Just like other states, motorcycle accidents in NY that cause injury to passengers or pedestrians can attract substantial bodily injury claims against the rider. Even when such a crash doesn’t injure any third party, there is always the risk of crashing into another car or building, exposing you, the rider, to property damage claims. Here’s how you can maximize your protection with motorcycle insurance in NY.
Is Motorcycle Insurance Mandatory in New York?
New York State law requires you to carry liability insurance on your bike. The state’s auto accident no-fault law excludes motorcyclists. As such, the insurance company of the at-fault rider in a motorbike crash is responsible for paying for any resulting claims. This is why you need a liability policy to legally ride your motorbike anywhere in NY.
Your motorcycle insurance policy must include the following coverages:
- Bodily injury liability
- Death liability
- Property damage liability
Optional coverages for your bike include:
- Personal injury protection (PIP)
- Uninsured/underinsured motorist
- Collision insurance
Factors That Influence Motorcycle Insurance Costs
How much you pay for your motorcycle policy depends on a variety of factors that are specific to you. These include:
- Location: Your address affects the cost of your motorcycle insurance premiums. Generally, you’ll pay more if you live in a large city or metropolitan area. Your insurer will also consider accident and crime rates in the area (such as the risk of your bike getting stolen) where you live while calculating the costs of coverage.
- Age and motorcycle experience: Older and more experienced riders are generally more careful on the road and less likely to cause an accident. In contrast, data shows that younger riders (and drivers) get into more auto crashes. This is why 20-year-old riders pay significantly higher premiums than their middle-aged counterparts.
- How frequently you use the bike: Frequent riding increases your accident risk exposure, which can raise your insurance costs. For example, if you ride your bike five days a week, you may pay higher premiums than a rider who only uses their bike occasionally.
- Speeding and traffic citations: Speeding or any other illegal behavior that increases your risk of causing an accident can raise your motorcycle coverage costs. Your insurer will look into your Motor Vehicle Record to get this information.
- Accident/loss history: How often has an insurer had to pay for property damage or bodily injury claims you caused in the past few years? More accidents and higher claims frequencies can increase your insurance costs.
- Bike type, make, and model: A high-end motorcycle costs more to insure than a regular bike with a modest engine capacity. This also applies to classic bikes with expensive, hard-to-get spare parts.
- Credit rating: Having a good credit score can lower the premium on your motorcycle insurance policy. Most insurers associate stellar ratings with financial prudence and lower claims frequencies.
- Coverages included: The higher the limits on your liability policy, the higher your premium will be. The cost can rise sharply when you add collision or comprehensive coverages.
Minimum Motorcycle Insurance Requirements in NY
Your motorbike policy should include the following minimum coverage limits for bodily injury, death, and property damage liabilities:
- Bodily injury coverage: $25,000 per person and $50,000 per accident
- Death liability: $50,000 per person and $100,000 per accident
- Property damage: $10,000 for property damage
Having the right amount of motorcycle insurance in NY maximizes your protection against a broad range of bodily injury or property damage claims. For any questions about your specific liability coverage requirements, contact our experts at Premier Risk, LLC today. We are happy to help assess your insurance needs and get you a competitive quote.