Most folks who buy mopeds never buy insurance for them. Perhaps, they figure that if someone steals it they'll just get a new one and their insurance is buying a really good lock. Yes, well I have one of those too, I certainly do not want my customized scooter stolen, it is fun to ride, cheap on gas and when I drive it I feel as though I am helping the United States of America break her addiction to Middle Eastern Foreign Oil. As a proud citizen that is the least I can do.
And indeed, paying $ 3.50 to fill it up with gasoline for two-weeks cruising around town is just a kick too, especially when someone at the pump next to me is invariably filling up the Suburban with $ 185 in gasoline. Moped are a great way to save money, yes, no doubt about it and it is an environmentally friendly and less imposing mode of transportation. But do not go overboard on saving money when it comes to buying insurance for your little two-wheeler. Why you ask?
Well, first off moped insurance is really cheap, so it's just stupid not to buy it, and second, it is the law in many states, if you do not buy it you are breaking the law, and all of a sudden you are not such a great citizen after all. Even if you own your moped outright and do not insure its value, you must have liability insurance in case you are involved in an accident. Let me tell you a little story.
A friend of mine was riding his moped and using hand signals, apparently another car did not see him and bumped him sending him into the next lane. A car swerved to miss him and hit a fire hydrant. Yes, I know you've seen that ultimate city water feature before. The car that hit the fire hydrant went on to hit a telephone pole and the air bags deployed. The driver was injured and the car that bumped him kept going.
No one got the license plate number or even saw that another car bumped my friend. Luckily, my friend had liability insurance on his moped and it covered all the damage (city = $ 10,000 and vehicle = $ 22,000) and minor hospital bills ($ 24,000 minor by today's standards). Had he not had insurance, he'd have been sued a pretty penny. So, buy the moped insurance, it really does not cost that much.