How Much Is Motorcycle Insurance?

Motorcycle insurance protects you and your bike, safeguards your finances, and ensures that you're abiding by the law. 

But how much does motorcycle insurance really cost?

The cost of motorcycle insurance can vary depending on various factors, including the type of motorcycle, the coverage options you choose, and your personal details such as age, driving record, and location, but the average cost is $60 per month.

Let’s explore the average cost of motorcycle insurance, what motorcycle insurance covers, how to lower the cost of your motorcycle insurance, and more.

Key Takeaways

• Comprehensive coverage offers extensive protection, covering accidents, theft, vandalism, and non-collision incidents.
• Liability coverage is essential, protecting against legal and financial obligations if you cause an accident resulting in injury or property damage.
• Factors that influence insurance rates include the type of motorcycle, driving history, safety features, credit score, and location. 
• Discounts may be available for a clean driving record, completion of a motorcycle safety course, or installation of anti-theft devices.

How Much Does Typical Motorcycle Insurance Cost?

Typical motorcycle insurance costs can vary greatly depending on several factors. On average, motorcycle insurance can range from $25 to $200 per month, with an average cost of $60 per month.

However, it's important to note that these are just averages, and the actual cost of your motorcycle insurance will be influenced by many variables.

Average Cost of Motorcycle Insurance by Type of Bike

The type of bike you own is a significant factor in determining insurance costs. For example, sports bikes tend to have higher insurance premiums compared to cruiser bikes due to their higher crash rates. Also, the more expensive the bike, the more it’s going to cost to insure.

A Honda Gold Wing, for example, averages $329 per month in insurance costs, whereas a Piaggio Liberty 150 is just $98 per month, according to ValuePenguin.

Average Cost of Motorcycle Insurance by State

Different states have varying insurance rates. States with higher costs of living, like California and New York, tend to have higher insurance rates, while lower-cost states like West Virginia and Rhode Island may have more affordable options.

Motorcycle insurance in Florida, for example, averages $78 per month. California, on the other hand, averages $151 per month, according to ValuePenguin.

Average Cost of Motorcycle Insurance by Insurance Company

Insurance companies also have different rates and offer varying levels of coverage. Some well-known motorcycle insurance companies include Progressive, Safeco, Nationwide, and Allstate. The average cost of insurance with these companies can differ based on factors like your location, driving record, and the type of motorcycle you have.

Source: ValuePenguin

Average Cost of Motorcycle Insurance by Age

Age is another crucial factor in determining motorcycle insurance costs. Younger riders, especially 18-year-olds, may face higher premiums due to their lack of experience and higher risk levels. The average cost of motorcycle insurance for an 18-year-old is $244 per month. Conversely, more experienced riders typically enjoy lower insurance rates, with the average cost of motorcycle insurance for a 50-year-old being $191 per month.

What Factors Affect Motorcycle Insurance Rates?

Motorcycle insurance rates are influenced by the level of risk associated with insuring a particular rider and bike. Understanding these factors can help you navigate the insurance market and find the coverage that best fits your needs and budget.

Factors that affect motorcycle insurance rates include:

• Type of coverage. Comprehensive coverage, which protects against theft, vandalism, and damage from non-collision incidents, tends to be more expensive than liability coverage alone, for example. Additionally, the level of coverage you select, such as the amount of bodily injury liability coverage or property damage coverage, can also affect your premiums.
• Age and gender. Younger riders, especially teenage riders, are generally viewed as higher risk due to their lack of experience, resulting in higher insurance rates. Gender can also impact rates, with statistics showing that male riders tend to have higher crash rates compared to female riders.
• Type of bike. Sports bikes and high-performance motorcycles are associated with more accidents and higher claim costs, resulting in higher premiums. On the other hand, cruisers or touring bikes are typically less expensive to insure due to their lower crash rates and lower repair costs.
• Age and mileage of the bike. Older bikes or those with high mileage may have higher repair costs, which means they can be more costly to insure.
• Speeding and traffic tickets. Your driving record, whether it includes speeding tickets or traffic violations, can also impact rates.
• Accident and claim history. A history of accidents and claims may result in higher premiums, as insurance companies perceive a higher risk for future incidents.
• Credit rating. Insurance companies may also consider your credit rating when determining rates. A good credit score suggests responsible financial behavior, which can translate into a lower risk for the insurer.
• Where you store your bike when not riding it. Bikes stored in safer locations are less likely to be stolen or damaged, resulting in lower premiums.
• Riding season. Insurance companies charge higher premiums during months when motorcycles are more likely to be on the road. 

