According to a 2015 Report, motorcycles are 29 times more likely to crash than regular passenger cars. And considering that most of them suffer a total loss, there is a crucial need for reliable motorcycle insurance. But how much is motorcycle insurance in the US?
Progressive Insurance estimates the average annual cost of motorcycle insurance in low-cost states like Arkansas and Alabama to be about $179.62 and that of medium-cost states like Alaska and Georgia to be $206.56. The rate for high-cost states like Arizona and Connecticut is about $248.88.
Fundamentally, motorcycle premiums vary from state to state as some states are considered higher-risk regions than others. In today’s article, we’ll share the complete list of these states.
We’ll also look at other factors other than the state, which also determine the premiums – including the coverage type, insurance company, rider’s age, motorcycle type and model, and driving history, to name a few.
Furthermore, we’ll highlight tips you can use to lower your motorcycle premiums and the best low-cost insurance companies for your consideration.
Factors Determining the Cost of Motorcycles Insurance in the US
Motorcycle insurance premium costs in the United States depend on the following factors.
As hinted earlier, some states have higher motorcycle insurance costs than others as the risks of crashing and filing for claims are much higher.
Below is a table comparing low-cost, medium-cost, and high-cost states in the United States, according to Progressive:
|Low-Cost States||Medium-Cost States||High-Cost States|
|States||Arkansas, Alabama, Florida, New York, Vermont, Wyoming, Hawaii, Maine, Montana, North Dakota, South Dakota, Massachusetts, Wisconsin, Oklahoma, Rhode Island, and Pennsylvania||Alaska, Georgia, Illinois, Iowa, Mississippi, Ohio, Texas, Washington, Colorado, Idaho, Indiana, Maryland, North Carolina, New Hampshire, Oregon, West Virginia, and Utah||Arizona, Connecticut, Kansas, Louisiana, Missouri, Nevada, New Mexico, Virginia, California, Delaware, Kentucky, Michigan, Nebraska, New Jersey, South Carolina, and Virginia|
2. Coverage Type
The type of insurance policy determines how much you’ll pay in motorcycle premiums. Below are the annual cost estimates for the commonest motorcycle insurance covers:
- Liability-Only – $141
- Full Coverage (Liability-Only + Comprehensive Insurance) – $364
Liability-only insurance covers you against property damage and bodily injuries. In contrast, comprehensive insurance protects your bike from everything else other than a crash that could happen out of your control. That includes fire, falling objects, theft, and hailstorms.
Full coverage offers both liability-only and comprehensive coverage, which explains why it’s expensive.
But still, there are other add-ons to your full coverage, such as safety-riding apparel and customized equipment covers, which may cost you an additional $500 and $3,000 per year, respectively.
3. Insurance Company
Insurance companies are not the same – so you cannot expect them to charge similarly. Here’s a breakdown of motorcycle premiums by leading insurance companies.
|Insurance Company||Liability-Only||Full Coverage|
4. Rider’s Age and Experience
Insurance companies always look at a rider’s age and years of experience in determining the premiums.
Usually, the younger and less experienced you are, the higher the premiums as insurance companies see you as a higher risk than an older rider with more years of experience.
Here are some estimates by Business Insider to show you how much you can expect to pay for full coverage insurance, depending on your age:
|Rider’s Age (Years)||Average Premium Costs|
5. Type and Brand of Motorcycle
Some motorbike types are costlier to insure than others either because they are too expensive to repair or have a higher risk of crashing or getting stolen.
For example, sportbikes have the highest premiums because they are costly to repair and replace, and high-end cruisers and tourers follow them.
But still, the brand type has a lot to say as some brands are considered more high-end than others. Expect to pay higher premiums for a Harley-Davidson, BMW, or Ducati motorcycle than you would pay for a standard Yamaha or Honda motorcycle.
Other Factors that Affect the Cost of Motorcycle Insurance
Other factors that directly determine how much motorcycle premiums you pay include:
- Gender: Insurance companies see men as more likely to file motorcycle insurance claims than women. Thus, men are likely to pay higher premiums than women.
- Credit Score: A good credit score often translates to better rates.
- Age of the bike: If your bike is too old, you’ll pay more insurance because it is seen as riskier and more expensive to maintain. Also, vintage bikes attract higher premiums because their status means they cost more, even when they aren’t ridden regularly.
- Usage Frequency: The more frequently you ride your motorcycle, the higher the expected premiums, as higher usage translates to a higher risk.
- Accident and Claim History: The chances are that you’ll pay more for motorcycle insurance if your claim history or accident record is alarming.
Tips for Lowering Motorcycle Insurance Cost
Did you know that you don’t have to pay high premiums for your motorcycle? That’s right, and here are some tips to ensure that is the case.
- Shop around: Don’t just settle on the first insurance offer or company you bump into. It’s smarter to shop around as you compare the quotes and discounts by different insurance companies.
- Opt for a cheaper bike: The more expensive your motorcycle is, the higher the premiums. If you want to pay low, you must switch to an inexpensive bike with lower purchase and maintenance costs.
- Sign up for a motorcycle riding class: Insurance companies will see you as a lower risk if you’ve undertaken a motorcycle riding safety course. Hence, consider signing up for one before taking up motorcycle insurance.
- Bundle up the policies: If you have auto and home insurance from the same company, you can bundle them up with your motorcycle insurance. In such a case, you can claim a multi-policy discount, which usually is vast.
- Cut down on annual mileage: The less you ride, the less the premiums. Thus, consider reducing the annual mileage to pay fewer premiums.
- Pay annually: It’s much cheaper to pay for premiums annually than monthly or half-yearly.
- Join a motorcycle owners’ group: Some insurance companies offer better rates to motorcycle owners belonging to riding or motorcycle owners’ groups. That’s often the case with Harley-Davison motorbike owners’ groups.
Best Insurance Companies with Low-Cost Motorcycle Insurance Premiums
While many insurance companies promise low-cost premiums, reliability and reputation matter. You want a reliable and reputable insurance company to cover your motorcycle, and that brings you to these five options:
Generally, you can expect to pay between $179.62 and $248.88 annually for full coverage motorcycle insurance, depending on your state, age, motorcycle type and brand, and coverage type, among other considerations. Hopefully, this guide will help you estimate how much your motorcycle premiums will cost you.
People Also Ask
Here are some questions most people ask about motorcycle insurance costs.
Which States Have the Cheapest Motorcycle Insurance?
According to Progressive Insurance, Alabama, Florida, Arkansas, Maine, and Hawaii are the lowest cost states. Motorcycle premiums in these states average $179.62 annually and $14.97 monthly.
Are Motorcycles More Expensive to Insure?
Compared to car insurance, motorcycle insurance is cheaper. However, there are exceptions, such as high-end sportbikes, tourers, and cruisers. More valuable motorcycles have higher insurance costs.
Is Motorcycle Insurance Mandatory in the USA?
Not all motorcycles require insurance. For example, slow scooters and mopeds don’t need insurance unless you choose to if they are pretty expensive or have a higher risk of crashing or getting stolen.
Generally, motorcycle insurance is not mandatory for bikes averaging under 35mph top speed.