Motorsport motorcycles can be pricey to insure

Paying for motorcycle insurance can seem like an extra strain on a budget, but having motorcycle insurance can be just as important as car insurance. In addition, there are ways riders can save on insurance.

Motorcycle riders can cut their insurance costs depending on the type of model they ride. People who ride supersport motorcycles may end up paying more for coverage because these models are known for high speed and are associated with a high number of fatal accidents. The Insurance Institute for Highway Safety says that motorsport motorcycles have the worst overall insurance losses out of all the types of motorcycles.

"Supersport motorcycles are indeed nimble and quick, but they also can be deadly," says IIHS senior vice president for research Anne McCartt. "These bikes made up less than 10 percent of registered motorcycles in 2005 but accounted for over 25 percent of rider deaths. Their insurance losses were elevated, too."

As with driving a car, practicing safe riding and keeping a clean driving record may also help with insurance rates.