Latest news with #PolarisSlingshot
Auto Blog
7 days ago
- Automotive
- Auto Blog
Toyota Posts Double-Digit Losses as Tariffs Impact Its Bottom Line
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Take a jet ski, and/or a snowmobile and combine it with a motorcycle, and you'll get something like a Polaris Slingshot. This is a ton of fun for brief jaunts, but can it be a daily driver? Volkswagen is retiring the Touareg after 24 years. The Tayron will take its place globally, signalling a shift toward more affordable, high-volume SUVs. Ever feel like dealers don't understand you? We break down the key complaints that show why the car buying process is broken. To celebrate the 3 Series turning 50, BMW Japan has launched a limited-run edition across 318i, 320d, and M340i trims — just 710 units in total. Toyota just took a major hit due to tariffs In an announcement on August 7, Tokyo time, Japanese auto giant Toyota said that it expects to lose 1.4 trillion yen (~$9.5 billion) from its operating profit by the end of its 2025-2026 fiscal year due to the Trump administration's hefty tariffs on cars imported to the U.S., which is driving up costs and eating into Toyota's earnings. 0:00 / 0:09 Nissan CEO admits brand is doomed without an outside investor Watch More At the same time, Toyota lowered its full-year net profit forecast by 14%, bringing it down to 2.6 trillion yen (~$17.65 billion). This is a sharp drop from its original estimates, which only accounted for tariffs during April and May, which cost it 180 billion yen (~$1.2 billion). The pain and the money leaving the Toyota City-based automaker's coffers are already showing. During its first fiscal quarter from April to June 2025, Toyota posted a net profit of 841 billion yen (~$5.7 billion), a staggering loss of 36.9% compared to the same period last year. This sharp decline reflects not only the U.S. tariff, which jumped from 2.5% to 27.5% in April, but also the effects of a stronger yen-to-dollar exchange rate. By providing your email address, you agree that it may be used pursuant to Arena Group's Privacy Policy. Source: Getty Images Despite this setback, some relief is on the horizon thanks to a trade deal between the Trump administration and the Japanese government. Last month, they agreed to reduce tariffs on Japanese cars by 15%. Toyota believes this new rate could help mitigate the impact, but the damage has already been done. '[The U.S. tariff] has risen to 15% from the previous 2.5%, which obviously has a significant impact,' Takanori Azuma, chief officer in the accounting group at Toyota, said during a news conference on August 7. 'And it is a thing we are not able to control. The major challenge is to ensure that our North America business generates solid profits. The result [of a trade deal] remains tough.' Part of that process is a few strategic adjustments. Already, in June, it announced it would raise prices for U.S.-market vehicles by an average of $270 on Toyotas produced from July 1, with further hikes possible if the market allows, according to Azuma. Additionally, Toyota's head accountant noted that the company would utilize excess production capacity, adding that it aims to 'refine our operations by considering every possible scenario.' Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Azuma emphasized that Toyota is also working to reduce its reliance on the U.S. market, which still accounts for about 33% of its global vehicle sales. 'Our [revenue] balance that different regions can cover each other when America catches a cold, is finally coming into place,' he said. Source: Getty Images Tariffs are not the only problem Toyota is facing Tariffs aren't Toyota's only headache. Currently, fluctuations in the Yen-Dollar exchange rate are expected to cost the company another 725 billion yen (~$4.9 billion). Additionally, the rising cost of materials is expected to reduce profits by an additional 300 billion yen (~$2 billion). Combined, these have caused Toyota to lower its projected full-year earnings by 44.2%. Despite the challenge, Toyota remains focused on achieving its sales target of 48.5 trillion yen (~$328.98 billion) in net sales revenue by the end of March 2026. In the April-June quarter, Toyota's sales revenue increased by 3.5%, reaching 12 trillion yen (~$81.38 billion), while its operating profit declined by 10.9% to 1.1 trillion yen (~$7.45 billion). The tariffs alone reduced operating profit by 450 billion yen (~$3.05 billion) during the fiscal quarter. Source: Getty Images Toyota's sales are still strong. Global vehicle sales rose 7% to 2.4 million units in its fiscal first quarter, with North America seeing a 12.7% boost and Japan increasing by 11.4%. Surprisingly, Toyota even shipped more cars from Japan to the U.S. after the 25% tariffs on imported vehicles were introduced in April. Toyota's exports in May rose by 22.9% year-over-year to 41,573 vehicles, and June saw a 15.9% jump to 52,745 units. Looking ahead, Toyota announced it will build a new plant in its hometown of Toyota City, with operations expected to begin in the early 2030s. Details are scarce for now, but Azuma clarified that Japan is its home and Toyota City is its home base. 