How Much is Motorcycle Insurance?


When it comes to motorcycle insurance, the cost can vary widely depending on a variety of factors. Some of the main factors that can impact the cost of your motorcycle insurance include the type of motorcycle you own, your age and driving history, the location where you live, and the level of coverage you choose. In this blog post, we’ll take a closer look at How Much Should You Expect to Pay for Motorcycle Insurance.

Understanding Motorcycle Insurance Coverage

Liability Insurance

Liability insurance covers bodily injury and property damage you may cause to others in an accident. It’s usually the minimum required coverage.

Collision Coverage

This coverage helps repair or replace your bike if it’s damaged in an accident, regardless of who’s at fault.

Comprehensive Coverage

Comprehensive coverage protects your bike against non-accident-related damage, such as theft, vandalism, or natural disasters.

Uninsured/Underinsured Motorist Coverage

This coverage comes into play if you’re involved in an accident with a driver who doesn’t have insurance or lacks sufficient coverage.

Why Do You Need Motorcycle Insurance?

When it comes to owning a motorcycle, having insurance is just as important as having a helmet and protective gear. Not only is it a legal requirement in most states, but it can also provide much-needed financial protection in the event of an accident.

Also Read:Cost of Full Coverage Auto Insurance

How Much Should You Expect to Pay for Motorcycle Insurance?

The cost of motorcycle insurance can vary greatly, but on average, riders can expect to pay between $75 and $150 per month for coverage. However, this is just a rough estimate, and the actual cost of insurance will depend on the factors mentioned above.

Minimum-Coverage Motorcycle Insurance Cost

According to the findings of our undercover investigation across the industry’s leading service providers, the minimal coverage for ordinary bikes costs an average of $77 per year, while the cost for sports bikes is $112 per year and the cost for touring cycles is $195 per year. We chose the minimal coverage for the below rates, which has limits of $30,000 in bodily injury liability per person, $60,000 in bodily injury liability per accident, and $25,000 in property damage liability per accident. The following are the bicycles that were ridden by those who provided quotes for 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 sayings are applicable to low-risk riders as well, namely those who have not been involved in an accident in the previous three years. Quotes are often increased by 82% for riders who have a history of having both a speeding citation and an accident within the previous three years.

Full-Coverage Motorcycle Insurance Cost

The cost of motorcycles with full coverage is much more than the cost of motorcycles with minimum coverage. We observed that the annual average fee for basic bikes was $475, while the rate for sports bikes was $2,198, and the rate for touring cycles was $1,082. When you get full coverage, you also receive comprehensive and collision coverage, both of which pay to repair your bike in the event of an accident or collision with a stationary object.

The following quotes contain maximums of $100,000 in responsibility for bodily injury per person, $300,000 in liability for bodily injury per accident, and $50,000 in liability for property damage per accident.

The real monetary worth of the motorcycle is covered by the collision and comprehensive insurance policies, minus a deductible of $500. Dairyland was the only insurer that did not offer accessory coverage of between $3,000 and $5,000, in contrast to Progressive, Geico, and Allstate.

Although the premiums for full–coverage motorcycle insurance may appear to be quite high, it is often a good idea to purchase more coverage than what is required by law in your state. There is a possibility that you do not require full coverage for your requirements; but, basic coverage will not pay to repair your own bike in the event that you cause an accident or run into a stationary object.

Read: Is it Possible to Insure a Car That I Don’t Own in Ontario?

What Factors Affect the Cost of Motorcycle Insurance?

