What Is The Average Motorcycle Insurance Cost?

The average motorcycle insurance cost depends on several factors. When you speak to an insurance agent to inquire about insurance rates, they will ask you several questions to determine your potential risk. Insurance agents may ask you such questions as:
  • What type of motorcycle do you ride? Remember that high-powered sport motorcycles are more expensive to insure.
  • What is your driving history? If you have received several tickets and/or been involved in many wrecks, your insurance premium will be more expensive.
  • How old are you? Younger drivers or riders are generally more expensive to insure because they have less experience on the road.
  • In which state do you live? Motorcycle insurance requirements vary depending on where you live. Also remember that if you live in an urban area, your insurance will likely be higher than in a rural area because there is greater potential risk of accidents or theft.
  • Is this your first motorcycle? First-time motorcyclists have a higher average motorcycle insurance cost because they have little road experience.
  • What type of coverage do you want or need? Most motorcyclists get at least liability on their bike, in case they are involved in an accident that injures someone else. Liability alone can cost between $100 and $400 per year. If you purchase additional coverage such as collision or comprehensive, your premium will increase.
Ask About Discounts

When you inquire about average motorcycle insurance cost, be sure to ask the insurance agent if you are eligible for any discounts. Discounts can save you hundreds of dollars a year. Ask about the following ways to save.
  • If you’ve taken or are taking a safety or training course, you are likely eligible for a discount.
  • If you insure more than one motorcycle with the company, ask if they offer a multi-vehicle discount.
  • If you belong to a motorcycle group or club, you could receive group rates.
  • If your motorcycle has any safety devices, such as anti-theft, you could receive a better deal.
  • If you rarely ride your motorcycle, ask if they have a low-mileage discount.
  • If you live in a state that gets a lot of snow in the winter, ask if the company offers a lay-up policy, where you can pay a significantly lower premium during winter months.
Lower Your Premium by Increasing Your Deductible

Increasing your deductible is another way to considerably lower average motorcycle insurance cost. A deductible is the amount you pay for a claim before your insurance pays anything.

For example, if your deductible is $300 and you get into a wreck where the damage is $1,700, you will only pay $300 for that wreck. The insurance company will pay for the remaining $1,200. If you have a higher deductible, say $1,000, that is what you will have to pay up-front. Although having a higher deductible will cost you more if you get into an accident, it can save you more than 40% on your premium each year. So if you are an experienced motorcyclist with a good driving history, consider increasing your deductible to see immediate rate savings.

Averages Motorcycle Insurance Cost Varies

Depending on your answers to the above questions, any discounts you’re eligible for, and the amount of your deductible, average motorcycle insurance cost can be as little as $20 a month and as much as $300 a month.

 
blog comments powered by Disqus