Bikes can be a great way to travel and commute without having to pay for car insurance.
But if you have an accident and your insurance company thinks you may need a new bike, you can shop around to find the best rates for bike insurance.
In this article, we’ll explain how to find a reliable, low-cost insurance company.
What are bike insurance policies?
Bike insurance is a basic type of auto insurance, covering the cost of a vehicle and other personal property, like your vehicle’s batteries and tires.
It also covers bike theft.
You typically pay monthly for the basic bike insurance that covers all the other types of vehicles, such as a motorcycle, moped, scooter, or scooter-type vehicle.
Most insurance companies offer multiple types of bike insurance, each with different rates.
Some types of insurance offer a lower rate for the first year, then a higher rate, and then a lower price.
For example, a car insurance policy that covers a single vehicle, like a sedan or a SUV, might cost you $100 per year in bike insurance and $150 in other types.
The difference in premiums can be significant, and depending on your insurance policy, your total cost may be much higher.
What types of car insurance policies do I need?
The basic types of auto policies are motorcycle, motorcycle-type, and moped-type.
Motorcycles generally cover all types of road vehicles, including motorcycles and scooters.
For a motorcycle policy, the company pays $25 per month for the annual deductible.
You also pay a $50 deductible for damages caused by an accident.
Motorcycle insurance covers your motorcycle for the period of time the bike is being used.
If you are a driver, you usually pay $100 to cover the cost to repair your motorcycle.
If your motorcycle is stolen, you have to pay $500 per motorcycle to get your bike back.
Your moped policy covers your moped for the duration of time you drive it.
Motorcyclists typically pay $75 per month to cover damages caused when their moped is stolen.
In the case of a moped theft, you typically pay a one-time $50 fine to get the bike back, and you can also pay $50 to get a bike sent to you if you can’t find a buyer.
Your bicycle insurance covers you for the time your bicycle is being driven.
It’s generally $200 per year for the deductible, and $100 for damages.
You usually pay a 1.75% surcharge for your bicycle coverage if you’re younger than 55.
For the most part, you only pay the surcharge if you are using your bike as a personal vehicle.
You can choose whether you want to pay the $200 to $200 surcharge on a per-year basis or for a fixed amount each year.
Motorists generally pay $125 per year to cover their personal vehicle if they’re younger, but typically pay only $50 per year if they are older.
You generally pay the 1.25% surcharged per year per moped.
Motorbike insurance covers a motorcycle for a period of a year or longer, depending on the type of bike, and also for damage to the bike, such a damage to your front tire or front wheel or wheel hub, or damage to a wheel rim.
For some types of damage, the motorist pays the full $100.
A motorcycle-style insurance policy covers the entire vehicle, including the wheels and tires, for the entire duration of the policy.
For motorcycles, the $125 deductible applies only if you injure or kill another person or cause serious bodily injury.
If an accident does occur, you pay $150 to the victim.
A bicycle-style policy covers all parts of a bike, including tires, brakes, steering, pedals, and saddle.
It covers the vehicle from the seat down.
For most types of bicycles, the policy is $200.
Motorized scooters, scooters-type vehicles, and minivans generally cover the entire motorcycle for one year.
For minivan policies, the minimum coverage period is five years, but the policy can be extended for another five years.
The motor vehicle is covered for the same amount of time as a motorized scooter.
Bicycle insurance covers the total cost of your bike for the length of time it is being ridden.
You pay the deductible when you purchase the policy, which is usually $50 for an annual policy, and the surcharges apply only if the policy was purchased online.
Motor vehicles generally have a maximum coverage period of seven years.
A policy that is extended to cover more than seven years of a motor vehicle’s life, as a result of an accident, will generally be more expensive than one that is limited to seven years, and is usually more expensive for the additional years of the life.
Bicycle-type bike insurance covers only the bicycle’s motor and the owner.
Motorist coverage covers the owner of