Cost of Motorcycle Insurance | Factors That Influences Insurance Price

Every Insurance policy is formulated to protect you and me from a lot of things we can't control and there are so many of them out there, including motorcycle insurance.

In that case, if you own a motorcycle or are considering getting one; then, you need to know how much motorcycle insurance is.

You'll also need to know the factors that can influence the cost of the policy you choose. This insurance article will help you understand all that you need.

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Introduction to Motorcycle Insurance

Motorcycle insurance is required in most states in the United States, but regardless of state requirements, every rider benefits from active coverage.

We've gathered thousands of quotes from across the country to determine how much it costs to protect your bike, your health, and your finances.

When you get on your bike as a motorcyclist, several things may come to mind – helmet, leathers, boots, gas, tires – but insurance coverage may not be one.

Motorcycle insurance, like car insurance, limits your liability in the event of an accident. It is required in all states except for Florida, Washington, Montana, and New Hampshire.

However, it is distinct from car insurance and typically costs less; the average motorcycle insurance policy in the United States costs $519, according to data from J.D. Power's NADA guides.

Due to the numerous factors that influence the cost of motorcycle insurance, your actual cost can range into thousands of dollars, depending on where you live, your gender, your driving record, and the insurer.

This article is a complete guide on how much it costs for motorcycle insurance and how to get a free motorcycle insurance quote.

What is the Cost of Motorcycle Insurance?

Motorcycle insurance protects you financially in the event of a motorcycle accident, theft, or damage. It also includes liability coverage if you are held liable for the injuries or property damage of another person.

Motorcycles, choppers, fast street bikes or “crotch rockets,” mopeds, and even Segways are covered under these policies.

If you've recently purchased a motorcycle or have owned one for a while and are thinking about switching insurance providers, you may have a few questions.

Typically, the insurance costs are the cost covered by your motorcycle insurance. In all, you should think about getting insurance despite the cost of the insurance.

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What Does My Motorcycle Insurance Cost Cover?

A standard motorcycle insurance policy will cover some of the costs associated with bike damage. It will also compensate you if you cause harm to another person or their property, or if you have to pay legal fees as a result of an accident.

Motorcycle liability insurance, also known as “bodily injury and property damage liability” does cover the cost of liability claims and legal fees up to the limits of your policy if you are at fault in an accident.

What it would cover would also depend on the cost of motorcycle insurance and the insurance provider. You can tailor your policy to include the following coverage:

• You will be reimbursed for the full replacement cost if your bike is totaled. Comprehensive coverage pays for loss or damage caused by causes other than collision. This includes hail and other weather-related damage, animal-related damage, and, most importantly, motorcycle theft.
• Medical payments will be made if you require hospitalization or medical care. Uninsured/underinsured motorist coverage protects you if another driver is at fault in an accident and does not have enough insurance to cover your expenses.
• Damage or loss of your equipment and upgrades, such as transport trailers, sidecars, custom exhaust equipment, and safety clothing such as chaps and helmets.

Note: When deciding what your motorcycle insurance should cover, make sure to strike a balance between protecting yourself against the risks you face and what you can afford to pay for coverage. 
The good news is that if you are a safe rider with a clean driving record, there are numerous ways to save money on your motorcycle insurance. 

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Cheapest Motorcycle Insurance Companies

The insurance company you choose for you and your motorcycle will have a significant impact on your costs. For that reason, before deciding on a policy, every biker should compare rates.

We believe the following companies are worth considering for motorcycle insurance, whether you are looking for your first motorcycle insurance or just shopping around.

1. GEICO

When it comes to motorcycle insurance, GEICO stands out for its affordability. If you ride your motorcycle regularly, GEICO not only provides affordable coverage but also provides mobile tools to help you manage your policy.

GEICO offers standard motorcycle coverage and optional add-ons like accessories coverage and emergency roadside assistance. They offer one of the best costs of motorcycle insurance.

2. Nationwide

Nationwide is another great choice for your motorcycle insurance; they do offer a wide range of coverage options as well as numerous discounts.

They have been insuring motorcycles since it was founded in 1926. They offer one of the best costs of motorcycle insurance. Its rates are based on all-year coverage.

You can also customize your insurance policy and protect up to 12 bikes on one policy with coverage up to $50,000 per bike, custom parts (up to $30,000), custom bikes and trikes (up to $50,000), and motorcycle trailers.

It also provides up to eight different motorcycle insurance discounts.

3. Progressive

Progressive's discounts and coverage add-ons, many of which are included at no extra cost, make it an excellent choice for frequent motorcycle riders.

Progressive motorcycle insurance policies also include full replacement cost and no depreciation for parts; $3,000 in comprehensive and collision coverage to pay for upgrades, customizations, equipment, and accessories; and Original Equipment Manufacturer (OEM) parts during repairs.

They offer one of the best costs of motorcycle insurance.

