Let’s face it, motorcycles are cool. However, don’t make the mistake of adding one to your budget without considering all the overall costs. If you jump on a motorcycle without knowing what you’re doing, it may cost you more than riding in a car ever could. Read on to learn more about the financial expenses associated with being a motorcycle owner.
Choosing a motorcycle over a car as your means of transportation won’t shield you from road accidents. Every year thousands of Americans are injured in motorcycle accidents, and over 1,000 of those people die from their injuries. If you’re one of those unfortunate people involved in a motorcycle collision, extensive injuries could cost you to the point of bankruptcy. So before you get on a motorcycle, make sure you take the right precautions when it comes to health and life insurance. A comprehensive health insurance plan can ensure you can pay for any hospital stays or surgery. If you’re the victim of a fatal crash, life insurance can ensure your family can give you a proper burial and take care of related expenses.
2. Insurance Rates
If you live in a city or state where collisions are common, it can affect the amount of insurance you’ll have to pay for your motorcycle. There are approximately 6.75 million car accidents yearly in the US, and some of those accidents may involve motorcycles. In addition to the health and life insurance mentioned above, your motorcycle insurance will come with a premium and deductible. Look for the best motorcycle insurance options you can find, and bear in mind that the higher premium you pay, the less deductible you’ll have.
3. Safety Gear
Don’t risk danger by jumping on your motorcycle without protection. That’s simply not a good idea and is illegal to ride without a helmet in most places. So understand, the purchase of a motorcycle comes with other safety expenses. You’ll have to buy the appropriate helmet, gloves, and jacket to protect you when riding on the bike. Remember, riding on a motorcycle means you’re exposed to the elements, so whether it’s hot or cold, you want to ensure you’re wearing the right protective clothing and headgear. Don’t forget to consider the cost of quality gear compared to cheap equipment. If you ride your motorcycle a lot, your gear may get worn down over time, so be prepared to fit regular helmet, jacket, and glove updates into your motorcycle budget.
In 2021, 9.2 million US vehicles were produced, according to Zippia, and they all have to park somewhere. While a motorcycle takes up less space than a car, it may not be as simple to park one. You have to think about the area you’re riding your motorcycle in before you leave it somewhere. If you’re simply driving your motorcycle up to a private garage in your house, you shouldn’t have a problem. However, if you live in an apartment or drive your motorcycle out while running errands, you have to consider an ideal place to leave it. It may be necessary to plan ahead to check that an area is ok for parking your bike.
Riding on a motorcycle can be an exhilarating experience. Even if you have a car, you may prefer riding your motorcycle as much as possible. Just don’t make the mistake of thinking the motorcycle itself is the only thing you have to worry about when planning your riding budget. You may have more insurance costs than with a car. Since you can be more susceptible to catastrophic accidents, keep your insurance and safety precautions on point. If you’re ready to purchase a motorcycle, make sure to do the proper research for more information.
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