'Our top priority is to maintain the production base of 3 million vehicles in Japan,' Azuma said. 'This is the foundation of Toyota's business, enabling us to expand manufacturing and development in each region. We want to work together to protect it, including through measures to stimulate domestic demand.' Final Thoughts Toyota isn't alone in facing these tariff troubles. This week, Honda revealed that its first-quarter earnings fell to ¥244.1 billion (~$1.69 billion) from ¥484.7 billion (~$3.35 billion), on account of tariffs and its own internal struggles with EVs. Meanwhile, Mazda lost ¥46 billion due to its reliance on imports in the U.S. market. Both companies are now looking to shift more production to the U.S. and are rethinking their export strategies. Ultimately, Toyota and other Japanese automakers face challenges playing ball in their largest market, the United States. However, as time progresses under these conditions, it would not be far-fetched to see automakers drastically change themselves and/or their U.S.-market lineups within the near future. About the Author James Ochoa View Profile
Auto Blog
7 days ago
- Automotive
- Auto Blog
Mercedes-Benz Confirms EV Pricing Cut Ahead
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Take a jet ski, and/or a snowmobile and combine it with a motorcycle, and you'll get something like a Polaris Slingshot. This is a ton of fun for brief jaunts, but can it be a daily driver? Ever feel like dealers don't understand you? We break down the key complaints that show why the car buying process is broken. Mercedes EVs will get several thousand dollars more affordable Mercedes-Benz brought the EQS to market in 2021. Since then, it's been plagued by lukewarm critical reception and less-than-remarkable sales figures. The vehicle was the Stuttgart-based automaker's first foray into mainstream EVs. More importantly, its arrival heralded Benz's dramatic shift towards electrifying all its products. Both decisions might have been a bit premature, and fast-forwarding to today, we see the pendulum swinging the other way. Previous Pause Next Unmute 0:00 / 0:10 Full screen 2025 Audi S3 vs Mercedes-AMG CLA 35: the executive decision Watch More First, pricing. Information originally leaked via a dealer employee on TikTok. Still, it was later confirmed by the automaker via Motor1 that almost anything with an EQ badge is getting a hefty price cut for the 2026 model year. The 2026 Mercedes-Benz EQE sedan is now available starting at $66,100, a $9,950 reduction. The EQS sedan sees a decidedly less dramatic trim, shedding $4,150 and still starting just over six figures. By providing your email address, you agree that it may be used pursuant to Arena Group's Privacy Policy. Meanwhile, electrified SUVs see substantial slashes. The 2026 EQE SUV drops by $12,950, now commanding $66,100, and the range-topping EQS SUV sees the most significant drop of all. Its new MSRP of $91,100 is a tremendous $15,300 less than what the 2025 model year vehicle retailed for. The only Mercedes-Benz EQ vehicle left unscathed is the compact EQB SUV, which was already the entry-level model at $53,050. Mercedes-Benz EQ line becomes more competitive Aside from EV rebates, the EQ lineup becomes immediately much more competitive with a price drop. At around $90,000, the EQS SUV is a direct rival to the lauded BMW iX, offering a similar range, slightly less power, and more standard luxury features, including ventilated seats and rear seat pillows. The EQE Sedan now costs less than its direct competitor, the BMW i5. Simultaneously, the base car offers more torque and range than the standard i5. That said, we could start to see sales rise. Of course, all this is likely to tank prices on the secondhand market even further, so you might do even better there. Final thoughts While most Mercedes EQ models aren't particularly well-loved — blame their bulbous styling — a price drop might be just what the cars need to get their footing in the market. Unfortunately, it comes at a time when the path forward for electrification is murkier than ever. Assuming the EV market doesn't completely evaporate with the tax incentives, we can expect the car to sell better into 2026 as Mercedes supplements its electrified lineup with models like the EV GLC and CLA. About the Author Steven Paul View Profile
Auto Blog
7 days ago
- Automotive
- Auto Blog
Considering A New Electric Car? You're Not Alone