4. Markel

When it comes to insurance costs, Markel may be the most expensive on this list; but it claims to specialize in motorcycle insurance, which is reflected in its policy options. Markel offers a variety of additional coverage options in addition to standard offerings.

They also offer one of the best costs of motorcycle insurance.

Markel's mechanical breakdown coverage, rental reimbursement, and accident forgiveness program, in particular, could be a huge help to frequent riders and isn't as widely available at other insurance companies.

With its numerous discounts, this company also makes it simple to reduce the cost of motorcycle insurance.

How Much Is Motorcycle Insurance?

The cost of getting motorcycle insurance varies greatly due to so many factors. If you drive a small Accord for commuting and have a clean driving record, you could save a few hundred dollars per year.

On the other hand, if you are a new teen motorcyclist and probably purchased a crotch rocket, you may have to pay premiums ranging from $3,000 to $5,000 per year.

Motorcycle insurance can appear expensive to those who are used to paying car insurance premiums. The higher rates for motorcycle drivers are due to the higher risk they face on the road.

Motorcycles, for example, are more difficult to see on the road and in blind spots. Motorcycle accidents have a higher rate of serious and fatal injuries because the rider has less protection than a vehicle with steel reinforcement and airbags.

Again; motorcycles such as sports bikes, are easy to steal. Two or three people can hoist one onto a truck and drive away in a matter of seconds. Since stolen motorcycles are typically sold for parts, recovery rates are very low.

Thieves can simply purchase a frame from one of the thousands of crashed bikes, remove the engine, wheels, and everything else from the original frame, and mount it onto a new frame to obtain a clean salvage title.

So, it is very important to have your motorcycle insurance ready if you are getting a bike.

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Factors That Influence the Cost of Motorcycle Insurance

Honestly, the cost of motorcycle insurance varies based on different factors.

When purchasing insurance coverage, you must be completely honest about your bike and how you ride. Your insurer will want to know where you ride, how far you ride, if you have other riders, the value of your bike, and where you park it.

Most motorcycle insurance policies today do include a “lay-up credit,” which allows you to pause coverage for a portion of the year.

Most riders take advantage of this during the winter when they store or store their bikes in the garage. A lay-up credit can help you build trust and longevity with one insurance company, and it may lower your rate over time.

While each state has its rate-setting requirements, the following are some of the factors that can be considered when determining a premium:

• Location
• Age and previous riding experience
• Use frequency
• Tickets for speeding and traffic violations
• History of accidents and claims
• Bike model
• Your credit score
• Coverage options
• Deductible amount

Average Cost Of Motorcycle Insurance By Age

Most motorcycle insurance companies, like car insurance companies, will base your rate on factors such as your driving history and age. They frequently take into account the number of years you've been driving and riding.

In general, the more experienced the rider, the lower the cost of insurance.

Here's how the costs compare with GEICO quotes for a hypothetical male rider of varying ages who obtained his motorcycle license at the age of 20.

The policy provides up to $25,000 in bodily injury liability per person and up to $50,000 in bodily injury liability per accident, as well as uninsured motorist coverage and comprehensive collision coverage.

A 55-year-old rider will pay about $100 less per year for motorcycle insurance than a 25-year-old rider. Traffic tickets, like car insurance, can have an impact on the amount you pay for motorcycle insurance.

According to Progressive, a traffic ticket, whether in your car or on your motorcycle, will affect the price you pay for motorcycle insurance.

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Average Cost Of Motorcycle Insurance By State

Insurance is more expensive in some states than in others. State laws that require coverage, like car insurance, may have an impact on how much your motorcycle insurance costs.

The winter conditions in your state are another factor that influences the cost based on where you live. Motorcycle riding is seasonal in some parts of the United States.

Coverage is less expensive in states with harsh winters, such as New England and the northern Midwest.

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Strategies That Can Save You Insurance Cost

There are several strategies you can use to save money on insurance:

• Purchase a used bike with a low resale value.
• Purchase a bike with a smaller engine (under 600cc).
• Enroll in a motorcycle safety course.
• Ride safely and avoid filing claims.
• Request that an independent agent compare prices from various insurance companies on your behalf.
• Enquire with your agent about all available discounts; you may be eligible for cost savings if you have a clean driving record, ride only a certain number of miles per year, or belong to certain associations or clubs.

Frequently Asked Questions

Conclusion

There you have it, “the cost of motorcycle insurance and some of the factors that influence the price. In the year 2020, the average cost of motorcycle insurance in the United States was about $702.

The type of motorcycle, the types of coverage you choose, where you live, your driving record, and your age all play a role in determining how much it will cost.

You can lower your rate by purchasing insurance through your auto insurer, owning a home, maintaining good credit, and enrolling in a motorcycle safety course.

References

thebalance.com– What is the average cost of motorcycle insurance

moneygeek.com– Average cost of motorcycle insurance

businessinsider.com– Average cost of motorcycle insurance

time.com– Motorcycle insurance coverage cost guide

valuepenguin.com– Average cost of motorcycle insurance

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