Everything Motorcyclists Should Know About Life Insurance

Hitting the open road on your motorcycle promises adventure, freedom, and speed. Yet the thrill of the ride comes with real risk. Motorcycles leave their riders more vulnerable than cars in a crash. And with little protection, injuries can easily be severe or even fatal.

That’s why if you’re a motorcyclist, life insurance is vital. It provides your family with financial support if you pass away unexpectedly. 

Standard life insurance policies cost less for people who don’t ride. But as a motorcyclist, you could pay higher premiums. Insurance companies consider motorcycle riding a higher risk. However, it doesn’t always affect life insurance’s price if you’re taking the necessary precautions.

Though challenging to consider, you owe it to your loved ones to consider life insurance. Having coverage gives both you and your family peace of mind. It indicates you’ve prepared for life’s “what ifs” – even the road’s worst-case scenarios.

With that being said, in this article, we’re going to dive into everything you need to know regarding motorcyclists and health insurance. 

Why Life Insurance Is Extremely Important For Motorcyclists

There are a couple of reasons why getting life insurance for motorcyclists is crucial. Let’s get into what they are. 

Higher Risk of Accidents

Statistics show motorcycle riders are exceptionally vulnerable on the roads compared to other motorists. Unlike drivers encased inside sturdy steel frames, bikers have little protection them from collisions except helmets and maybe leather jackets. The data definitively demonstrates the heightened risks motorcyclists face – and the frequent devastating results.

Statistics report that per mile traveled, motorcycle riders face a risk of death that is 30 times higher than people driving other vehicles.

Financial Protection for Loved Ones

Life insurance gives money to your family if you pass away. If you ride, life insurance pays for funeral costs, unpaid bills, and also helps support dependents if you’re not there.

Coverage for Accidental Death

Life insurance policies typically cover accidental deaths from motorcycle crashes, too. Just riding a motorcycle usually doesn’t make your premiums more expensive.

Income Protection

Life insurance also replaces income to support dependents if the motorcyclist dies. This ensures that your family has financial security without you.

Peace of Mind

Knowing your family will be provided for financially even if you pass away gives essential peace of mind to motorcyclists.

Cover for High-Risk Activities

Specialized life insurance covers the extra danger for motorcyclists who do hazardous hobbies like racing.

Is It Hard To Get Life Insurance As a Motorcyclist? 

Life insurance coverage is undoubtedly possible for motorcyclists despite the perception that motorcycle riding carries more significant risks. Insurers conduct an underwriting process looking at multiple aspects of an applicant’s life and lifestyle – motorcycling being just one consideration among factors like health conditions, occupation, and recreational activities. 

For hobbyist riders who wear helmets and follow traffic rules, motorcycling is unlikely to result in higher insurance premiums or difficulty obtaining coverage. Insurance providers typically do not penalize responsible recreational riding to that extent. However, there are a few essential specifics to keep in mind:

• Professional motorcycle racers may face pricier premiums because of the heightened physical dangers of competitive racing. However, specialty insurers offer customized coverage, including life insurance policies tailored to their needs.

• General lifestyle improvements like quitting smoking and increasing physical fitness can help lower policy costs. Consulting insurance experts familiar with motorcycling is also recommended.

• Motorcyclists participating in racing or other high-risk motorcycle activities can also look into specialty insurance policies that accommodate those activities in the coverage.

The main point is that life insurance applications from both amateur and professional motorcyclists are widely accepted without issue by top insurance companies. Reasonable rates are accessible with due diligence comparing policies and risk-reducing precautions. While assessing for risk is part of the insurance process, riding a motorcycle alone rarely prevents obtaining life insurance coverage entirely.

How Do Insurers Look Into Motorcyclistics For Life Insurance

The number one way insurers look into motorcyclists is through their driving record. Whether you ride a motorcycle or not, this is one of the most significant factors that life insurance companies consider when someone is looking to get insurance. 

However, here are the things they will look into:

  • Past motorcycle crashes – Multiple accidents suggest higher risk, even if you weren’t at fault. This can increase policy premium costs.
  • Speeding tickets – Just 1-2 speeding violations raise rates: too many flags, irresponsible riding, and unsafe habits on a bike.
  • DUI history – DUIs significantly hike up costs due to added risk. Multiple offenses make policies quite expensive or limited.
  • Recent violations – Insurers care more about current tickets or violations than those further in the past. Patterns matter most.

If you’re a motorcyclist with a poor driving record, including DUIs, reckless driving, speeding, and/or accidents, this could result in a higher life insurance premium or even result in you being declined altogether. This is because a vast history of driving recklessly means you’re more likely to get into an accident or even die on your motorcycle (as harsh as it sounds).  

What Is The Process Of Getting Life Insurance As a Motorcyclist?

The process is like any other person’s way of getting life insurance. Here are the steps:

  1. Research companies and policy options – Some insurance providers specialize in motorcycle policies. Compare quotes and coverage from national companies and motorcycle-specific brokers.
  2. Apply and share riding details – The application will ask questions about years of riding, type of motorcycle, safety courses taken, racing participation, past accidents, etc., to assess risk.
  3. Provide motor vehicle report – Consent to release your official state driving record and motorcycle endorsements. Insurers carefully review for violations.
  4. Get a medical exam – As with standard policies, a checkup, bloodwork, and measurements are required to gauge health issues impacting life expectancy.
  5. Complete any supplementary forms – Some insurers may request additional questionnaires, accident details, or specific riding experience documentation.
  6. Wait for policy decision – The insurance company may take 2-6 weeks to decide on coverage terms after assessing your overall risk profile as a rider.
  7. Review policy and pay premiums – If approved, thoroughly review the declarations page, benefits, and exclusions before spending the first premium installment to activate coverage.

The key is being extremely detailed when listing riding history and highlighting any safety courses, protective gear used, formal training, and showing responsibility for addressing previous violations or accidents.

Are There Any Types Of Life Insurance Policies That Are Best For Motorcyclists?

No specific types of life insurance policies are better for motorcyclists. It really all depends on the timing and other circumstances. However, many insurance policies include accidental death benefit coverage which pays out an extra benefit if the insured dies as a result of an accident. Adding this on could increase premiums or result in paying a flat fee in the beginning. 

The Best Company To Get The Best Life Insurance Policy As a Motorcyclist

At Liberty Financial Group, we understand the unique needs of motorcyclists and are dedicated to providing insurance solutions that offer both protection and peace of mind. Here’s why we stand out as the best choice for motorcyclists:

  • Extensive Carrier Network: We partner with over 50 top insurance carriers, ensuring you can access the best coverage options at competitive prices.
  • Customized Coverage: Our approach is tailored to meet your needs and budget, ensuring your motorcycle insurance policy is right for you.
  • Expert Guidance: We believe in educating our clients about their insurance options. Our team is here to help you understand your coverage and make informed decisions.

As an independent agency, we prioritize your needs over everything else. We’re not tied to any carrier, so our recommendations are unbiased and focused solely on finding the best insurance solution for you.

Let us help you find the perfect motorcycle insurance policy for your lifestyle and budget.

Click here to get started with Liberty Financial Group.