Motorcycle insurance in the United States costs an average of $702 per year. This, however, varies depending on your age, insurance coverage, and a number of other circumstances. So, how much does it cost to insure a motorcycle in your state?
Why is my motorcycle insurance quote so high?
If you ride a more costly bike, the cost of any claims for damage and repairs will almost certainly be higher, resulting in higher rates. Spare components for old bikes may be hard to come by and pricey. Repair costs may rise as a result, which will be incorporated into your premium calculation.
How can I lower my motorcycle insurance?
It’s fast and furious, and it’s finally arrived at your front door. Yes, it was your vigor and adrenaline that gave you the courage to buy the motorcycle of your dreams. It’s now leaning on its kickstand, replete with gleaming chrome trim, ready for you to hop aboard and ride like the wind.
Of course, you’re wanting to get behind the wheel and burn rubber on a deserted stretch of road, but you might want to put your enthusiasm on hold for a bit. Have you considered how much this baby will cost you in insurance each month? Before you start speeding down the highway and weaving through traffic like a figure eight, think about ways to save money on your insurance.
If you take the time to uncover issues that may be driving up your insurance costs, you might be amazed at how much money you might save. We at SWBC know a few strategies to save money on your new car’s insurance, but you’ll have to be willing to make some adjustments:
Buy a more basic motorcycle
Is your new bike a show-stopper, like the one on display at the dealership where you just purchased it? Is the engine so massive and loud that it could defy the laws of physics? These bikes may provide you with the ultimate riding experience, but they usually come with a higher insurance premium. Instead of a sportier bike with all the bells and whistles, you might want to choose a smaller bike that’s excellent for cruising.
Choose a higher insurance deductible
You can lower your premium by taking up more of the risk associated with the coverage. If you choose a higher deductible, you’ll be responsible for a larger portion of the first payment in the event of a loss. You should see a considerable drop in your rate if you’re willing to pay a large deductible.
Buy only the coverage that you need
If you ride, make sure you have adequate insurance to cover the expense of bike components, labor, and hospital stays. This will not only save you money in the long run, but it will also protect you from financial disaster in the unfortunate case of a big accident. Each state mandates a minimum level of liability insurance, but you can choose the quantity of coverage and type of insurance you want. Collision insurance, accessory insurance, trip interruption insurance, and total loss insurance are all options for saving money. If you have a good health insurance plan, you can even skip medical coverage.
Combine insurance policies carried by a single company
Use your insurance company for all of your coverage purchases if they offer coverage for many goods you possess, such as your home, specifics like jewelry, other vehicles, a boat, and motorbike insurance. Bundling your plans should result in a reduction on your premiums.
Get certified in driving a motorcycle
You can get a motorbike license by becoming trained as a rider and passing an approved motorcycle safety course, which may qualify you for insurance reductions.
Now that you’ve joined the ranks of motorcyclists, you know that owning and riding a motorbike can be a liberating and thrilling experience, but it’s even better if you can reduce your monthly insurance expenses. It will only take a little time to make some minor tweaks. We’re confident you’ll be able to pull it off, leather jacket, sunglasses, and boots included. Get your thoughts going and decide what’s most important to you in terms of motorbike insurance and road safety.
How much should you pay for motorcycle insurance?
- Motorcycle insurance will cost an average of $1,173 per year in 2020 for a full coverage policy.
- However, the cost of motorbike insurance will vary depending on the types and levels of coverage you require. The more coverage you get, the more money you’ll have to pay for insurance.
- Due to state minimum coverage rules and the length of the riding season, motorcycle insurance differs by state.
- State premiums will be lower in general in states with harsher winters and shorter riding seasons, such as Vermont, Massachusetts, and the Dakotas, than in states with milder winters, such as Arizona and Georgia.
- Check out Savvy, a free service that allows you to compare car insurance quotes in minutes».
Are motorcycles expensive to insure?
The sort of motorcycle you ride has a significant impact on your insurance premium. The Most Important Takeaway Motorcycle insurance costs are normally at least 50% lower than automobile insurance premiums because motorbikes are often less expensive, cost less to repair, and cause less property damage in an accident.
Location
We know you love to ride, but did you realize that where you keep your motorcycle has a big impact on your insurance rate? Motorcyclists in colder states with shorter riding seasons are more likely to be involved in accidents and file insurance claims, resulting in reduced insurance prices. In warmer states, on the other hand, you’ll pay more for motorbike insurance because there are more opportunities to ride, which leads to more accidents and claims.
