Bike insurance in Honolulu: How much does it cost?

Whether you’re looking to commute to work or explore the city on your bike, Honolulu has plenty of great cycling routes to get you where you want to go! However, if you want to own and ride a bike in Honolulu, you’ll need to make sure that it’s insured properly. 

Luckily, there are several great insurance options in the area that will be able to cover both your bike and the expenses that come with any accidents that may occur while riding. But how much does it cost?

Bike insurance

Insurance Policies

For most basic coverage for bikes, expect to pay about $4 to $8 per month. However, the cost will vary based on factors like type of bike, type of coverage and any discounts you receive from your company. In Honolulu HI, auto insurance policies usually range from around $200 - $2,000 annually.

Motorcycle Insurance Types

First, auto insurance rates are based on a combination of the car you drive and your driving history. Next, to qualify for motorcycle rider liability coverage through your personal auto insurer, most states require you to purchase a separate motorcycle-only policy. Of course, each insurer has its own rules and rates so be sure to ask about the specific state requirements and whether discounts are offered for multiple vehicles or other factors that could affect your premium.

The Cost of Insurance

Many bike owners are confused about how to pay for bike insurance, and some riders might not even know that they are required to buy it at all. One way to get affordable rates is by shopping around for policies at different companies, as prices can vary greatly depending on the company you decide to work with. 

Policies usually include at least $25,000 worth of liability coverage, which should cover any injuries your bike causes or damages that your bike causes during an accident.

Coverages You Should Not Sacrifice

The popularity of bicycles has risen quickly due to the improvements and innovative designs that have been coming out. As a result, there has been an increase in bike accidents which has created an industry for bicycle insurance. Bike insurance comes in many forms and prices will vary from one person to another.

Is Motorcycle Coverage Too Expensive?

One of the most common questions a prospective customer asks is how much bike insurance will cost. Motorcycle coverage isn't as expensive as some may expect, with rates ranging from about $30 to $150 per month, depending on what you want included and your age. Factors such as the motorcycle's horsepower will also impact the rate.

Who Can Save on Motorcycle Coverage?

The Insurance Institute for Highway Safety estimates that motorcycle fatalities on U.S. roads accounted for 13% of the total traffic deaths recorded between 2011 and 2015. What's more, motorcyclists make up a disproportionately large percentage of the total population killed or injured while traveling on public roads. 

Studies show that one-third of motorcycle riders killed in accidents were under age 20. Younger drivers are less experienced than older riders, and they are involved in more crashes as a result.

 Looking for discounts?: The state of Hawaii requires that all motorcycle riders carry liability insurance. While some people will get a policy through their car insurer, others will take out an additional policy to cover both vehicles. If you want to save money on your coverage, there are other ways to do so besides shopping around for a new insurer. 

Since most states follow federal minimum requirements for financial responsibility, some insurers offer additional discounts on motorcyle policies to reduce costs further or make riding more affordable. 

The benefits of these discounts include reduced rates based on good driving records and credit scores, having multiple vehicles insured under one policy or being age 55 or older. 

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