A Guide To Getting Insurance For Your Harley Davidson
Getting insurance for your new Harley Davidson might not be the most glamorous thing but it sure is important.
The truth is, Harleys are stolen or crashed every day and you need to make sure your investment is protected. These bikes are expensive enough as it is, the last thing we want is to be on the hook for replacing them ourselves.
What You Need to Know About Harley Insurance
Motorcycle insurance is similar to car insurance—it’s designed to provide financial protection against potential losses relating to your bike. This includes damages from an accident, theft, or even liability if you’re at fault in an accident.
The right insurance policy can give you peace of mind knowing that you, your motorcycle, and your finances are covered.
Standard Coverage Options
Liability Coverage is a requirement in most states and provinces. This basic insurance includes:
- Bodily Injury Liability: which covers injury to others in an accident you cause.
- Property Damage Liability: which pays for damage to someone else’s property due to an accident you’re responsible for.
Collision Coverage pays for damage to your motorcycle minus your deductible if you collide with another vehicle or object.
Comprehensive Coverage covers non-collision-related damage such as theft, vandalism, or natural disasters.
Uninsured/Underinsured Motorist Bodily Injury provides protection if you’re in an accident caused by a driver who doesn’t have sufficient insurance.
Additional Coverages Available
There are more specific coverages that you can add to your policy for broader protection:
- Personal Injury Protection (PIP) can cover medical expenses for you and your passengers, regardless of who is at fault in an accident.
- Medical Payments Coverage can help pay for medical bills incurred from a motorcycle accident.
- Underinsured Motorist Bodily Injury kicks in when the at-fault party’s insurance is not enough to cover your medical expenses.
Choosing the right mix of these coverage options will depend on your personal needs, the value of your Harley, and your budget.
How The Cost Of Harley Insurance Compares to Other Bikes
My Night Train is my first motorcycle and as you can imagine, my premiums for the first couple of years were pretty high. I actually questioned my insurance agent about this and she said that Harleys tend to be more expensive to insure due to two reasons:
- Their high replacement cost and lack of depreciation
- Insurance companies think they’re more likely to be stolen
The 2nd one is their words, not mine. My agent said, “If you’re gonna steal a motorcycle, it’s gonna be a Harley“. I suppose they believe that due to their higher values compared to metric bikes, but I can’t say I agree with this logic.
Specifics of Insuring a Harley-Davidson
Comprehensive Coverage for Harley
Comprehensive coverage for your Harley-Davidson acts as a financial safeguard against incidents that aren’t collision-related. This includes events like theft, vandalism, and natural disasters.
Considering your Harley is an investment, it’s good to know that if your bike is damaged due to these unforeseen incidents, you’re covered. For instance, if your bike gets stolen or damaged in a storm, you’re not left bearing the full cost of repairs or replacement.
Collision Coverage Details
Collision coverage helps you in the event of a traffic accident. Whether it’s with another vehicle or an object, this coverage helps pay for the repair or the replacement of your bike.
Your premium may vary based on model and other factors, but having this coverage brings peace of mind if you ever find yourself picking up your bike off the pavement.
Rates can vary, and finding an insurance that offers roadside assistance can be a value-added perk.
Harley-Davidson Replacement Cost
Replacement cost is a key aspect of Harley-Davidson insurance. This guarantees that you can replace your Harley with one of a similar model and value, in case it’s totaled or stolen.
It’s a way to help protect the investment you’ve made in your bike so that an accident doesn’t have to mean the end of your riding days. Harley owners often gravitate toward policies that provide coverage based on their specific needs, factoring in the depreciating value of their motorcycle over time.
Factors Affecting Insurance Cost
When insuring your Harley-Davidson, several factors can influence your rates, each specific to you and your bike’s attributes.
The Rider’s Age
Age plays a significant role in determining your insurance costs. As a younger rider, you might see higher rates due to the perceived risk of inexperience. Conversely, more seasoned riders could benefit from potentially lower premiums.
Which Harley Model Model
Your chosen Harley-Davidson model influences your insurance rates. High-end models with a higher MSRP typically carry higher insurance costs, while more standard models can be more affordable to insure.
Location and Insurance Rates
Your location affects insurance premiums due to variables like theft rates, population density, and local road conditions. Living in a high-crime area or a city with dense traffic can mean higher rates for your Harley-Davidson insurance.
Engine Size and Cost
A larger engine size can lead to increased insurance costs. Bikes with more powerful engines are seen as being at higher risk for accidents, which often translates into higher premiums for you.
In my case, the insurance company views my bike as a 1450cc engine. That makes it sound much faster on paper than it actually is.
Insuring Different Harley-Davidson Models
The cost of insuring your bike can vary significantly based on the specific model you own. Here you’ll find how premiums might differ for Sportsters and Streets, Touring and Trikes, as well as Softails and CVO models.
Sportster and Street Series
For models in the Sportster and Street series, insurance costs are generally more affordable compared to the larger bikes.
A Sportster may have lower premiums due to its position as an entry-level option. On the other hand, insuring a Street model, like the Street 500 or 750, which are popular among urban riders, can also be quite economical.
Touring and CVO Models
When you step up to the Touring and Trike classes, insurance rates tend to increase as these models feature larger engines and a much higher replacement value.
Touring bikes such as the Road Glide or Street Glide may have higher insurance costs. Similarly, Trike models like the Tri Glide Ultra cater to a niche market and can command higher premiums due to their price.
Custom Vehicle Operations (CVO) models are at the top tier, sporting custom paint, high-performance parts, and exclusivity—which is reflected in higher insurance costs. As premium options, your CVO bike will likely lead to heftier premiums due to the increase in value and repair costs.
Softail Models
Lastly, the Softail series can see varying insurance rates based on customization and engine size. There are so many different models in the Softail family, it’s hard to group them together.
Their popularity can be both a blessing and a curse when it comes to insurance – it makes them more desirable to thieves but it also means replacement parts are cheaper and easier to source.
Discounts and Savings Opportunities
Insuring your Harley-Davidson motorcycle can be more affordable than you think. By taking advantage of various discounts and savings opportunities, you can significantly reduce your premium without compromising on coverage.
Safe Rider Discounts
If you have a history of safe riding, you could be eligible for safe rider discounts. Keeping a clean driving record with no accidents or violations can show insurers that you’re less of a risk, potentially lowering your rates.
Bundling Insurance Policies
Consider bundling your motorcycle insurance with other policies you may have, like home or auto insurance. Most insurance providers offer a reduced price when you opt for more than one policy with them, which can be an easy way to save on your overall insurance costs.
I was able to bundle my Harley, house, and 4Runner together with the same company to take advantage of their discounts.
Security System Discounts
Investing in a good security system for your Harley not only gives you peace of mind but could also lead to discounts on your insurance premium. Anti-theft devices indicate to insurers that you’re taking extra steps to protect your property, which may translate into cost savings for you.
Loyalty and Affiliation Discounts
Loyalty can pay off when it comes to insurance. If you’ve been with the same provider for a number of years, ask about loyalty discounts.
Additionally, affiliations like being a member of the Harley Owners Group (H.O.G.) often come with their own set of perks, including discounted rates.
Also, certain professions, such as military and law enforcement, may qualify for additional discounts as a token of appreciation for your service.
Final Word
Insurance for your Harley Davidson is a necessary expense and you need to make sure your company is giving you the coverage you need. While paying the bill isn’t exactly fun, it allows you to relax while you’re on the open road. After all, that’s the whole point of buying a Harley, right?
