How much is motorcycle insurance? If you own a motorcycle or plan to, you need motorcycle insurance. In all but a few states, motorcycle insurance is required by law. The good news is that it’s typically cheaper than car insurance, costing an average of about $60 per month.
But your premium will vary based on your age, location, driving history, and other factors. We’ll cover what you can expect to pay, how you can save, and how the top motorcycle insurance companies compare. With the right policy for your bike, you can enjoy your ride without worrying about your finances.
How Much Is Motorcycle Insurance?
Motorcycle insurance can cost anywhere from $85 to $2,000 per year or more. Costs are highly dependent on the type of motorcycle you have (standard, sports or touring), the coverage you select and your driving history.
According to our secret shopper analysis, minimum coverage ranges from about $85 to $265 per year, and full coverage with higher limits ranges from about $245 to $2,500 per year.
Minimum-Coverage Motorcycle Insurance Cost
For the quotes below, we selected minimum coverage with limits of $30,000 bodily injury liability per person, $60,000 bodily injury liability per accident and $25,000 property damage liability per accident. Here are the bikes we used for quotes in this article:
- Standard: 2017 Yamaha SR400 with a 399 cc engine
- Sports: 2020 Suzuki GSX-R600 with a 599 cc engine
- Touring: 2020 Honda Goldwing F6B with an 1,832 cc engine
All of these quotes also apply to low-risk riders who have had no accidents in the last three years. For riders who have had both a speeding ticket and a motorcycle accident in the past three years, quotes are generally 82% higher.
Full-Coverage Motorcycle Insurance Cost
Full-coverage costs significantly more than minimum coverage for motorcycles. Full coverage adds comprehensive and collision coverage to the mix, which pay to fix your bike after an accident or encounter with a stationary object.
The quotes below include limits of $100,000 bodily injury liability per person, $300,000 bodily injury liability per accident and $50,000 property damage liability per accident. The collision and comprehensive policies cover the actual cash value of the bike minus a $500 deductible.
The rates for full-coverage motorcycle insurance may seem steep, but it can be smart to get more than your state’s minimum-coverage requirements. Full coverage may not be necessary for your needs, but minimum coverage doesn’t repair your own bike if you cause an accident or run into a stationary object.
What Factors Affect Motorcycle Insurance Rates?
Here are some of the key factors that impact your motorcycle insurance cost:
We know you live to ride, but did you know that where your ride lives impacts your motorcycle insurance rate? Motorcyclists in colder states with shorter riding seasons typically see fewer accidents and insurance claims — resulting in lower rates. Conversely, you’ll pay more for motorcycle insurance in warmer states, where more opportunities to ride lead to more accidents and claims.
Age and riding experience
Generally, your rate decreases as you get older until you reach your 70s. Because teen riders pose the greatest risk for insurers, they’ll typically pay higher motorcycle insurance rates. But your age won’t always tell the whole story. An older, inexperienced rider may pay a higher price for motorcycle insurance than a much younger, more experienced rider.
Speeding and traffic tickets
A speeding ticket will likely increase your motorcycle insurance cost, whether the violation happened in your car or on your bike. In most states, violations will usually fall off your driving record after three years and no longer impact your motorcycle insurance rate.
Accident and claim history
Any auto or motorcycle accident on your motor vehicle history may increase your motorcycle insurance cost, depending on your state. At-fault accidents are generally costlier, but any claim can negatively affect your insurance rate.
Type of bike
When comparing motorcycles in the same class, models with bigger engines typically cost more to insure since high-performance bikes pose a greater risk for accidents. Learn more about the different types of motorcycles.
Many motorcycle insurers check credit, and a better rating can save you money on insurance in most states. Getting a quote will never affect your credit score.
Adding comprehensive and collision coverage will cost more than the state minimum liability coverage. A liability-only policy will cost the least, but it won’t cover the cost of physical damage to your bike.
We also offers extra customizable coverages that might increase your motorcycle insurance rate, such as accessory coverage, carried contents/personal belongings, and enhanced injury protection.
Your deductible will also impact the average cost of motorcycle insurance. The higher your deductible, the more your out-of-pocket expense will be at the time of an accident, but you’ll have a lower overall rate. And vice versa.
