One of the most popular motorcycles on the market is the Honda Grom, thanks to an unbeatable price tag, impressive fuel economy, and being an extremely fun bike to ride. Owning your own Honda Grom bike can come with a lot of responsibilities, including finding a quality insurance plan that protects you and your bike in case of an accident. Read more to learn about how motorcycle insurance works and how much insurance can cost for a Honda Grom.
What Is the Honda Grom?
The Honda Grom is a small motorcycle that Honda first introduced in 2014. It has a small 125cc engine, four gears, and a top speed of around 55 mph. Its small size and low power is part of the fun, though. It’s not an intimidating motorcycle at all to ride, making it an excellent choice for new riders. Yet even experienced riders can enjoy wringing the Grom out to its limits while remaining at legal speeds.
Since its debut, the Grom has become one of the most beloved motorcycles on the market and has earned a cult following of dedicated riders from all experience levels. An impressive fuel economy of 134 miles per gallon makes this the perfect bike for those looking to take scenic rides or commute to and from work without having to stop frequently for gas.
What is Motorcycle Insurance?
Motorcycle insurance is a coverage plan that motorcycle riders pay with a monthly or annual premium. This ensures protection in unforeseen circumstances such as collisions, theft, or damage from severe weather. You can research offerings from several different insurance companies to determine which plan makes the most financial sense for you. Look into common discounts and ask informed questions when exploring your options to ensure you find the best plan for your needs. Different companies offer distinct coverage plans, some of which may focus on elements that are important to some but not others.
For example, while a driver in South Florida may benefit from investing in a policy that covers damage from severe weather like floods or high winds, someone living in a milder climate may not get the same value. The Grom’s reputation for being easy to ride and reliable has made it popular amongst beginner riders, which can sometimes impact the insurance costs. In general, vehicles that are especially common for new drivers or riders have higher insurance premiums, as insurance companies preemptively plan for these beginners to have more collisions and risk of damages than more experienced individuals. Groms are also popular bikes for stunts, which can also lead to more damage and crashes.
How Much Does Honda Grom Insurance Cost?
According to Bike Bound, the average cost of insurance for a Honda Grom can be anywhere from $100 to $600 annually, or approximately $8 to $50 per month. One of our FIXD Research Team members just bought a Honda Grom, and will be paying $17 per month ($204 annually) through State Farm. While this is an approximation, it’s important to consider other factors that can make a significant impact on how much you pay for your motorcycle insurance, including:
- Make and Model: The make and model of your motorcycle can make a difference as to how much you’ll have to pay in insurance. The Grom is on the low end of this range since it’s small and not very powerful. Typically, newer vehicles cost more to insure than older ones, so if you want to save extra on insurance consider opting for an older Grom model.
- Age: Your age can be a major factor in how much you have to pay for motorcycle insurance. Younger people, especially those in school, often have higher insurance rates than older individuals, although those over 70 can have high rates too.
- Driving History: Your driving history is another factor that influences how much you have to pay in insurance rates. People with a safe driving history that involves minimal accidents and citations can often get discounts on their insurance because they’ll likely cost the insurance company less money in the long term.
- Location: Where you live can also impact your insurance premium, as some locations have higher insurance costs than others. Larger, more metropolitan cities often charge more in auto insurance due to the increased level of risk from more drivers being on the road.
- Credit Score: Your financial history can also determine how much you pay for motorcycle insurance. People with strong credit scores who demonstrate the ability to stay on top of their payments with minimal debt can often score better insurance premiums than those with less impressive credit history.
Tips for Reducing Honda Grom Insurance Costs
Here are some tips to substantially decrease your monthly or annual insurance payments on your Honda Grom:
- Search for Discounts: The Honda Grom is especially popular with young people who appreciate its affordable price and reliability to get around. If you’re a student, ask potential insurers if they do good student discounts, in which you provide proof of your exemplary academic performance in exchange for a discount, with a 3.0 grade point average (GPA) being the typical minimum.
- Take a Motorcycle Safety Course: The Motorcycle Safety Foundation offers a basic motorcycle training course that can vastly improve your riding skills on the road and lessen your chances of getting into collisions. Many insurance companies incentivize clients to take this course by offering discounts to those who complete it of anywhere from 10% to 20%.
- Bundling: Another way for you to save money on your motorcycle insurance is to bundle multiple policies with the same company. You can insure multiple vehicles with the same policy, or use the same company for your renter’s or homeowner’s insurance as well. Many auto insurance companies offer discounts to customers who hold multiple policies with them, so consider inquiring about how much it would cost to add your auto, renter’s, homeowner’s, or other policies.
Having quality motorcycle insurance can make a significant difference in your ability to protect your assets and cover damages in case of unforeseen circumstances. It’s important to explore all of your auto insurance options before committing to one so you can be sure that you’re getting the best rate possible. Shop around online and in your area for insurance companies that offer promotions that can end up saving you substantial amounts of money, like safe driving or good student discounts. With proper insurance coverage, you can feel confident taking on journeys with your Honda Grom for years to come.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.
