Due to heavy traffic, the cost of motorcycle insurance in New York City is unusually high. In fact, many companies don't even offer it. All of the same factors that determine premiums apply for motorcycle insurance, but the greater risk leads to greater cost. It is extremely difficult to determine an average cost of motorcycle insurance in New York, however, due to the high variance in human factor that changes the amount so drastically.
Difference Between Auto and Motorcycle Insurance
Because of the decreased potential for harming others in a crash between a motorcycle and a car, liability insurance for a motorcyclist is actually less than that of a car. Conversely, the insurance you pay for "uninsured motorists," or if you are physically harmed by someone who does not have insurance, is greater because you are personally more at risk when riding a motorcycle. Auto insurance has an opposite trend. In New York, there is more potential for risk to the rider, so these numbers become inflated.
The Human Factor
Another factor that makes it difficult to project an average cost of insurance in any region, let alone New York City, is the human factor. Insurance rates for automobile drivers vary based on their age, experience, and driving record. This factor becomes even more significant for a motorcyclist, as it requires more skill and experience to operate a motorcycle. Therefore, the rate for an inexperienced, young motorcyclist might be closer to $1,000 a year, perhaps more if they are riding a sports bike or one with a larger engine. But an older and more experienced rider with a good driving record in New York might be able to acquire coverage closer to that of a regular car, perhaps even less.
Companies That Cover Motorcyclists in New York
Because of the many hazards of driving a motorcycle in New York City, many insurance companies make it difficult to acquire coverage, while some do not offer it at all. To increase your chances of being offered a good rate, you should have a sensible bike and proof of training.
Keep Costs Down
You can keep your motorcycle insurance lower in a high-risk area like New York by complying with a few things insurance companies like. You can lower your rate by having a bike with a smaller engine or fewer cc's of power, as well as taking a motorcycle-safety course. As with standard auto insurance, a history of safe driving and few or no claims will lower your rate over time.
Collision Coverage
Collision coverage, unlike liability coverage, is not required in many states; it's a bit of an add-on. But in a congested area like New York City, it might be worth the extra cost. It covers the damage done to your bike, not to any other auto or property that is involved. Because you are more at risk for damage to your bike than cars are, especially in a place like New York, collision coverage makes more sense. It usually covers the book value of your motorcycle.
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