The Average Price of Motorcycle Insurance

Last update: December 2020

Figuring the average cost of motorcycle insurance isn’t always the easiest task. The overall cost usually consists of many variables, which is why it’s rather tricky to figure out the final number.

Information like your location, what motorcycle you’re insuring, your age and driving record, and the coverage you select all influence the overall price. But, this is only a part of what goes into figuring out the insurance cost.

Take a moment to discover how to find the average cost of motorcycle insurance. The information below can help you figure it out for your particular vehicle.

Motorcycle Insurance Average Prices and Rates

25 - 60 years old

A liability-only coverage and a good driving record are ideal if you’re looking to pay the lowest prices. Drivers who are older than 25 and have a good riding record need between $100 and $500. And, this is only for a touring motorcycle.

It’s possible to reduce the price furthermore by purchasing insurance from your car insurance carrier or by taking a safety course. The rate might also drop if you have a home and good credit.

Policy:

25 - 60 years old

A full-coverage motorcycle policy is usually more expensive than liability-only. If you’re looking to protect your motorcycle from physical damage, note that it’s going to affect the premium.

Another thing that makes a difference is the type of motorbike you have. People usually request full coverage for a new, high-value bike. This will end up being somewhere around $400 to $800 a year.

In most cases, it costs more to insure the more expensive bikes. Keep in mind that anti-theft devices and safety features count as well.

Policy:

16 - 24 years old

Younger riders always rush to buy sporty motorcycles without thinking how much money it would take to insure them. A young rider insuring a sport bike with full coverage will need some $1,000 to $3,000 a year.

A good driving record makes a bit of a difference, but still, the cost will remain somewhat high. Keep in mind that different states might have varying rates. The final price usually depends on your location and experience.

Policy:

What's a Motorcycle Insurance & Do You Really Need It?

In essence, this is a contract you make with the insurance company. You pay the company to help you in case your bike gets wrecked or stolen.

Your policy can also pay for liability claims and repairs. It can help you with temporary transportation and many more things.

Keep in mind that pretty much every state has different laws when it comes to motorcycle insurance. For this reason, you should talk to your agent, making sure that you’re okay with the requirements.

The reason why you need it is that bad stuff can happen at any time. With insurance, you’re somewhat protected against medical/legal issues and at-fault damages.

The Kinds of Coverage for Motorbike Insurance

As we mentioned, there are many different policies and deals. You should speak to your agent about each of them in order to figure out which would suit you the best.

While every rider tends to have different needs and preferences, your insurance should include a few basic things. Here’s what you should look for:

Property damage liability – it helps cover the cost of replacing or repairing any damage that you have caused to someone else’s property.

Bodily injury liability – this one covers injuries of other people that were involved in an accident that you caused.

Medical – if there’s an injury that goes beyond your liability coverage, this should cover for your medical bills.

Collision – this covers for replacing and repairing in case you crash into another object.

Underinsured or uninsured motorists – it protects you if you’re involved in an accident that you didn’t cause, but the other driver isn’t insured or doesn’t have enough coverage.

Luckily, that’s not all. Most companies offer a bit more to protect you and your motorbike. You might want to consider the following:

Road assistance – this one is pretty clear. It offers to help you if you’re stranded in the middle of nowhere or need another type of aid.

Rental reimbursement – it covers the cost of renting another vehicle in case your bike is out of commission.

Comprehensive – this should cover vandalism and pretty much everything else that can happen besides an accident.

How the Cost is Calculated

The first thing a company does when it receives your application is to evaluate the few possible risk factors. Things like gender, age, location, and a few other things are what they’ll consider right off the bat.

Each of the risks has an associated price based on current data and historical trends. The company combines the risk factors and attributes that apply to you to make up the premium price. There’s, of course, a bit of their profit included as well.

Keep in mind that all costs are subject to change, and the company might increase your premium over time.

Factors That Affect the Cost

Risk factors are what affects the overall cost the most. It’s what the company will consider when drawing up your case to decide whether or not it wants to make a deal with you.

Each of these factors adds more or less to the overall price. Nonetheless, they’re all equally as crucial as this is what helps the company figure out how risky it would be to insure you. Here’s what they’ll review:

States That Has the Best Motorcycle Insurance Prices?

The states where many people are riding motorcycles usually have lower prices. The more bikes are insured, the lower the rates are.

The states that have the best rates and the highest number of riders are Iowa, Oklahoma, and North Dakota.

States That Have the Worst Rates?

States that are usually the most expensive when it comes to insurance are Florida, Texas, Michigan, and Louisiana. In most cases, you’ll have to pay good money to keep your vehicle insured the same way as someone in Iowa but for far less money.

Still, the price depends on many things, as we explained earlier. The company will consider many factors before it draws up your final quote.

The MCCA fee in Michigan is $192 a year as of March 2018 for all vehicles. The exact amount will vary depending on many things, but it’s an added expense for Michigan residents.

Conclusion

At this point, you probably understand the importance of insurance and what it means to have a good deal. If nothing, it’s good to have a reliable company behind you in case you’re involved in an accident or your bike is stolen.

You should consult with your agent to find out the average cost of the deal you’re interested in. It’s the best way to get an idea of how much money you’d need to insure your vehicle.

Having an idea of how much the deal would cost you each year is a good way to understand whether or not it fits your needs and budget.