Electric motorcycle insurance – How much does it cost and what does it cover?
Electric motorcycles have become increasingly popular in Finland in recent years. More and more motorcyclists are interested in the electric option because it is quieter, more environmentally friendly and often cheaper to operate than a traditional gasoline-powered motorcycle. Electric motorcycles are also taxed less.
When you buy an electric motorcycle, one of the most important things is insurance. Electric motorcycle insurance protects both the rider and other road users in the event of an accident. In this article, we will go over what kind of insurance is needed for an electric motorcycle, how much it usually costs, and what factors affect the insurance premium.
Is it mandatory to take out insurance for an electric motorcycle?
Yes. In Finland, all registered motor vehicles, including electric motorcycles, are required to have motor vehicle insurance. Without motor vehicle insurance, the vehicle may not be used in traffic.
The purpose of motor insurance is to compensate for damage caused by a vehicle to other people, vehicles or property. For example, if you cause a traffic accident, motor insurance will compensate for the other party's damages and personal injuries.
If a vehicle is registered but not insured, the owner may be required to pay an uninsured fee . This fee can be significantly more expensive than the insurance itself, so it is always necessary to take out insurance.
What does electric motorcycle insurance cover?
Electric motorcycle insurance usually consists of two parts: mandatory motor third party liability insurance and voluntary comprehensive insurance.
Motor insurance
Motor vehicle insurance is a basic insurance policy that covers damage caused in traffic. It covers, for example:
- Personal injuries to the driver, passengers and other parties
- damage caused to another vehicle
- Property damage, such as damage to buildings or fences
However, motor insurance does not cover damage to your own electric motorcycle if you are at fault for the accident.
Comprehensive insurance
Comprehensive insurance is a voluntary insurance that provides broader coverage. Its content varies by insurance company, but typically comprehensive insurance can cover:
- collision damage
- falls
- thefts
- fire damage
- vandalism
- damage caused by natural phenomena
A more comprehensive comprehensive insurance policy may also include legal expenses insurance, towing and travel expense coverage.
How much does electric motorcycle insurance cost?
The cost of insurance for an electric motorcycle varies depending on several factors. On average, the cost of insurance can be:
- motor insurance approximately 200–500 euros per year
- partial insurance approximately 300–1000 euros per year
- extensive comprehensive insurance up to 500–1500 euros per year
However, the price is always individual. Insurance for the same electric motorcycle can cost different amounts for different drivers.
What factors affect the price of insurance?
Insurance companies estimate the price of insurance based on several risk factors . One of the most important factors is the driver's age and driving experience. Younger drivers often pay higher premiums.
Driving history and bonuses also affect the price of insurance. If the driver has no previous claims, bonuses can significantly reduce the insurance premium.
In addition, the price of insurance is affected by:
- make and model of electric motorcycle
- vehicle power and value
- scope of insurance
- amount of deductible
The higher the deductible in the insurance, the lower the insurance premium generally is.
Is it worth taking out comprehensive insurance for an electric motorcycle?
Many electric motorcycle owners wonder if motor liability insurance alone is enough. If the motorcycle is new or valuable, comprehensive insurance is often a sensible choice.
In electric motorcycles, the value of the battery can be a large part of the price of the entire vehicle. If the bike is stolen or damaged, the repair costs can be high. Comprehensive insurance can protect against these financial risks.
However, for an older or less expensive electric motorcycle, motor vehicle insurance alone may be a sufficient option.
Summary: Electric motorcycle insurance
Electric motorcycle insurance is an important part of safe driving. Mandatory motor liability insurance covers damage caused in traffic, while voluntary comprehensive insurance protects your vehicle against theft, crashes, and natural disasters, for example.
The cost of insurance depends on several factors, such as the age of the driver, riding experience, and the value of the motorcycle. On average, insurance can cost from a few hundred euros to over a thousand euros per year.
By comparing offers from different insurance companies and choosing the insurance coverage that suits your needs, you can ensure that your electric motorcycle is well protected both financially and in terms of safety.
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