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. The Kia K4 GT-Line is here to challenge what we think about the word 'cheap.' Honda, Toyota, and Hyundai should pay close attention to this one. Take a jet ski, and/or a snowmobile and combine it with a motorcycle, and you'll get something like a Polaris Slingshot. This is a ton of fun for brief jaunts, but can it be a daily driver? Although sales declined in June, demand is expected to surge. Here's why. You might think that electric vehicle (EV) sales are sinking. After all, sales were down 1.4% in June, or a decline of 3.5% on a year-over-year basis. Then, there's the fact that the federal EV tax credit, which totals $7,500 for new EVs and $4,000 for used EVs, is set to expire on September 30, 2025. This and other reversals in EV policy, including the halt of the unspent government funds for building EV charging stations and the repeal of government targets for EV market share by 2030, have led to the perception that EV demand is waning. Tesla vehicles parked in a lot after arriving at a port in Yokohama, Japan — Source: Getty 'The year-over-year decline in Q2 was only the third decline on record, and a sign of a more mature market,' said Stephanie Valdez Streaty, senior analyst at Cox Automotive. 'With government-backed incentives set to end in September and economic pressures mounting, the second half of the year will be a critical test of EV demand.' Despite June's dip, EV market share rose to 8%, up from 6.9% in May. In the first half of 2025, dealers sold a record 607,089 EVs, representing a 1.5% year-over-year increase, according to Cox Automotive. 'Q3 will likely be a record, followed by a collapse in Q4, as the electric vehicle market adjusts to its new reality,' Streaty said. Incentives are high, and so is inventory The dip in EV sales came as incentives have never been higher. Cox states that in June, average EV incentives reached an all-time high of 14.8% or nearly $8,500. That's more than twice the incentive level offered on conventionally-powered vehicles, with an average transaction price for a new EV of $56,910. However, the EV market's attractiveness is changing as Q3 begins, thanks to a stroke of the pen at the White House. On October 1, the government-sponsored tax breaks of up to $7,500 for eligible new EV sales will end. Additionally, the well-known 'leasing loophole,' which significantly increased the number of qualified sales, is also dead. This should contribute to a surge in EV sales during the next few weeks. Cox expects EV market share to expand to 8.5% by year's end, down from the 10% share previously expected. 2025 Ford F-150 Lightning Lariat — Source: Ford Still, the threat of disappearing government EV subsidies should bring EV intenders off the bench and into dealer showrooms in an effort to beat the deadline. When they do, they will find a good choice of vehicles to choose from, if inventory numbers are any indication. Cox reports that the days' supply of EVs rose 9.9% month over month in June to 125 days. While that remains 14.8% lower than the same period last year, it's the third consecutive month that dealer EV inventory has outpaced internal combustion engine vehicle inventory by more than 30 days. A 60-day supply is considered ideal. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. 2025 Chevrolet Equinox EV 1LT — Source: Chevrolet As a result, there are some tempting deals. The Chevrolet Equinox EV, which starts at $34,995, comes with 0% financing for 60 months. Add the federal tax credit, and it starts at $27,495 before options and destination charge. Or how about the Subaru Solterra EV, built by Toyota, which can be yours on a 24-month lease for $299 a month for 36 months with $299 down. Then there's the Honda Prologue EV. Like the Chevy, it's offered with 0% financing for 60 months, and is eligible for the full federal tax credit. 2026 Subaru Solterra — Source: Subaru Used EVs are a different story In contrast, the used EV inventory, eligible for $4,000 federal tax credit, is tight at 41 days, 9.9% below year-ago levels and close to that of internal combustion engine vehicles. However, the days' supply of used EVs varies depending on which model you're considering. Tesla has the lowest days' supply of EVs at just 33 days, while GMC has the most with a 74-day supply. The average listing price for a used EV in June was $36,046, up a slight 0.3% month-over-month and 3.6% year-over-year. 2024 GMC Hummer EV SUV — Source: GMC The lack of used EVs comes down to a simple metric: affordability. Consider that 43% of used EVs sold boast a list price of less than $25,000. This includes the Tesla Model 3, averaging $22,998, and the Model Y, averaging $29,111, which top the used EV sales charts. Final thoughts Given that the Inflation Reduction Act's federal EV tax credit is scheduled to expire at the end of September, there will likely be a flurry of enticing EV offers in the coming months, providing buyers with a crucial opportunity. It also marks a market pivot point, one where demand will become market-driven rather than subsidy-driven. This makes the outlook favorable for more affordable EVs, such as the Chevrolet Equinox EV and Nissan Leaf. 2026 Nissan Leaf — Source: Nissan That said, the outlook for Q4 is anyone's guess. With government incentives disappearing and the impact of tariffs finally reaching consumers, it remains to be seen if the transition to a battery-electric future maintains its pace. Meanwhile, China will continue its push to electrify its own market as well as the rest of the world. Given that 3 million EVs were sold in China in the first half of 2025 as EV exports grew, the American market may become an outlier in the global automotive world. About the Author Larry Printz View Profile