What Does Motorcycle Insurance Cover?

Motorcycle insurance covers liability coverage, collision coverage, comprehensive coverage, and uninsured/underinsured coverage.

Liability coverage. Liability coverage is mandatory in most states. This coverage protects you if you cause an accident that results in injury or damage to someone else's property.

Collision coverage. Collision coverage helps cover the cost of repairs or replacement if your bike is damaged in a collision with another vehicle or object. 

Comprehensive coverage. Comprehensive coverage protects against theft, vandalism, and damage from non-collision incidents, like fire or severe weather.

Uninsured/underinsured coverage. Uninsured/underinsured motorist coverage provides protection if you are involved in an accident with a driver who doesn't have insurance or has insufficient coverage to pay for the damages.

How to Get Cheap Motorcycle Insurance

If you're looking to get cheap motorcycle insurance, here are a few tips to help you save money:

• Compare Quotes: Obtain multiple quotes from different insurance providers to ensure you are getting the best rate available. Each company may have different pricing structures and discounts, so it's important to shop around.
• Maintain a Clean Driving Record: Insurance companies often offer lower rates to riders with a clean driving record. Avoid traffic violations and accidents to keep your insurance premiums low.
• Opt for a Less Expensive Bike: The type of motorcycle you ride can impact your insurance premiums. Sports bikes and high-performance motorcycles are generally more expensive to insure than cruisers or standard bikes, for example.
• Bundle Policies: Some insurance companies offer multi-policy discounts if you have multiple insurance policies with them. Consider bundling your motorcycle insurance with other policies such as auto insurance or homeowners insurance to save money.
• Seek Out Discounts: Ask insurance providers about any available discounts. Discounts may be available for completing a motorcycle safety course, being a member of certain motorcycle associations, or having anti-theft devices installed on your bike.

Who Offers the Cheapest Motorcycle Insurance Rates?

When it comes to finding affordable motorcycle insurance, it's important to consider reputable insurance providers that offer competitive rates. Some companies known for offering relatively affordable motorcycle insurance include GEICO, Progressive, and Nationwide.

GEICO: GEICO offers motorcycle insurance at competitive rates, making it one of the more affordable options. They also provide discounts for experienced riders, safety features on the bike, and those who have completed a motorcycle safety course. 

Progressive: Progressive is another popular choice for affordable motorcycle insurance. They offer a variety of coverage options and discounts, including multi-policy discounts. However, while their rates are generally competitive, they may not always be the cheapest option for every rider.

Nationwide: Nationwide provides motorcycle insurance at affordable rates and offers various coverage options and additional benefits. They have a good reputation for customer service and claims handling. However, their rates may not be the absolute cheapest available.

How to Lower Existing Motorcycle Insurance

If you're looking to lower your existing motorcycle insurance premiums, there are several steps you can take, including:

Completing a motorcycle safety course. Insurance companies often offer discounts to riders who have successfully completed these courses, as they demonstrate a commitment to safe riding practices.

Maximizing all available discounts. Inquire with your insurance provider about any discounts you might be eligible for, such as membership in specific motorcycle associations or having certain safety features installed on your bike.

Keeping your policy current. Also, regularly reviewing and customizing your coverage options can help lower your premiums. It's important to ensure you have the right amount of coverage for your needs, but also to avoid paying for any unnecessary coverage.

Increasing your deductible. A higher deductible means that you'll pay more out of pocket in the event of a claim, but it can also reduce your annual premium.

Avoiding motorcycles with modified engines. Modified engines can result in higher insurance premiums because insurance companies often view them as increasing the risk of accidents and theft.

Installing an anti-theft device on your bike. These devices make your motorcycle less attractive to thieves and can result in discounts on your policy.

Bundling your motorcycle insurance with other policies. Many insurance providers offer multi-policy discounts, which can lead to significant savings.

Final Word: Is Motorcycle Insurance Expensive?

When it comes to motorcycle insurance, many riders often wonder if motorcycle insurance is expensive.

While motorcycle insurance costs can vary, they are not necessarily expensive if you take the right steps. By considering factors such as the type of bike, coverage options, your driving record, and available discounts, you can find motorcycle insurance that is both affordable and provides the necessary protection for your two-wheeled adventures.