here's an interesting phenomenon.... apparently motorcycle sales are up, as people try to beat the high cost of gasoline. Buuut.... if you are selling your car and getting a bike, you're going to pay more for insurance. (my father used to work in the industry and still pays attention to what's going on).
I was wondering, those of you who recently bought a bike: are you saving any money or is it about the same because your increased insurance costs cancel out the gasoline savings?
Just curious, in case my mid-life crisis comes soon....

[HappyMomAnna]

Is it possible trading in the car for the motorcycle increases the cost of insurance due to the "lack" of experience a person may have riding a motor cycle?

I know that while I was an agent the Number of Years a person had a motorcycle endorsement or license to drive a motorcycle mattered very much in terms of the rate their insurance was. The longer a rider had experience--the lower the motorcycle insurance cost. It's the same concept as charging young drivers a higher rate for their insurance. The less experience--the greater the risk.

[floridamama]

My husband used to own a bike and granted this was about 4 years ago, but he said that coverage is less than a car. Or it was 4 years ago! He said that right now in the state of Florida, you don't even have to have ins. on a motorcycle!!! Yikes.
Unless you are financing the bike, then you need ins.!

[HappyMomAnna]

That is possibly true depending on the state you live in. The liability portion of insurance may not be required because the fact is that motorcycle vs. car in an accident and generally the motorcycle loses... Of course, I personally would want liability coverage because any property damage or personal injury I caused to someone else I would want insurance for....

Motorcycle insurance can be very different then car insurance. In my state a motorcycle policy may not include medical coverage for the rider! Which means in the event of an accident the rider would have to depend on their health coverage or hope it was the 100% fault of the other driver!

With Any insurance policy there are several PARTS of coverage. The liability, comprehensive and collision, and the medical portion. Each part of coverage has it's limits and conditions and exclusions. A motorcycle driver would want to fully understand their policy and what types of insurance they have before riding.

Basically, motorcycles are high risk for the rider more then for another car. It's rare to see an accident where the person on a motorcycle causes damage or injures to someone in a car.

It's up to the owner, and rider to consider what they want and need for their own protection and liability issues. The LAW may not always require a person to have insurance. Usually, the only required insurance is that which protects OTHERS for what we might do to them....or our liability. States don't require that we insure ourselves....or our own property...

Financed loans will always require someone to insure the asset. The motorcycle with a loan would need coverage in case the cycle was damaged because the bank Owns the cycle until the note is paid. The bank doesn't want to own a mangled bike! So whenever something is financed the bank will want insurance on the property... They aren't worried if the rider is injured or if you are sued because you case damage of personal injury to someone else...