Yahoo
31-05-2025
- Business
- Yahoo
Former LAPD reserve officer and his brother charged with insurance fraud over Bentley crash
A former Los Angeles Police Department reserve officer and his brother have been charged with insurance fraud after prosecutors say they misrepresented details in a more than $200,000 insurance claim related to a Bentley crash in January 2023. Eric Benjamin 'Ben' Halem, 37, a former full-time LAPD officer and ex-reserve officer, pleaded not guilty to two felony counts of insurance fraud on Friday. His brother Jacob Halem, 32, also pleaded not guilty to a count of insurance fraud, according to the Los Angeles County district attorney's office. Eric Halem's car rental company, Drive LA, boasts a fleet of rare, luxury vehicles, including a 2020 Bentley Continental GT. The California Department of Insurance said in a news release on Friday that Eric Halem told his insurance company that his brother had borrowed the vehicle and crashed it on Jan. 5, 2023. Read more: They said a bear attacked their Rolls Royce. But the real culprit was even stranger But the department's investigation revealed that the Bentley had been rented by a Drive LA client and that the renter crashed the vehicle three days before the brothers claimed Jacob crashed it. Los Angeles County Sheriff's Department deputies responded to the accident scene involving the rental driver and documented the vehicle's damage with body camera footage, the insurance department said in its release. After the rental driver's insurance claim was denied because of a lack of proper coverage, Eric Halem filed a fraudulent claim with his insurance company on his personal policy, misrepresenting details of the accident, authorities allege. An attorney representing Jacob Halem did not immediately return a request for comment. It is not clear if Eric Halem has an attorney. Read more: A smashed Polaris Slingshot, friends inside the CHP. How investigators unraveled an insurance plot The department of insurance alleges that Eric Halem claimed his brother had been driving the vehicle at the time of the crash, which they said was on Jan. 5, 2023. They submitted what the department called 'staged photographs' of the damaged Bentley on a tow truck. Insurance department investigators said the damage in the photos the brothers submitted was identical to the damage captured on body camera footage from the renter's crash three days earlier. Authorities allege Jacob Halem provided a false statement to the insurance company investigator to corroborate his brother's claim. It isn't clear if the insurance company paid for the car to be fixed. The department of insurance said the "total potential loss" from the claim was $229,283. Eric Halem was removed as a reserve officer with LAPD in March, according to a department spokesperson. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
Yahoo
08-05-2025
- Automotive
- Yahoo
Motorcycle insurance explained: Types of coverage and how much you'll need
Whether your ride is a lightweight scooter or custom chopper, motorcycle insurance helps protect you financially in case of a wreck or other mishap. Before buying a policy, understand the types of motorcycle insurance available, decide how much and which kinds of coverage you need, and then compare motorcycle insurance quotes from multiple companies to get the best deal. This embedded content is not available in your region. In this article: Do you need insurance for a motorcycle? Types of motorcycles that can be covered What does motorcycle insurance cover? Additional insurance for motorcycles How much is motorcycle insurance? Who sells motorcycle insurance? How to get cheap motorcycle insurance Frequently asked questions about motorcycle insurance Most states require you to buy liability insurance for a motorcycle. Liability insurance covers damage and injuries you cause others in an accident. In addition, a lender or leasing company usually requires collision coverage and comprehensive insurance if you finance or lease a bike. But even when coverage is not required, it's smart to buy motorcycle insurance. Otherwise, you could be on the hook to pay for another driver's losses in the event of an accident, and you'd pay the full cost of repairing or replacing your own bike if you crash it or it's stolen. You can buy insurance for almost any kind of motorcycle. Some of the most common motorcycle types that insurance will cover are: Autocycles. These three-wheeled vehicles, such as the Polaris Slingshot and Tango Trike, are a cross between a car and a motorcycle. The way to cover one is with a motorcycle insurance policy, not a car insurance policy. Classic or collectible bikes. You can cover your vintage or antique bike with a basic motorcycle insurance policy and add extra coverage for custom and accessory parts. Cruisers. Built for comfort, cruisers feature a relaxed riding style and are among the most popular bikes on the road. Make sure to add coverage for custom