If you are buying a motorcycle, you may be wondering, “Is motorcycle insurance expensive?” Overall, motorcycle insurance costs less than car insurance, but of course there are many factors involved in the cost of a policy. If you compare insurance costs for an old run-down Honda Civic to those of a brand new, top-of-the-line Harley Davidson, you may actually pay more for the Harley coverage.
Motorcycle insurance rates depend on numerous factors, including where you live, the kind of motorcycle you ride, and how often you use it. If you live in upstate New York and only bike three months of the year, for example, you face fewer risks than a biker who rides in every season, and will therefore pay less in insurance costs.
A Trusted Choice® member agent can provide an insurance estimate based on the coverage you are looking for, and can price compare among multiple insurance companies. Find an agent in the Trusted Choice network today to find out how to get a policy that fits your needs and budget.
How Much Is Motorcycle Insurance?
Your motorcycle insurance premiums can range from pocket change to more than $1,000 per year. That is because the price of motorcycle insurance is based on a huge number of factors, including differences by city, state and region. The factors that affect your motorcycle insurance cost include:
Your state: Nearly every state requires motorcycle liability insurance, but the minimum limit is different from state to state. The costs of collision and other forms of motorcycle coverage vary by state as well.
Your bike: The make, model and year of your motorcycle will affect the cost of insurance. A new bike will cost more to repair or replace than one that is five years old. How powerful an engine it has, and whether you’ve added a turbo kit and other enhancements, will also affect your insurance costs.
You, the driver: Your age and driving history are also taken into consideration with liability insurance. Statistically speaking, younger drivers are more likely to be in a serious accident, which means the cost of coverage is higher. Motorists with a history of collisions and traffic violations will also pay more.
How you use it: If you use your bike on a daily basis to get to and from work, your risk for an accident is higher. If you only take your motorcycle out on the weekends, you are not as likely to encounter as many hazards.
How you store it: If you keep your motorcycle locked in a garage when not in use, this will result in lower premiums than if you leave it on the street.
Motorcycle Insurance Price Differences by State
State laws are a primary influence on the price of your premium, as each state that requires motorcycle insurance has a different minimum requirement. Liability costs range typically between $100 and $500 per year, depending upon state requirements.
The following tool allows you to compare differences in motorcycle liability required minimums by state. Alaska, for example, has a per-person liability minimum that is less than half of Alabama’s minimum ($20,000 vs. $50,000) and a per-accident limit that is half of Alabama’s ($50,000 vs. $100,000.)
Look up the minimum liability requirements for your state.
Living in or biking through areas with higher rates of accidents and crime. You will pay more in motorcycle insurance due to increased risk. Your insurance premium will be more than motorcycle riders who live and travel in safer neighborhoods.
Areas with a higher number of uninsured drivers have higher premiums too. If you are hit by an insured driver, the driver’s insurance company will pay for your medical care and the repairs to your motorcycle. If you are hit by an uninsured motorist, and you have uninsured/underinsured motorists coverage, your insurance company will have the financial responsibility.
Local weather and climate have a noticeable impact on motorcycle insurance rates. In areas more prone to major disasters, such as hurricanes or wildfires, the average cost of coverage is greater. This is due to an increased risk of damage to the motorcycle.
You will typically pay more in areas where you can ride year ‘round. In cold climates, like Minnesota and Wisconsin, where motorcycles are stored for the winter months, rates tend to be lower than in California where motorcyclists can ride any time of year.
While these are some of the geographic factors that can affect your motorcycle insurance rates, there are many other factors that can help you save money when you buy a policy. Get accurate prices on the coverage you need, including any possible discounts that may be available to you, from a Trusted Choice member agent.
As independent agents, these local professionals can compare plans from several companies and tailor a policy to your needs and budget. Find an agent in the Trusted Choice network today.