You might have wondered: how much is motorcycle insurance? After all, it’s an unavoidable cost that every motorcyclist needs to pay if they want to abide by the law.
Because of this, I wanted to take a closer look at motorcycle insurance and really dig into what it actually costs to insure a motorcycle.
Let me get you the essential info first.
- The average cost of motorcycle insurance varies depending on age, location, driving record, and quality of coverage.
- It can be anywhere from a few hundred dollars to over $1,000.
What’s the Average Cost of Motorcycle Insurance?
According to Value Penguin, the average cost of motorcycle insurance is somewhere around $702 per year. However, it can vary by as much as 250 percent depending on a variety of factors, including, age, location, driving record, and the type of insurance policy you buy.
Business Insider also took a look at motorcycle insurance and noted that for a full-coverage policy, the average price was $1,173 per year. Again, this publication notes that the various factors surrounding your individual policy can dramatically impact the cost.
According to The Balance, age is one of the most important factors. The publication notes that younger riders under the age of 24 can pay as much as $3,000 a year. That is not the average, but it could be the reality for you if you’re under 24 and have a few blemishes on your driving record.
Progressive notes that coverage can be very affordable, ranging from only $163 a year in North Dakota to $364 a year in Michigan. It is important to note that this is just for basic liability insurance, and not for full coverage.
Get a quote on motorcycle insurance with Progressive.
Get a quote on motorcycle insurance with State Farm.
Get a quote on motorcycle insurance with Allstate.
Factors Influencing Motorcycle Insurance Costs
Type of Motorcycle
The type of motorcycle you ride significantly affects your insurance premiums. Sport bikes, cruisers, touring bikes, and dirt bikes each come with different risk profiles. Sport bikes, for example, are typically more expensive to insure due to their high performance and increased likelihood of accidents.
Age and Riding Experience
Your age and riding experience play a critical role in determining your insurance rates. Younger riders and those with less riding experience often face higher premiums due to a statistically higher risk of accidents. Conversely, more experienced riders with clean driving records might benefit from lower rates.
Location
Where you live can also impact your insurance costs. Urban areas with higher traffic and crime rates often lead to higher premiums compared to rural locations. Additionally, local weather conditions and state-specific insurance regulations can influence your rates.
Coverage Levels
The extent of coverage you choose directly affects the cost of your motorcycle insurance. Basic liability insurance is typically less expensive, but it provides limited protection. Comprehensive coverage, which includes collision, theft, and other types of damage, costs more but offers broader protection.
Riding Habits
How often and how far you ride can impact your insurance rates. Riders who use their motorcycles daily for commuting or long trips may face higher premiums compared to those who only ride occasionally. Additionally, the safety measures you take, such as wearing protective gear and installing anti-theft devices, can also influence your insurance costs.
Insurance History
Your insurance history is another important factor. A clean record with no claims or traffic violations can lead to discounts and lower premiums. Conversely, a history of accidents or claims can result in higher rates.
What’s the Smart Motorcycle Insurance Move?
So, you have to have motorcycle insurance by law. However, the required amount of insurance varies. You can get just enough insurance to be legal to ride and come in with a very affordable policy.
However, you might not want to if you have a new bike, have financed a bike, or own an expensive motorcycle. If any of these things are true for you, it’s often smart to get full coverage.
Personally, I buy super affordable bikes. I have only financed one new motorcycle in my life and while it was financed, I had full coverage on it. It is paid off now, and I almost removed full coverage. For the moment, though I decided to keep it. As it ages, I’ll continue to reevaluate this and I may pull full coverage off the bike in the future.
If you have an older bike, a bike that has a ton of miles, or a motorcycle that simply isn’t worth much, you have no need for full coverage. Get the minimum coverage for the bike and then enjoy it.
Compare plans and get a quote on motorcycle insurance at The Zebra.