parts you've added. Custom bikes. You can typically get full coverage for bikes that are built by motorcycle manufacturers and then customized by a shop or by you. You may be limited to only liability coverage when you've built a bike at home from a kit or replaced the original frame. Dirt bikes and motocross. Although these off-road bikes are usually not ridden on the street, many states still require liability insurance for them. Sport bikes. These bikes are built for speed and include popular models such as the Kawasaki Ninja, Yamaha YZF, Honda CBR, and others. If you've modified the bike, let the insurer know so you get the coverage you need. Scooters and mopeds. Most states require liability insurance for scooters but not for mopeds. Engine size is the distinguishing factor. Scooters, which generally have 50cc or higher engines, are the more powerful of the two. Touring bikes. Designed for long distances, touring motorcycles feature powerful engines and storage space, and many allow for two riders. Make sure to add any additional riders to the policy to fill coverage gaps, and consider extra coverage, such as roadside assistance and trip interruption insurance. Motorcycle insurance features similar coverage as car insurance and includes some extra options designed especially for riders and their bikes. Collision insurance pays for your bike's repairs, minus your deductible, if it's damaged in a collision with another vehicle or object. If the repairs will cost more than a certain percentage of the bike's worth, collision insurance reimburses you for the actual cash value of the bike, minus the deductible. Comprehensive insurance pays for your bike's repairs, minus the deductible, if it's damaged by a storm, vandalism, collision with an animal, or other problem. It also reimburses you for the value of the bike, minus the deductible, if it's stolen or totaled. Liability insurance covers damage and injuries you cause others in an accident. There are two main types: bodily injury and property damage liability. Most states require a minimum amount of both. In some states, you can also buy guest passenger liability insurance to cover a passenger on your motorcycle who is injured in an accident, according to the Insurance Information Institute. Personal injury protection and MedPay are separate but similar types of insurance. Both cover the medical expenses of you and your passenger if you're injured in an accident, no matter who was at fault. PIP may also cover funeral expenses, lost wages, and the cost of replacement services such as childcare. PIP is not available in every state. Uninsured motorist coverage pays your medical bills if an uninsured or underinsured motorist causes an accident. It also may pay for lost wages if you're unable to work. In some states, you can also buy uninsured motorist coverage for damage to your vehicle. Extra options vary by insurance company, but below are some common options. Collision and comprehensive insurance typically include a dollar limit on how much the policy will pay to replace added equipment and custom parts. You can buy additional coverage to increase the dollar limit, an option worth considering if you've upgraded your bike with lots of extras. Geared for seasonal riders, this lets you pause some coverage, such as liability and collision insurance, during the months that you don't ride the bike. Collision and comprehensive insurance pay the actual cash value of your motorcycle if it's totaled, an amount that may be less than what you owe on a loan or lease of a new bike. Gap insurance coverage pays the difference. This pays to replace items you're carrying on your bike if they're destroyed in an event covered by your collision or comprehensive insurance. If your bike is stolen or in the shop getting repairs for damage covered by your policy, rental reimbursement insurance helps pay for a rental car or alternate transportation. Learn more: What is rental car reimbursement, and what does it cover? Roadside assistance coverage pays for towing your bike to the nearest repair shop if you break down. Trip interruption insurance pays for food, lodging, or transportation if you're a certain distance from home and are in an accident, up to the coverage limit. This option is available only for newer motorcycles. It pays out the full retail price of a new bike, minus your deductible, if your motorcycle is totaled and you have collision and comprehensive insurance. Progressive says its basic liability-only motorcycle insurance policy starts at $75 a year. Although motorcycle owners should consider more than just the cost of a liability-only policy. The starting price will be higher in some states, for some riders, and for some motorcycles, since insurance premium costs vary by several factors. Motorcycle insurance can be cheaper than car insurance because motorcycles usually cause less damage in accidents than cars, are less expensive to repair or replace, and sometimes are used only seasonally. But motorcycle insurance may cost more than car insurance in some instances, such as a teen rider