The average cost of motorcycle insurance is hard to say. Not only does the average change frequently with economic fluctuations, but it may also vary based on your location within the state and driving history. Even so, knowing the approximate average cost of motorcycle insurance may help you if you are in the market for a new policy.
The average cost of motorcycle insurance in New Jersey changes depending on which insurance provider you use, your driving record, and even your bike. Not only that, but once you have motorcycle insurance, it may change with the economy. Inflation tends to make everything more expensive, and the prices of things rarely decrease. It might be possible to reduce your insurance costs. Safe driving programs, maintaining clean driving records, and getting an attorney to help you in case of an accident are great ways to keep your insurance premiums down.
Get a free review of your case from our Elizabeth, NJ motorcycle accident attorney by calling Jerry Friedman at 1-800-529-4464.
Average Costs for Motorcycle Insurance in New Jersey
Calculating the average cost of motorcycle insurance is difficult without more information about you. Often, what is considered an “average” price for insurance varies based on where you live within New Jersey, the type of motorcycle you own, your driving record, and various other factors.
The average cost will also vary depending on what kind of insurance policies you are looking for. Bare minimum policies that meet the minimum requirements set by the state are likely less expensive across the board. If you are looking for additional coverage beyond the minimum requirements, the average cost may increase.
You should also consider how long you have had motorcycle insurance. Often, new policies tend to be more expensive. However, the longer you remain with the insurance company and are free from accidents, the more likely it is that your rates will become cheaper.
Why the Average Cost of Motorcycle Insurance May Change
Even if you manage to buy motorcycle insurance that is below the average cost in New Jersey, prices tend to change over time, and your insurance might become more expensive in the future.
One reason for price changes is economic inflation. Inflation is a normal part of a healthy economy, but when inflation is very high, prices of things like insurance may quickly become too expensive or unaffordable.
When buying motorcycle insurance, you should consider what the average price is now and what it might be in a year, or 5 years, or 10 years. There is a good chance that you will only pay more in the future.
The price of motorcycle insurance may also change with your age and driving history. Generally, the average cost of insurance for younger drivers is higher because they lack driving experience and have shorter driving histories. Older customers who have more experience with motorcycles and longer histories without accidents tend to get cheaper rates on average.
Can I Reduce My Insurance Costs?
If you currently have motorcycle insurance, it might be possible to reduce your rates. Check your current rates to see if they are more or less than the average. Again, determining an accurate average insurance rate is difficult, but you should have some idea of what is cheap versus what is expensive.
You may contact your insurance provider directly and ask what you can do. They might offer discounts or be willing to renegotiate your rates. If you have been with the insurance company for a long time and have no history of motorcycle accidents, they might offer cheaper rates to keep you as a customer.
Another option is to complete a state-approved motorcycle safety training course. Be sure to check with your insurance provider first, but many providers offer discounts for the completion of safety courses.
If you have other insurance policies (e.g., home, car, life insurance), consider combining your motorcycle insurance with these other policies. Alternatively, you might pay your annual insurance fee all at once rather than in monthly installments. This is often cheaper in the long run and can help you save money.
How an Accident Can Affect Your Motorcycle Insurance Costs
The average cost of motorcycle insurance will vary based on your history of motorcycle accidents. If you have had accidents in the past, insurance companies might charge you more for insurance because they believe you are a high-risk customer.
Unfortunately, accidents happen. Often, drivers in cars cause accidents with motorcycles, but motorcycle riders get unfairly blamed because of unfair stereotypes. To prevent your insurance company from raising your rates, our New Jersey motorcycle accident lawyer will gather evidence from the accident to prove that you were not responsible.
If you have not had any accidents, your insurance provider may reduce your rates in the future. Many insurance companies offer incentives to remain free from accidents, and you should contact your insurance provider to see if you can take advantage of such a program.
How the Average Cost of Motorcycle Insurance May Help You Negotiate a Better Rate
When purchasing insurance, you do not necessarily have to accept the rates presented to you. Depending on your situation and the insurance company you work with, you might be able to negotiate for cheaper rates. The key is to understand the average cost and how low you can reasonably expect rates to drop.
If an insurance company you want charges more than the average, try to figure out why. It may be related to your driving record or age. If it does not, you might convince the insurance company to offer you a better price. Remember, knowing the average cost of motorcycle insurance will help you negotiate.
How to Find Motorcycle Insurance Below the Average Cost in New Jersey
Finding motorcycle insurance that is below the average cost and more affordable may be easier said than done. Even so, there are numerous tools at your disposal to help you.
Many insurance companies offer quotes online. Certain websites allow you to compare quotes from multiple insurance companies so you can determine which one fits your budget and needs.
You might also consider getting lawyers involved if your current insurance company tries to significantly raise your rates with no explanation or justification.
Speak to Our New Jersey Motorcycle Accident Attorney for Help Today
Get a free review of your case from our Camden, NJ motorcycle accident attorney by calling Jerry Friedman at 1-800-529-4464.