Weekenders and regular bikers all face the same challenges in selecting motorcycle insurance. First-time owners often make the mistake of buying a motorcycle before giving any thought to researching insurance options. The fact is, many carriers do not provide motorcycle insurance. Those that do, offer policies that are very expensive by comparison to auto coverage.

Motorcycle Insurance Coverage Basics

Rates vary greatly among companies, and coverage varies by law from state to state. Basic options in a policy may include the following:

• Medical pays a portion of costs for injuries.

• Liability covers costs for damages and injuries to others, but not the policy owner.

• Collision is the portion that pays for damage to your motorcycle.

• Comprehensive coverage helps recoup losses from vandalism, theft, or natural occurrences as well as damage from an accident.

• Uninsured and underinsured motorist coverage pays for personal injury and property damage if the person at fault does not have adequate insurance.

• Roadside assistance covers towing arrangements and certain repairs.

Motorcycle Liability Coverage

Liability is the portion of a motorcycle insurance policy that most states regulate by law. The rates can be low, but insurance companies may require that coverage be high enough to include what you owe on the motorcycle if it is financed. Liability coverage is also variable. Most state regulations begin at the low end. You may choose to raise this protection based on your budget—or what you are at risk to lose in the event of a lawsuit.

Determining Factors in the Cost of a Policy

Several common factors determine the cost of a policy:

• Annual mileage expected
• Brand and whether it is classified as a "sport" bike
• Driving record and age
• Engine size
• Region in which you live
• Type of riding (i.e., leisure, sport, everyday transportation).

Show bikes, customized choppers, and some vintage models will typically have higher rates than average, mid-range cruisers.

Motorcycle Insurance Shopping Tips

• When shopping for a policy, be sure that medical coverage is adequate. Lower policy rates sometimes skimp on this very important segment.

• Be aware of replacement costs included in any policy. These might be stated as depreciated value rather than full replacement value. The former will pay only the cost of your bike at the time of the accident, if it is totaled. The latter offers coverage for the price of a new motorcycle, but at a higher premium.

• Under the liability portion of a policy, find out if passengers are covered. This inclusion may not be an option in all states or with all insurance companies.