Any vehicle that your state laws require to be registered must be properly insured, including mopeds, unless specifically excluded by law. For insurance and driving purposes, mopeds are considered the same as motorcycles. You can decide how much optional coverage to buy, as long as you conform to the state minimum requirements. The average costs of insuring your moped will depend on your state of residence, your personal information and your driving history.
Insurance is State Regulated
Insurance regulations are set by each state's department of insurance. This includes defining which vehicles must be insured. Some states require any vehicle operated on public roads to carry insurance, while others specify that only vehicles that require license plates are required to conform to state minimum insurance requirements. For example, the state of New York does not require insurance for mopeds that have a top speed of less than 20 miles per hour, even though it is still recommended.
Personal Factors Affect Rates
Your individual information will play a large part in determining your actual insurance costs. The average cost of moped insurance is only a general indication, and can be refined by including such information as your personal driving history, where you live, how far you drive, and even such things as your marital status and how far you drive in a year's time. Furthermore, your occupation and education level are used to calculate the amount of risk you pose to the insurance company.
Average Insurance Costs
The average cost of insuring a moped could range anywhere between $20 and $300. This may seem like an expansive range, but it is important to understand that the costs can be vastly different based on the factors involved. Just one speeding ticket can potentially cause an increase of more than $100 a year, even if all the other conditions result in minimal costs. If you begin shopping for insurance with the upper figure in mind, you will probably end up pleased with the actual costs, unless your driving record has some serious blemishes on it.
Young Driver Moped Insurance
Drivers under the age of 25 are many times more likely to be involved in accidents than more experienced drivers. Insurance companies base risk calculation on a compilation of statistics, and young drivers are a greater risk. According to insurance companies, these drivers are more likely to engage in risky driving habits, including disobeying driving regulations such as running a stop sign or talking on the phone while driving. If you are under 25, you can expect your average insurance costs to range toward the upper end of the scale, and may even be higher than $300 if you have been convicted of one or more traffic violations.