.
HomeAUTOMOTIVEWhat is the average cost of motorcycle insurance?

What is the average cost of motorcycle insurance?

The average cost of motorcycle insurance in the United States is from €729 by year. However, prices may vary by more than 150 percent, depending on where you live. However, regardless of state law, all passengers benefit from current coverage. We collected thousands of estimates from across the country to determine how much it costs to cover your bike, health, and finances.

We analyze the motorcycle insurance quotes of the 50 states and we found that the average cost of motorcycle insurance in the United States is €729 for a full year of coverage. Because the cost of coverage varies depending on where you live, it’s a good idea to shop around for lots of quotes to discover the best deal.

The following are the coverage limits:

  • Bodily injury liability cover: €100,000 per person/€300,000 per accident
  • Property Damage Liability Coverage: €50,000
  • Comprehensive and collision deductible: €500

States with high and cheap motorcycle insurance

The five states with the cheapest insurance quotes had rates at least 36% cheaper than the national average. All of the states with the lowest rates were in the Midwest and Great Plains. The following are the states with affordable rates:

  • North Dakota
  • Iowa
  • Wyoming
  • South Dakota
  • Nebraska

Unlike the most affordable states, the most expensive states for motorcycle insurance did not reveal a significant geographic correlation. However, they have larger populations and longer driving seasons. The following are the states with the most motorcycle insurance:

  • California
  • Louisiana
  • Missouri
  • Michigan
  • Florida

Pay for motorcycle insurance 12 installments monthly is usually more expensive than paying for a year’s policy in a lump sum. Pay-in-full discounts are popular with major insurers. If you live in a state where coverage is expensive or want a lower overall rate, consider purchasing six to twelve months of motorcycle insurance coverage at one time instead of monthly.

Motorcycle insurance rates based on age

Motorcycle insurance companies often charge higher premiums for younger drivers because they are more likely to be involved in accidents. These insurance companies assess the cost of your coverage based on your age and years of driving experience, as well as the city you live in, the number of policies you select, and your driving record.

Motorcycle insurance rates depending on the type of motorcycle

Insurance companies base their price on all available safety and risk information. Therefore, the type of motorcycle you ride has a significant impact on your premium.

In particular, insurers consider the following factors:

  • Value of your motorcycle: Because more expensive motorcycles are more expensive to repair and replace, insurance companies charge you more to cover them if you purchase comprehensive and collision insurance.
  • Safe nature of your bike: Bikes with increased safety features, such as anti-lock brakes, are less likely to be involved in an accident and, as a result, are often less expensive to insure than bikes without those features.
  • Accident rate: Certain types and styles of motorcycles are more likely to be involved in an accident than others.
  • Theft Rate: Insurance companies typically charge a higher premium to cover a frequently stolen type of bike. This is because there is a higher chance that insurance will have to pay a comprehensive claim. As a result, flashy, expensive bikes that are prime targets for theft are more expensive to insure.

Bottom line:

Motorcycle insurance, like car insurance, protects you financially if you cause an accident. Comprehensive coverage insurance can also include comprehensive and collision coverage, compensating for damage to your bike caused by an accident or other reasons, such as theft. Some motorcycle insurance companies additionally include extras such as roadside assistance and trip cancellation coverage. The amount of coverage needed varies by state, with some states requiring personal injury protection while others do not. Only a few states allow residents to ride motorcycles legally without insurance or proof of financial responsibility. However, we recommend that you protect yourself with insurance coverage.

Nationwide offers the lowest average insurance prices, while Markel is a good choice for collectors because it covers more motorcycles than many other insurers.

You can combine your auto and motorcycle insurance policies. Actually, most insurers provide a 5% to 10% multi-policy discount for combining your auto and motorcycle insurance.

Check out our blogs for information on how to find top-rated airport parking, the best parking spots in your city, the most affordable insurance for your car, and affordable car washes near you.

Must Read