The Requirements of Motorcycle Insurance in Miami, Florida
Driving on the open roads in the Sunshine State is a dream to tempt many of us. But wait one second before you click buy on that motorcycle you’ve spotted online. Are you adequately insured to ride a motorcycle?
There are thousands of insurance policies on the market, so you’ve probably got plenty of questions. What coverage do you need? What are the costs associated with riding a motorcycle in Miami?
In this blog post, we’ll delve into the specifics of requirements and costs, so readers will know what they are getting into before they commit to buying motorcycle insurance in Miami, Florida.
The Basics of Motorcycle Insurance
Motorcycle insurance in the USA is a type of insurance policy that provides financial protection against physical damage or bodily injury resulting from traffic collisions.
It also protects you financially and against liability from other incidents related to your vehicle. That might include motorcycle theft or damage to your vehicle from other non-traffic events, including vandalism, fires, or weather events.
Motorcycle insurance will provide medical coverage from traffic accidents or other situations when you’re injured on your bike, such as a falling object.
Motorcycle Insurance in Miami, Florida
Specific facts about Florida mean motorcycle insurance you need for this state differs from what you may have found in other parts of the USA. Here are a few such scenarios:
Risk of Injury
Florida has higher-than-average events and traffic collisions involving motorcycles. As you’re at higher risk, premiums for insurance could be higher than what you’ve seen elsewhere.
The vehicle profile for Florida is a factor here. Florida contains many all-terrain vehicles and trails, both of which can be hazardous to motorcycles due to their size and limited visibility when turning corners or changing lanes.
No-Fault Insurance
Florida is a no-fault insurance state. Insurance companies pay the cost of claims irrespective of where the fault lies. Since this means paying out even when a driver is at fault, premiums are higher than in other states.
Cost of Living
You might wonder why the cost of living matters to insurance premiums. However, it is a factor because it means repair bills and parts for motorcycles could be more expensive in Florida.
The Different Types of Motorcycle Insurance in Florida
You’ll see a variety of insurance options for motorcycles. Here are some of the main types of insurance on the market:
Collision
As the name implies, this covers the cost of a traffic collision while on a motorcycle. It covers the costs of repairs or replacements for any damage to the vehicle.
Comprehensive
We’ll explore this in more detail later on in the guide. But insurance for motorcycles comes as basic (mandatory) or comprehensive (recommended).
Uninsured / Underinsured Motorist
This insurance will cover medical bills or vehicle damage if you are in a collision with an uninsured or underinsured driver. Not all policies have this coverage as standard.
Medical Payments
You’ll want insurance covering your initial and ongoing medical bills and any passengers injured in an accident. That’s what this type of insurance will cover.
Bodily Injury Liability
This type of insurance will cover the medical bills of other drivers or passengers from a collision involving your motorcycle. It will cover medical and legal bills.
Property Damage Liability
Damage liability protects you from the financial costs of damaging another vehicle in a road collision. It will cover the cost of replacements or repairs to that vehicle.
Custom Parts
Suppose you have a unique or vintage motorcycle with hard-to-source replacement parts. This insurance type will provide coverage for custom parts and accessories for your motorcycle.
Eligibility Requirements for Getting Motorcycle Insurance in Miami, Florida
Not everyone can obtain motorcycle insurance in Florida; proof you own a motorcycle is insufficient if you want to be insured. Here are the eligibility requirements for getting motorcycle insurance in the state of Florida:
Age
You must be over 18 years of age. And most insurers won’t cover anyone aged 75 or over.
Driving Licence
You must have a valid Florida driving license. If you don’t, you’ll need your out-of-state license plus proof of residency in Florida.
Registered Vehicle
You must register your motorcycle in Florida. And you’ll need to show proof of this when obtaining insurance.
Finances
You’ll need a valid credit card to buy insurance. You’ll need to show proof of responsibility via liability insurance of a cash deposit with the Department of Motor Vehicles.
Proof of Residence
You must live in Florida to get motorcycle insurance. So you will need to show proof of residency when buying your policy.
Optional Requirements
Some policies will charge lower premiums if you can provide you’ve completed a safety course, such as the Florida Motorcycle Safety Foundation Course.
Mandatory Coverage: What’s Included
Mandatory coverage is your minimum coverage on any motorcycle insurance policy.
It might be your preferred option if you have a limited budget. Still, as you’ll see in the next section, it’s a high risk, and you have far greater long-term financial protection if you opt for more comprehensive coverage.
Here’s what you’ll find as standard and mandatory.
The bare minimum coverage you need in motorcycle insurance in Florida is $10,000 in Personal Injury Protection coverage and $10,000 in Property Damage Liability coverage.
Personal injury protection only covers the policyholder in the event of an accident. It covers medical expenses, lost wages, and other damages that may result from an accident. However, it does not cover passengers or other drivers.
Likewise, property damage protection in Florida motorcycle insurance does not cover other vehicles. Property damage protection in motorcycle insurance is only for damage caused to the motorcycle.
Mandatory coverage is legally required in Florida before you drive a motorcycle on any public road. You’ll also need this insurance if you intend to drive on private lands, such as off-road driving.
