Average Insurance Costs:
- Annual Premiums: Motorcycle insurance premiums can vary widely. For instance, insuring a 2002 Yamaha FZ1 can start at approximately $75 per year for basic liability coverage. J.D. Power However, comprehensive coverage with lower deductibles will increase the premium.
Factors Influencing Insurance Costs:
- Rider’s Age and Experience: Younger or less experienced riders may face higher premiums.
- Location: Urban areas or regions with higher accident rates can lead to increased insurance costs.
- Driving Record: A clean riding history typically results in lower premiums.
- Coverage Level: Opting for full coverage (including collision and comprehensive) will cost more than liability-only policies.
- Motorcycle’s Value and Theft Rates: The Yamaha FZ1 is a performance-oriented motorcycle, and such models can sometimes attract higher premiums due to increased risk factors.
Year/Make Model: 2004 Yamaha FZS10 |
Ownership Status: 8 Years Riding Experience |
Discounts: Paid in Full, Prompt Payment, Homeowner |
Selected Coverages With Progressive |
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Bodily Injury Liability: $25,000 / $50,000 |
Property Damage Liability: $15,000 |
Uninsured Motorist Bodily Injury: No Coverage Comprehensive: No Coverage Collision: No Coverage |
Other Rejected Coverages: Medical Payments, Comprehensive, Collision, Uninsured Motorist, Roadside Assistance, Carried Contents, & Accessory Coverage |
Total 12 Month Premium: $143.00
Tips to Lower Insurance Premiums:
- Shop Around: Compare quotes from multiple insurance providers to find the best rate.
- Maintain a Clean Riding Record: Avoid traffic violations and accidents to qualify for safe rider discounts.
- Consider Higher Deductibles: Opting for a higher deductible can lower your premium, but ensure you can afford the out-of-pocket expense in case of a claim.
- Take a Motorcycle Safety Course: Completing certified safety courses can sometimes qualify you for discounts.
- Bundle Policies: If you have other insurance policies (like auto or home), consider bundling them with the same provider for potential discounts.
Monthly Installments: Paid in Full
This client has a motorcycle policy with Progressive for 12 months. They chose to have Colorado’s State minimum liability added on to their policy with no other coverages. For liability only, their premium was $143.00. If the client wanted to add on other coverages, then the policy would increase in price. All they need to do is speak with their agent to see about the coverages they could add and how much more it could cost.