Why Is Motorcycle Insurance So Expensive? 

If you already own a motorcycle - or just thinking about buying one, -  you may be wondering why is motorcycle insurance so expensive. 

While the cost of a motorcycle itself is relatively low, the associated insurance premiums can get surprisingly high, - especially if you are a young rider on top of a powerful bike. 

Let’s take a look at some of the reasons explaining the seemingly high costs of motorcycle insurance.

Key Takeaways

• High accident rates, high vehicle speed, and limited body protection are some of the reasons that make motorcycle insurance expensive.
• While the yearly costs of motorcycle insurance can range from $70 to $2000+, a typical yearly cost is around $350. This translates to $29 per month.
• Factors that determine your insurance premium include the motorcycle model and other details, your personal information and riding history, as well as the type of coverage and the specific insurance provider.

Why Is Motorcycle Insurance So Expensive?

The primary role of any insurance is to provide sufficient coverage for potential risks. Since riding a motorcycle is known to be dangerous, motorbike insurance premiums can get high. Some of the reasons explaining these high costs are:

• High rates of accidents: Motorcycle accidents are way too common! For example, in 2020 alone, 83,000 motorcyclists were injured, and 5,579 lost their lives in a traffic accident. In fact, motorcyclists are 6 times more likely to be fatally injured than car passengers.
• High speed: Most motorcycles accelerate quickly, which means that a potential accident is more likely to cause serious injuries as compared to an accident involving a speeding motor vehicle.
• Limited body protection: Even when wearing all the required protective gear, motorcyclists are still fully exposed to injuries in case of an accident or a collision.

The primary role of any insurance is to provide sufficient coverage for potential risks. Since riding a motorcycle is known to be dangerous, motorbike insurance premiums can get high.

Is Motorbike Insurance Cheaper than Car Insurance?

While motorbike insurance may seem expensive relative to the cost of the vehicle, it is still much more affordable than car insurance. To give you a perspective: an average driver of a four-wheel motor vehicle spends $1,332 per year on insurance, while a typical motorcycle rider spends only around $350.

How Much is Motorcycle Insurance per Month?

The cost of motorcycle insurance can range from $70 to $2,000 per year and more, with a typical yearly cost of around $350. This translates to around $6 to $167 per month, with a typical monthly premium of $29.

What Factors Affect Motorcycle Insurance Rates?

Motorcycle insurance rates fluctuate constantly. While you may not be able to find out the exact insurance cost without obtaining quotes from a few companies, understanding these factors can give you an idea of what to expect: 

• Different types of motorcycle insurance coverage. More comprehensive motorcycle insurance plans will cost more than those providing just the basic coverage.
• Your age and gender. Young drivers under the age of 25 are likely to be faced with steep insurance rates. Plus, men will pay more for motorcycle insurance as compared to women.
• Your marital status. Here is another reason to tie the knot: single riders often pay higher insurance rates than married ones.
• Type of motorcycle. Sports bikes are usually the most expensive to insure, while mopeds and cruiser bikes are the least expensive. Trikes and dirt bikes will have different insurance rates, as they are separate models.
• Motorcycle CC’s. The more CC’s your motorcycle has (the larger its engine), the higher insurance you can expect to pay.
• Motorcycle value. Totaling an expensive bike will cost your insurance company more to compensate. This means that higher motorcycle price directly translates into higher insurance premiums.
• Motorcycle age and mileage. Old bikes with high mileage typically cost more to insure than new ones.
• Your experience. If you have many years of experience on the road, your insurance rates will be considerably lower.
• Previous speeding and traffic tickets. Riders with a clean driving history and no previous violations are typically rewarded with more favorable insurance rates.
• Your accident and claim history. If you’ve been previously involved in a road accident and submitted an insurance claim, expect to pay high rates to insure your bike.
• Your credit rating. Higher credit scores often lead to lower insurance premiums.
• Location. Some states have higher insurance rates than others. As such, locations with high populations with a large proportion of uninsured drivers tend to have expensive motorcycle insurance rates. Plus, higher crime rates translate into higher insurance premiums.
• Where you keep your bike when not riding it. Keeping your bike in the garage can reduce the risk of theft and vandalism, thus lowering your insurance premium.
• Riding season. If you live in an area with harsh winters and can’t enjoy your bike all year round, you can qualify for reduced insurance premiums during the colder winter months.
• Deductible amount. Naturally, the lower your deductible, the higher your premium.
• Type of use. If you use your motorcycle for leisure purposes, you will likely pay less in insurance premiums than if you ride the bike on a daily basis.

Where to Find the Cheapest Motorcycle Insurance Quotes

If you are looking for the cheapest motorcycle insurance, we recommend obtaining quotes from the following companies known for their great rates and discounts:

• Nationwide. Nationwide offers the cheapest motorcycle insurance quotes at only $49 per month on average. You may be able to lower your premium even more by bundling your motorcycle coverage with a home or car insurance policy or taking advantage of their vanishing deductible option.
• Progressive. If you need extra coverage at affordable rates, Progressive may be your best option. By working with Progressive, you will be able to take advantage of numerous discounts like those for paying on time or making payments electronically.
• Geico. Geico is an excellent option for young riders between 18 and 21 years of age. Plus, it has flexible payment options and a convenient mobile app.
• Dairyland. Dairyland is another great option for teens and young adults seeking affordable coverage. You may be able to save even more by completing a motorcycle safety course.
• Allstate. With Allstate, you can save 10% off your car insurance when bundling it with your motorbike coverage. In addition, you can benefit from a policy transfer discount, a good rider discount, a motorcycle safety course discount, and much more.
• Markel. If you are a safe motorcyclist, you may be able to benefit from a variety of discounts offered by Markel. Keep in mind, however, that the insurance quotes can vary significantly from state to state.

Final Word: The Factors Behind Motorcycle Insurance Costs

Expensive motorcycle insurance coverage can be explained by high speeds, frequent accidents, and probable injuries associated with riding a bike. While you may not be able to change these factors, you can lower your motorcycle insurance rates by buying a more basic model, staying safe on the road, storing your bike in the garage, and even improving your credit rating. And, of course, don’t forget to shop around for the cheapest motorcycle insurance quotes.