Comprehensive and Recommended Coverage: What’s Included
Comprehensive insurance that goes beyond the minimum will give you peace of mind and better financial protection for any eventuality. Here are some of the options you may want to consider in a more comprehensive insurance policy:
Liability Protection
Additional liability cover might include third-party insurance, which will cover the cost of any claims from third parties. You can also get comprehensive coverage to protect you from uninsured drivers. These policies may also cover legal fees that arise from an accident.
You can also purchase a comprehensive policy to protect you when you are found liable for an accident. That will cover the cost of vehicle or building repairs, medical bills, and legal expenses.
If you are younger and more inexperienced on a motorcycle, you should seriously consider purchasing this. Likewise, it’s worthwhile if you drive a fast, high-powered motorcycle.
Collison Coverage
A more comprehensive insurance policy will cover more expensive costs resulting from a collision. That includes vehicle damage, accessories, new parts, and labor costs.
If you have an unusual or vintage motorcycle, get coverage for custom parts too. Always check whether a motorcycle has unusual or rare parts before buying, as it could affect your insurance costs.
If you have an expensive motorcycle, it’s worth getting ample financial coverage in your insurance to ensure you can replace the vehicle if it’s unrepairable.
Medical Expenses
In a collision, you could face high out-of-pocket medical costs if you only opt for the bare bones of an insurance policy. Can you afford to cover those expenses in an accident?
You might also need to pay for medical treatment in other scenarios, such as injury from a falling object.
Look for comprehensive coverage that includes a generous figure for your medical bills. Plus, look for policies that cover rehabilitation costs, lost wages, and other related expenses from an injury.
Uninsured Drivers
One worthwhile addition to your insurance is coverage against uninsured drivers. Florida has the highest number of uninsured drivers of any state in America. Estimates put the figure at around 27%.
Typical Costs of Motorcycle Insurance in Miami, Florida
There is no single cost for motorcycle insurance. What you pay will depend on several factors, and we’ll outline them below. However, the average cost is around $500 per year.
Your Age
Insurance assessors know from past data that younger drivers tend to be involved in more collisions. There’s a high correlation between age and driving experience.
So if you are young, expect to pay more for your insurance than someone in their 40s or 50s.
Your Driving History and Experience
The longer you’ve driven motorcycles, the lower your premium. The only exception to this is if you’ve made claims in the past following a collision. If the accident is your fault, your future insurance costs will increase.
You can lower your premiums by proving to your insurer that you have safety training, such as a motorcycle safety course certification.
Some insurers will offer you the choice of a GPS tracker for your motorcycle. It monitors speed, driving patterns, and location. The insurance company uses this to assess your driving habits. Good driving behavior will lead to lower premiums.
Type of Motorcycle
Expensive and fast motorcycles tend to attract a higher premium. The same is true for rare, vintage, or custom-made motorcycles. Expensive or rare bikes incur high repair and replacement bills, and fast bikes are at higher risk of collisions.
Your Location
City driving tends to attract a higher premium than if you travel in rural locations. Therefore, if you live in a central part of Miami, you may pay more than the surrounding regions.
The Market
Aside from individual factors, you will also find your premiums change with the local insurance market. External conditions such as high inflation can impact your monthly insurance costs.
Tips for Obtaining the Best Value Motorcycle Insurance
There are a few practical steps you can take to help find cheap motorcycle insurance in Florida. Here are some tips:
Get Specialist Advice
Use expert insurance companies like our team to get advice. We know how to translate and understand all the legal jargon you see in insurance policies and find the right match for your budget and circumstances.
Buy a Helmet Camera
Investing in a helmet camera will help protect you in a collision if no driver accepts responsibility for the crash. You can use them as evidence with your insurance and help keep future premiums low.
Complete a Safety Course
If you’re young and relatively new to motorcycles, book yourself onto a safety course. Make sure it’s from an accredited provider who can offer certification to show to your insurance company.
Try a Bundle
Some companies offer a discount when you buy insurance as part of a bundle. So if you have health or property insurance, consider getting those policies when purchasing your motorcycle insurance.
Opt for Higher Deductibles
Deductibles are the amount you are responsible for paying out-of-pocket before your motorcycle insurance policy kicks in to cover any damages or losses.
In Florida, your deductible can range from $250 to $1,000, depending on your selected policy. However, if you opt for the higher end of that figure – $1000 – you should see a reduction in your monthly premium.
Search for Discounts
Some insurance providers will offer discounts or special offers. Always ask the provider before you sign on the dotted line to see what’s available.
Buy Annually
With some insurance payments, you’ll have the option of buying monthly or annually. Many companies offer discounts when you buy an annual package instead of spreading the cost over twelve months.
Motorcycle Insurance: Miami, Florida
When considering the purchase of a motorbike, it is important to consider the cost of motorcycle insurance in Miami, Florida.
The different types of insurance can be overwhelming, and it is important to understand what coverage is required and what best fits your circumstances.
Why not check out our options to help you find the best motorcycle insurance quote? You can call our team, and one of our insurance experts will discuss your options.