with a new high-performance bike compared to a 40-something motorist with a clean driving history and a safe car. Learn more: What is an auto insurance premium, and how is it calculated? A variety of factors affect the cost of motorcycle insurance, such as: Coverage types. You'll pay more for a policy as you increase the amount and types of coverage. Credit. In many states, a good credit history will help keep your rates low. Riding history. Experienced riders will tend to pay less than beginners. But speeding tickets and other traffic infractions raise the cost. Type of motorcycle. Higher-performance bikes are generally more expensive to insure because they have a higher risk of accidents, and they're more expensive to repair and replace than standard bikes. Where you live. The average cost of motorcycle insurance varies widely by state. Your age. Young riders typically pay more than mature riders. Most major car insurance companies also sell motorcycle insurance. Here's a sampling of several companies. All of them cover a wide range of bikes, sell a full menu of basic and optional coverage, and offer an assortment of discounts. Optional insurance from Allstate includes loan or lease gap coverage, and there are many ways to save, including discounts for belonging to a motorcycle organization and taking a safety course. Optional coverage from Dairyland includes replacement cost insurance, which pays for a new bike if yours is three years old or newer and totaled after an accident. There are discounts for homeowners, Harley Owners Group members, riders who complete an approved safety course, and more. GEICO's collision and comprehensive insurance includes up to $2,000 for accessories or bike modifications at no additional cost, and collision insurance covers your helmet. Discounts include up to 20% off for Motorcycle Safety Foundation instructors and up to 10% off for mature riders. Comprehensive insurance from Nationwide includes $3,000 of coverage for custom equipment, and you can buy up to $30,000 of additional coverage. Other options include coverage for original equipment manufacturer parts and roadside assistance. The robust list of discounts from Progressive includes savings if you have no accidents or motor vehicle violations for three years. Perks include accident forgiveness, meaning no rate increase if you have a claim of $500 or less, and a 25% reduction of your deductible for every claim-free period. If keeping motorcycle insurance rates low is a goal, consider these strategies. The deductible is the amount you pay out of pocket to repair or replace your bike before collision or comprehensive insurance kicks in. Raising the deductible will lower the insurance price. Choose the highest deductible that you can afford to pay, and then keep that amount in savings so it's available if you have to make a claim. Most insurers offer a discount if you buy more than one type of insurance policy from them, known as 'bundling.' If you have a car and a motorcycle, for instance, you could save money by insuring both of them with the same company. Get quotes to compare the total cost of buying the policies from a single company vs. separately from different insurers. Learn more: How an auto and renters insurance bundle can save you big Motorcycle insurance discounts vary by insurer and by state. These are some of the most common ones. Anti-theft discounts are for motorcycles with anti-theft equipment. Autopay discounts lower your rate if you set up automatic payments. Mature rider discounts provide savings to experienced riders of a certain age. Motorcycle organization discounts are for members of approved motorcycle clubs or organizations. Multicycle discounts apply if you insure more than one motorcycle with the same insurance company. Safety course discounts are for riders who complete an approved motorcycle safety course. Safe rider discounts are for maintaining a record with no at-fault accidents or traffic violations for a certain period. Transfer discounts are for switching coverage to a particular insurance company. Learn more: Auto insurance discounts: 17 ways to save Florida state law does not technically require motorcycle insurance to register a bike, but you have to show proof that you're financially responsible in the event of an accident. An easy way to show financial responsibility is simply to buy motorcycle liability insurance — a minimum of $10,000 to cover injuries of a single person, $20,000 to cover injuries of multiple people per accident, and $10,000 to cover property damage. Another way is to get a financial responsibility certificate through the Florida Department of Highway Safety and Motor Vehicles. To get the certificate, you must show that you have a net worth of at least $40,000. It's likely not possible to get motorcycle insurance if you don't have a driver's license. Comprehensive insurance covers theft. It will pay out the actual cash value of the bike, minus your deductible. If you don't have comprehensive insurance, you won't have theft coverage. This article was edited by Amy Danise and Tim Manni.
