Are you looking for a motorbike insurance policy that provides adequate coverage but doesn't break the bank? With so many factors to consider, getting an accurate idea of your motorcycle insurance cost can take a lot of work. In this blog post, we'll look at average motorcycle insurance costs in 2023 and explore how age, experience level, and driving history all factor into premiums.
Whether you're new to moto-riding or already have years of saddle time, discover critical information to help ensure you get the perfect policy for your needs.
What determines the cost of motorcycle insurance?
Compared to car insurance, motorcycle insurance is less expensive. But, costs can differ significantly based on how your insurance views the situation. Insurance companies frequently base their policies on the premise that even minor motorcycle accidents will result in significant medical expenses or the rider's demise (not necessarily property damage). Some insurers charge more or less for the same basic coverage based on the same facts.
What is the average motorcycle insurance cost?
The cost of motorcycle insurance in the United States is estimated to be $60 per month or $721 per year on average; however, your specific premium will be determined by several factors, including your age, the sort of motorcycle you ride, and the location in which you live. For instance, insuring a motorcycle costs $123 per month from one state to the other.
What are the coverage types for motorcycle insurance?
The Insurance Information Institute states that motorbike insurance policies typically offer the following five types of coverage:
- Liability insurance: provides compensation for injuries or property damage you cause to others. Often, a minimum coverage policy will only cover this. Yet, it must be on the road by law in most states.
- Collision insurance: is a type of protection that will cover your motorcycle's damages in the event of an accident.
- Comprehensive insurance: pays for damage caused by theft or vandalism and other events besides accidents.
- Coverage for Modifications, components, and accessories for motorcycles: Some insurance policies may pay to repair and replace attachments like sidecars, trailers, and improved parts, while other forms of coverage will pay to cover riding gear (such jackets and helmets).
- Coverage for underinsured or uninsured drivers: If you are hurt or an underinsured or uninsured driver damages your bike, this policy will pay for your medical bills.
When you purchase the bare minimum required by your state, you just buy one of these five types of insurance. If you have inadequate insurance, you might have to pay these costs out of pocket if you are in an accident.
How much is the average cost of motorcycle insurance by the state?
Motorcycle insurance is more expensive in some states than others. Similar to auto insurance, the cost of your motorbike insurance may be impacted by state regulations that require coverage.
The severity of the winters in your state also affects how much your insurance will cost. Using motorcycles is a seasonal activity in various US regions, and coverage typically costs less in states with severe winters, like New England and the northern Midwest. You'll spend extra on motorcycle insurance because you'll be riding for a more extended period if the weather in your state is good.
The three most expensive states for motorcycle insurance annual premiums:
- Hawaii - $1,523
- District of Columbia - $1,404
- Virginia - $1,076
The three least expensive states for motorcycle insurance annual premiums:
- Utah - $239
- Minnesota - $243
- South Dakota - $297
How much is motorcycle insurance by the company?
The annual difference in motorcycle insurance premiums between insurance companies is $288. National has the cheapest bike insurance, which typically costs $49 per month or $593 annually. The most expensive company is Dairyland, which charges $881 annually, or $73 per month.
The least expensive companies for motorcycle insurance per annual premium:
- Nationwide - $593
- Geico - $610
- Progressive - $625
Average - $721
- Markel - $822
- Allstate - $854
- Dairyland - $881
How much is the average cost of motorcycle insurance by age and gender?
Less experienced drivers may anticipate paying more for motorbike insurance, similar to auto insurance. For example, 18-year-old drivers typically pay higher rates than someone with a clean driving record in their 30s.
The price of your insurance is influenced by your gender as well. According to JD Power research, an 18-year-old man getting insurance at GEICO may pay $443, whereas a female obtaining the same policy at the same business might only pay $339.
How much is the average motorcycle insurance cost by bike type?
The kind of bike you intend to ride will also significantly impact your cost. According to JD Power, several criteria are considered when calculating your premium, including the worth of your bike, its safety features, the collision rate for that model, and the theft rate.
Likewise, take into account any improvements or modifications. Long before you see it, brands like Harley Davidson might alter your bike to suit your preferences. But, unless you purchase additional coverage for alterations, your insurance will only pay for the base model.
According to JD Power, these are some comparisons of how much each bike costs:
- Insurance for new bikes will be more expensive than for used bikes.
- A sidecar-equipped three-wheel motorbike will cost more than a single-seat model.
- Sport and dirt motorcycles will be less expensive to insure than road bikes. A dirt bike policy typically costs $99 per year in the United States.
Other elements that could affect the cost of motorcycle insurance
Other elements that influence the price of motorbike insurance
Rates for motorcycle insurance fluctuate frequently. While it's impossible to estimate your costs without receiving motorbike insurance quotes, the following elements significantly affect your rates:
- Marital status: Single riders typically pay more than married passengers.
- Experience: Road users that have a lot of driving experience pay less.
- Driving history: You'll spend less if you don't have any traffic infractions or collisions on record.
- Credit score: Lower yearly premiums are typically the result of better credit ratings.
- Winter weather: Compared to motorcycle insurance in California, Florida, and other warm areas, motorcycle insurance in harsh winters is less expensive and used less frequently.
- Particular model factors: The cost of a model, the size of the engine, the requirements for motorcycle safety, the frequency of crashes, and the amount of theft and vandalism all affect the price.
- Type of use: Unlike daily use, motorbike insurance for recreational use is less expensive.
- Type of coverage: Motorcycle insurance policies with more features will cost more money.
- Deductible: Your premium is likely more significant the lower your deductible.
How can I lower the cost of motorcycle insurance?
There are a few methods motorcycle riders can use to reduce their insurance costs, even if rates vary depending on the provider and the variables mentioned above. Consider the following advice if you want to lower the amount that motorcycle insurance costs you each year:
- Choose a less expensive bike. Your motorcycle's insurance premium will be higher if it has a lower value.
- Check for security precautions. If your motorcycle complies with strict safety regulations, has a tiny engine, or has anti-lock brakes and anti-theft systems, you should anticipate lower insurance prices.
- Cut back on your yearly miles. Those who ride less frequently pay less for their motorcycle insurance.
- Raise your deductible amount. Lower insurance prices are the effect of higher deductibles.
- Look for specials. Insurance companies often provide a variety of discounts.
- Enroll in a motorcycle safety class. Enrolling in rider safety classes will probably result in insurance cost savings.
- Join a riding club. The Harley Owners Group and other motorcycle clubs may offer discounted pricing.
- Consider combining your insurance policies. Expect a multi-policy discount if you combine your motorcycle insurance with your renters, homeowners, or vehicle policies.
- Get estimates for motorcycle insurance. See which providers' quotes best meet your criteria for pricing and coverage by requesting estimates.
When it comes to getting the best and most affordable motorcycle insurance in 2023, it's essential to consider all the factors affecting cost, including your bike type and value, age, driving record, experience level, and available discounts. With all these things in mind, you can find the right policy that allows you to ride with peace of mind without breaking the bank. Shopping around is vital to finding the best rates possible. However, a reputable insurance company can provide customers with better coverage than what's available.
Remember that apart from lower premiums, safety measures like training and accessories also help you keep safe on the roads. Armed with this information about average motorcycle insurance costs in 2023 and tips for getting more affordable coverage for yourself or your family is sure to give you some ideas so you can make an informed decision about your policy.
Get out there, ride safely, and enjoy the open road!