Age and riding experience
As you get older, your rate tends to decline until you reach your 70s. Teen motorcyclists are subject to higher motorbike insurance rates since they pose the highest risk to insurers. Your age, however, does not necessarily reveal the complete story. Motorcycle insurance may be more expensive for an older, inexperienced rider than for a much younger, more experienced rider.
Frequency of use
You’ll pay more than a casual weekend rider if you cycle to and from work. Furthermore, using your motorcycle for commercial purposes may exclude you from obtaining a personal motorcycle policy, necessitating the purchase of a business policy.
When calculating premiums, several insurers also take annual miles into account. The higher your rate, the more you ride.
Speeding and traffic tickets
Whether the violation occurred in your automobile or on your motorcycle, a speeding ticket will almost certainly raise the cost of your motorcycle insurance. In most places, offenses fall off your driving record after three years and have no effect on your insurance rate.
Accident and claim history
Any auto or motorcycle accident on your driving record will almost certainly raise your motorcycle insurance premiums. Although at-fault incidents are more expensive, any claim might have a negative impact on your insurance rating.
Type of bike
When comparing motorcycles in the same class, larger engines cost more to insure since high-performance bikes are more likely to be involved in accidents.
Coverage selection
Comprehensive and collision coverage will be more expensive than the state’s minimal liability coverage. The cheapest policy is a liability-only policy, but it won’t cover the cost of physical damage to your bike. Progressive also offers additional customized coverages, including as accessory coverage, carried contents/personal possessions, and enhanced injury protection, which may raise your motorbike insurance quote.
The typical cost of motorbike insurance is also affected by your deductible. The larger your deductible, the more money you’ll have to pay out of pocket in the event of an accident, but your total premium will be cheaper. And the other way around.
Are cruisers cheaper to insure?
According to a survey conducted by Progressive Insurance Companies, cruiser-style motorbikes, particularly little ones, are more frequently crashed and stolen than sportbikes. That’s why, despite their higher purchase price, cruisers can be less expensive to insure.
Why is sport bike insurance so expensive?
So, what elements can influence the price of your motorcycle insurance? There are various aspects to consider. Let’s take a look at each one individually.
- Motorcycle insurance is generally more expensive in northern states, with a few exceptions. This is due to the fact that the riding season is shorter in those states. Riding season is practically 365 days a year in Southern California, for example. In North Dakota, on the other hand, your bike will spend the majority of the year in your garage, where it will be safe.
- Age and riding experience Younger motorcyclists, like automobile drivers, will pay more for insurance. Riding experience has a role as well. As a result, a 50-year-old first-time biker will pay more than a 22-year-old with four years of expertise.
- Speeding and traffic tickets – If you have a history of traffic offences, your insurance will be more expensive. The more violations you have and the more serious they are, the higher your rates will be. However, most infractions are expunged from your record after three years. If you follow the rules of the road, you’ll get the best motorbike insurance prices.
- History of accidents and claims – Your insurance rates will rise as a result of a car accident. Even claims that aren’t tied to an accident might raise your premiums. Accidents and claims will, in most situations, disappear from your record after seven years.
- Vehicle usage – Most insurance companies will consider how you use your motorcycle. You might expect to pay less as a weekend rider than someone who commutes by bike.
- Your prices will also be affected by the kind and engine size of your bike. The bigger the engine, the more you’ll spend for insurance. Sportbikes will cost more to insure than cruisers and touring bikes of the same displacement. Furthermore, higher-priced bikes will cost more to insure.
- Type of coverage – Your costs will vary depending on the type of coverage you get. A state minimum policy will be less expensive than a comprehensive policy with high limits of coverage. A large deductible can also save you money, but you’ll have to pay more if you need to file a claim.
- Credit – When giving you a quote, many insurance providers, such as GEICO motorcycle insurance, take your credit rating into account. However, don’t worry about shopping around; an insurance quotation isn’t considered a hard check, so getting numerous estimates won’t harm your credit score.
How much does it cost to lower a motorcycle?
It is not inexpensive to have your suspension professionally lowered at a suspension shop. Lowering the front or rear suspensions might cost anywhere from $200 to $300. Shocks purchased aftermarket might cost anything from $500 to $1,500. Keep in mind that lowering the suspension travel dramatically lowers the bike’s ground clearance and its capacity to absorb large bumps, holes, and rocks in the path.
Does insurance cover more than motorcycle insurance?
It’s a Little More Expensive A motorcycle is far less expensive than a car. Insuring a motorcycle, on the other hand, is usually more expensive. This is due to the fact that motorcyclists are more likely to be involved in an accident and, as a result, are more likely to file a claim.