How To Lower Motorcycle Insurance Costs?
While motorcycle insurance costs vary by provider and the factors mentioned above, there are a few ways motorcycle riders can save on insurance costs.
If you’re looking to reduce how much motorcycle insurance takes out of your bank account each year, consider the tips below:
- Choose a cheaper bike. If your motorcycle holds a lower value, its insurance rate will reflect that.
- Look for safety features. Expect lower insurance premiums if your motorcycle follows stringent safety standards, has a small engine or includes anti-lock brakes and anti-theft devices.
- Reduce your annual mileage. The cost of motorcycle insurance is lower for those who ride less.
- Increase your deductible. Higher deductibles result in lower insurance costs.
- Look for discounts. Insurance providers often provide a range of discount offers.
- Take a motorcycle safety course. Those who enroll in rider safety courses will likely save money on insurance.
- Join a rider group. Members of the Harley Owners Group and other biker clubs may see lower rates.
- Opt for bundling insurance coverage. If you bundle homeowners, renters or auto with a motorcycle insurance policy, expect a multi-policy discount.
- Compare motorcycle insurance quotes. Get quotes from providers to see which best fit your cost and coverage needs.
What Does Motorcycle Insurance Cover?
If you have ever purchased a car insurance policy, you have a pretty good sense of the type of coverage you can get with motorcycle insurance. The two types of policies are very similar.
Motorcycle insurance offers liability coverage that protects you if you injure someone else or damage their property. In some states, insurers also offer guest passenger liability, which will cover you if a passenger on your bike is hurt.
In most states, you will need to carry at least a minimum level of liability coverage.
Other aspects of motorcycle coverage may be optional, including:
- Collision coverage pays for repairs to your motorcycle if it’s damaged in a crash.
- Comprehensive coverage pays for damage to your motorcycle caused by something other than a collision, such as theft or vandalism, weather or a fire.
- Uninsured/underinsured motorist coverage pays your medical bills if another driver who is uninsured or underinsured causes a crash.
Motorcycle owners often upgrade their ride with customized parts. A typical comprehensive or collision insurance policy usually doesn’t reimburse you for damage to custom parts and may instead pay only to replace them with standard parts.
If you want to make sure your fancy chrome parts or other upgrades are fully covered, ask if your insurer offers separate coverage for customized parts.
How to Save on Motorcycle Insurance?
Fortunately, there are usually steps you can take to lower your motorcycle insurance cost.
Perhaps the single most important thing you can do is to shop around and compare quotes from a number of different insurers. Each insurance company has its own formula for setting rates, and you won’t know if you’re overpaying until you compare motorcycle insurance quotes.
Increase your deductible
You can also save money by increasing your deductible if you have collision and comprehensive insurance. For example, raising your deductible from $500 to $1,000 (or more) will lower your motorcycle insurance cost.
If you raise your deductible, be prepared to get a lower insurance check if you make a collsion or comprehensive claim.
Keep a clean driving record
Driving safely so that you avoid tickets and accidents is another key way to keep costs lower. Insurers look favorably on motorcycle owners who keep a clean driving record.
Reconsider your coverage
If you drop comprehensive and collision coverage, you will also substantially cut your motorcycle insurance costs. Dropping such coverage usually makes the most sense when your bike is older and its value is fairly low.
Are motorcycles expensive to insure?
Motorcycles can be expensive to insure depending on your financial situation. On average, riders can end up paying from as low as $25 to $200 per month. You can lower costs on motorcycle insurance by opting for minimum coverage and seeking out discounts.
Is it cheaper to insure a motorcycle than a car?
As most motorcycles are cheaper than cars, you can generally expect motorcycle insurance to be cheaper than coverage for a standard vehicle.
How much motorcycle insurance do I need?
At a bare minimum, you need to meet your state’s minimum coverage requirements for motorcycle insurance. It’s recommended to exceed this minimum amount, though, to ensure you’re fully protected in the case of an accident.
Above is information about How much is motorcycle insurance? that we have compiled. Hopefully, through the above content, you have a more detailed understanding of What factors affect motorcycle insurance rates? Thank you for reading our post.