It may seem strange to some that a moped or scooter actually needs insurance. But the truth is that having insurance is an important part of owning a moped. In this article, we will let you let everything that you need to know about moped insurance, policy benefits, costs and types of coverage available in the market.
Do You Need Insurance for a Moped?
Even though it is a rather small vehicle, a moped is still a considerable investment and having insurance offers a way to protect what you have spent for this vehicle. The cost of the moped insurance will vary depending on a number of factors as well as the type of coverage that you see fit for your investment.
If you live out in the country or in a community with very little in the way of traffic, then you might get away by not having insurance assuming there are no requirements. However, if you live in the city where there is heavy traffic, then getting insurance is a must since the chances of having an accident are greatly increased.
The truth is that every moped owner needs insurance to protect their vehicle and whatever damage that it causes in an accident whether it is required by law or not. Being an uninsured driver puts you at great financial risk if you should be involved in an accident. So, it is important to get classic moped insurance if you drive a gasoline model or electric moped insurance if you drive modern, battery-powered version. Depending on the category of your moped, you need more or less coverage.
How Much Insurance for a Moped?
The average moped insurance cost will vary quite a bit depending on a number of factors that includes your age, experience, driving record, size and speed of the moped and the types of coverage that you purchase. First, you will probably get temporary moped insurance when you purchase the bike that will act as coverage until you decide to get a more permanent policy.
Typically, if you just get liability you can pay as little as $30 depending on where you live. However, if you get full coverage and have issues with your driving record, you may have to pay upwards of $300 or more for an insurance policy. So, the general average moped insurance cost is roughly $60 to $100 if you get a simple policy with few features.
Another consideration will be based on the size of the engine which will determine the speed and weight of your moped. All things considered, 50cc moped insurance will be fairly inexpensive when compared to 125cc moped insurance for the simple reasons that the former weighs less and is not nearly as fast as the latter. So, you should expect to pay more for having a faster moped which will generally cause more damage.
Moped Insurance Requirements in Your State:
Each state has a minimum requirement for moped insurance that is based in large part on the size of the engine. You will need to check with your state to see what the latest rules and regulations are for driving a moped as they can change depending on the passage of new legislation.
Some states like New York for example do not require insurance coverage for mopeds with a top speed of 20mph or less. This is primarily because an accident that involves such a slow moving and light vehicle generally will not cause much damage. However, it is important to remember that a small percentage of moped accidents set off a chain reaction that may involve larger vehicles which in turn creates more damage and potential injury.
Many states have requirements based on the engine size which means that mopeds with 50cc engines or smaller may only require minimal liability coverage if at all. However, a 125cc moped engine for example is basically the equivalent of a motorcycle and in the eyes of the state may be treated like one.
Types of Moped Insurance:
There are several different types, especially between 50cc moped insurance and 125cc moped insurance which will require more coverage and generally higher premium payments. Naturally, your state requirements will be the biggest determining factor. In addition, if you had to borrow money from a lender to purchase the moped there may be requirements for comprehensive insurance as well to protect the investment.
Comprehensive: This is considered full coverage that includes liability for bodily harm and property damage along with theft, vandalism and other factors that may cause damage to your moped. In addition, comprehensive will pay regardless of who is at fault in order to cover medical expenses, property damage and repairs on the moped.
Liability: This is considered the basic type of insurance that protects you if you should cause injury to another person or property. There is liability for personal injury and one for property damage which arguably is more common as it includes fences, cars and other objects.
Medical Payments: Here, all of the medical costs will be covered regardless of who is at fault. It is important to note that you should check with your own health insurance coverage to see what works best for your needs.
Uninsured or Underinsured: Here, if you are involved in an accident with a driver who has no insurance or not enough coverage for your medical and property expenses, then having underinsured or uninsured motorist will be greatly beneficial. However, it must be noted that not all states have this particular type of insurance, so check with your carrier first to see if you can obtain it.
In addition, you may get discounts on your moped insurance if you wear a helmet or equip your bike with lights and reflectors for additional safety. The more security your moped has, the better rate you will grab. Plus, each carrier will have their own unique qualifiers that may help you in shaving down the premiums for paying the insurance such as low mileage or perhaps taking a safety driving course.
As you may have noticed, moped insurance has the same basic types of policies as standard automobile and motorcycle insurance, albeit less expensive for the most part. Choosing which one is the right policy for you will mean considering a number of factors which include where you live, your health insurance and other coverage, the size of your moped and your driving record. You can apply free quotes from us and compare rates from different providers and choose the best package you can afford. This is the best way to obtain a suitable policy.