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How much does motorcycle insurance cost?

  • Cars Explained
  • Xavier Sabastian
  • 4 minutes

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The average cost of motorcycle insurance in the United States is $729 per year. However, prices can vary by more than 150 percent, depending on where you live. However, regardless of state laws, every rider benefits from current coverage. We gathered thousands of estimates from across the country to determine how much it costs to cover your bike, health, and finances.

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The average cost of motorcycle insurance

We analyzed motorcycle insurance quotes from all 50 states and discovered that the average cost of motorcycle insurance in the United States is $729 for an entire year of coverage. Because the cost of coverage varies depending on where you live, it’s a good idea to seek many quotes to discover the best deal.

The following are the coverage limits:

  • Bodily injury liability coverage: $100000 per person/$300000 per accident
  • Property damage liability coverage: $50,000
  • Comprehensive and collision deductible: $500

Motorcycle insurance cost

States with high and cheap motorcycle insurance

The five states with the cheapest insurance quotes had at least 36% cheaper rates than the national average. All of the states with the lowest rates were in the Midwest and Great Plains. The following are the states with affordable rates:

  • North Dakota
  • Iowa
  • Wyoming
  • South Dakota
  • Nebraska

In contrast to the most affordable states, the most expensive states for motorbike insurance revealed no significant geographical correlation.  They do, however, have larger populations and longer riding seasons. The following are the states with higher motorcycle insurance:

  • California
  • Louisiana
  • Missouri
  • Michigan
  • Florida

Paying for motorcycle insurance in 12 monthly installments is usually more expensive than paying for a yearlong policy in one lump sum. Pay-in-full discounts are popular at major insurers. If you live in a state where coverage is pricey or want a lower overall rate, consider purchasing six to twelve months of motorcycle insurance coverage at once rather than monthly.

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Motorcycle insurance rates w.r.t. age

Motorcycle insurance companies typically charge younger drivers higher premiums because they are more likely to be involved in accidents. These insurance companies evaluate your cost of coverage based on your age and years of riding experience, in addition to the city you live in, the number of policies you select, and your driving history. 

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Motorcycle insurance rates wrt type of motorcycle

Insurance companies base your price on all available safety and risk information. Therefore the sort of motorcycle you ride has a significant impact on your premium. 

In particular, insurers consider the following factors: 

  • Value of your motorcycle:¬†Because more expensive motorcycles are more expensive to fix and replace, insurance firms charge you extra to cover them if you buy comprehensive and collision insurance.
  • Safe nature of your bike:¬†Bikes with greater safety features, such as anti-lock brakes, are less likely to be involved in an accident and, as a result, are often less expensive to insure than bikes without those features.
  • Crash rate:¬†Certain motorbike types and styles are more likely to be involved in an accident than others.¬†
  • Theft rate:¬†Insurance companies frequently charge a higher premium to cover a type of bike stolen frequently. This is because there is a greater likelihood that the insurance will have to pay out for a comprehensive claim. As a result, flashy and expensive bikes that are prime targets for theft are more expensive to insure.

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Bottom line: 

Motorcycle insurance, like auto insurance, protects you financially if you cause an accident. Full-coverage insurance may also include comprehensive and collision coverage, compensating for damage to your bike caused by an accident or other reasons such as theft. Some motorbike insurance companies additionally include extras such as roadside assistance and trip cancellation coverage. The amount of coverage necessary varies by state, and some states require personal injury protection while others do not. Only a few states permit residents to ride motorbikes legally without insurance or proof of financial responsibility. We do, however, urge that you safeguard yourself with insurance coverage.

Nationwide provides the lowest average insurance prices, while Markel is a good choice for collectors because it covers more motorcycles than many other insurers. 

You can combine your motorcycle and auto insurance policies. In reality, most insurers provide a multi-policy discount of 5% to 10% for combining your vehicle and motorcycle insurance.

 

Check out our blogs for info on finding top-rated airport parking, the best parking spots in your city, the most affordable insurance for your car, and affordable car washes near you.


 

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