The cost of motorcycle insurance can vary depending on a number of factors, including the type of motorcycle you own, your age and driving record, the state you live in, and the level of coverage you choose. Here are some factors that can affect the price of your motorcycle insurance:

  1. Type of motorcycle: The type of motorcycle you own can have a big impact on your insurance premiums. Sport bikes, for example, tend to be more expensive to insure due to their higher speeds and higher risk of accidents. Cruiser motorcycles, on the other hand, may have lower insurance premiums due to their lower speeds and lower risk of accidents.
  2. Age and driving record: Your age and driving record can also affect the cost of your motorcycle insurance. Younger drivers, particularly those under 25, may face higher premiums due to their lack of driving experience. Similarly, drivers with a history of accidents or traffic violations may also face higher premiums.
  3. Coverage level: The amount of coverage you choose will also impact the cost of your motorcycle insurance. A policy with higher coverage limits will generally cost more than a policy with lower limits.
  4. Location: Where you live can also affect the cost of your motorcycle insurance. Insurance premiums tend to be higher in urban areas due to the higher risk of accidents and theft.
  5. Deductibles: The deductible is the amount you agree to pay out of pocket before your insurance kicks in. Higher deductibles generally result in lower premiums, but it’s important to consider whether you’ll be able to afford the deductible if you do need to file a claim.

How to Save on Motorcycle Insurance

Choose the Right Bike

Opt for a bike with a lower risk profile. Bikes with smaller engines and less powerful performance can lead to lower insurance costs.

Maintain a Clean Driving Record

Safe riding practices translate into lower insurance rates. Avoiding accidents and traffic violations can help you secure more affordable coverage.

Take a Motorcycle Safety Course

Completing a certified motorcycle safety course not only enhances your riding skills but also often leads to discounts from insurance providers.

Bundle Insurance Policies

Consider bundling your motorcycle insurance with other policies like auto or home insurance for potential multi-policy discounts.

How to Get Your Motorcycle Insurance Rates Reduced

There are a few different ways that riders of motorcycles can save money on their insurance premiums, despite the fact that the costs of motorcycle insurance vary depending on the insurance provider as well as the other considerations discussed above. Consider the following advice if you want to cut down on the amount of money that is withdrawn from your bank account each year to cover the cost of your motorcycle insurance:

  • Pick a bike with a lower price tag. Your motorcycle’s insurance premium will be proportionately cheaper if it has a lower market value.
  • Look for precautionary measures. If your motorcycle adheres to high safety regulations, has a tiny engine, or is equipped with anti-lock brakes and other anti-theft equipment, you can anticipate paying reduced premiums.
  • Reduce the amount of miles you travel each year. Those who ride their motorcycles less often will pay less for their insurance premiums.
  • Raise the amount of your deductible. Insurance premiums can be reduced by increasing the deductible amount.
  • Try to find deals and discounts. Insurance companies frequently make available a variety of different savings opportunities.
  • Attend a lesson that focuses on rider safety. Participants in rider safety classes will probably see a reduction in their annual insurance premiums.
  • Participate in a rider group. There is a possibility that members of the Harley Owners Group and many other biker clubs will receive discounted rates.
  • Consider bundling insurance coverage.. Expect to receive a discount on your motorbike coverage if you bundle it with other types of insurance, such as auto, homes, or renters insurance.
  • Compare motorcycle insurance quotes. Request price estimates from multiple service providers to determine which option offers the best combination of cost and coverage.

In Conclusion

The price of motorcycle insurance is highly variable and can be affected by a wide range of criteria, such as the model of motorcycle you ride, your age, your driving record, your place of residence, and the amount of coverage you purchase. You can locate a motorbike insurance coverage that satisfies your requirements and is within your financial means by giving these aspects of the search some thought and searching around for several quotes.

FAQs (Frequently Asked Questions)

What is the minimum motorcycle insurance required by law?

The minimum required coverage varies by state but typically includes liability insurance.

Can I get discounts for being a safe rider?

Yes, many insurance companies offer discounts for riders with clean driving records and completing safety courses.

Does the type of motorcycle affect insurance costs?

Yes, high-performance and sport motorcycles often come with higher insurance premiums.

Is comprehensive coverage necessary for an older bike?

It depends on your circumstances. Comprehensive coverage can still provide protection against theft and non-accident-related damage.

How often should I review my motorcycle insurance policy?

It’s a good practice to review your policy annually or whenever you make significant changes to your bike or riding habits.

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