How much is motorcycle insurance? Quick Answer
- The most current data indicates that motorcycle insurance costs range from $91 to $1,600 annually, depending on the bike model and whether the coverage is full or minimum.
Summary
- Motorcycle insurance rates vary widely based on bike type and coverage level, with standard bikes being the most affordable.
- Sports bikes tend to have higher insurance costs due to their high performance and associated risks.
- Understanding the average motorcycle insurance cost helps riders choose the right policy for their needs.
Minimum-Coverage Average Motorcycle Insurance Costs
For riders looking for the most affordable option, minimum-coverage insurance provides basic protection that meets state requirements but may not cover all costs associated with an accident. Here’s what you can expect to pay for different types of bikes:
- Standard Bikes: These are the most economical to insure under minimum coverage, motorcycle insurance rates reaching about $91 per year or $8 per month. Standard bikes are typically lower in cost and have moderate performance, which makes them less of a risk in the eyes of insurers.
- Sports Bikes: Due to their high performance and associated risk, sports bikes are more expensive to insure, even for minimum coverage. Expect to pay around $136 per year or $11 per month. The heightened risk comes from the higher speeds and the demographic attracted to these bikes, which statistically face more accidents.
- Touring Bikes: Known for their comfort and long-distance capabilities, touring bikes have higher minimum coverage costs at $241 per year or $20 per month. This increase can be attributed to their high value and extensive equipment, which can be costly to repair or replace.
Full-Coverage Motorcycle Insurance Rates
For complete protection that covers many types of incidents, full coverage is recommended, especially for costly or financed bikes. Here's what you can expect to pay for full coverage:
- Standard Bikes: Full coverage jumps significantly for standard bikes, average motorcycle insurance cost is about $1,376 per year or $115 per month. This coverage is comprehensive, protecting against most on-road and off-road incidents, which justifies the higher price.
- Sports Bikes: At the top of the insurance cost range are sports bikes, which can cost approximately $1,600 per year or $133 per month under full coverage. Their high-performance nature and the greater likelihood of theft make them the most expensive to insure.
- Touring Bikes: Interestingly, touring bikes, despite their higher minimum coverage costs, are less expensive to insure under full coverage than sports bikes, at about $900 per year or $75 per month. This could be due to the lower accident rates and safer riding styles typically associated with touring enthusiasts.
Choosing the Right Motorcycle Insurance Plan
Is motorcycle insurance cheaper for some bikes compared to others? Absolutely. The average motorcycle insurance cost will depend on factors such as the bike's value, performance, and how often you ride. For instance, standard bikes generally offer the cheapest insurance rates, while sports bikes are the most expensive due to their high speeds and risk factors.
When selecting a plan, it's crucial to evaluate the motorcycle insurance rates for both minimum and full coverage. Assess how much protection you need based on your bike's value, usage, and potential risks. By comparing policies and coverage levels, you can find a plan that offers the right balance of cost and protection.
Tips to keep motorcycle insurance rates down:
- Wear a Helmet: Consistently wearing a helmet not only enhances safety but also shows insurers that you're a responsible rider, which can result in lower premiums.
- Avoid Lane Splitting: While it may be legal in some states, lane splitting increases the risk of accidents, which can raise your insurance rates. Avoiding this practice can keep your costs down.
- Take a Motorcycle Safety Course: Completing an approved safety course demonstrates to insurers that you have advanced riding skills, often qualifying you for discounts, and helping you avoid common motorcycle accident injuries.
- Store Your Bike Safely: Keeping your motorcycle in a secure, covered area like a garage reduces the likelihood of theft or damage, which can lower your premium.
- Maintain a Clean Riding Record: Avoiding traffic violations and accidents over time shows insurers that you're a low-risk rider, helping you secure cheaper rates.
Finding the Best Motorcycle Insurance for Your Needs
The price of motorcycle insurance largely depends on the type of bike and the level of coverage you choose. If you’re asking yourself how much is motorcycle insurance, keep in mind that factors like bike type, your location, and riding habits significantly impact rates. Standard bikes usually cost the least to insure, while sports bikes, due to their high performance and risk, are the most expensive. Touring bikes fall in the middle price range.
When picking motorcycle insurance, consider your bike's value, how you use it, and the common risks associated with your bike type. This approach will help you find the best plan that meets your needs while staying within your budget.
