Insurance policies are formulated to protect us from things we cannot control and there are many, including motorcycle insurance.
So if you own a motorcycle or are considering getting one, you need to know how much motorcycle insurance costs. You also need to know the factors that can influence the cost of the policy you choose. This article will help you understand everything you need.
Table of Contents
Introduction
Motorcycle insurance is required in most states in the United States, but regardless of state requirements, all riders benefit from active coverage. We gathered thousands of quotes from across the country to determine how much it costs to protect your bike, your health, and your finances.
When you get on your bike as a motorcyclist, several things may come to mind: helmet, leather, boots, gas, tires, but insurance coverage may not be one of them.
Motorcycle insurance, like car insurance, limits your liability in the event of an accident. Except for Florida, Washington, Montana, and New Hampshire, it is required in all states.
However, it is different from car insurance and generally costs less; the average motorcycle insurance policy in the United States costs $519, according to data from JD Power’s NADA guides.
Due to the many factors that influence the cost of motorcycle insurance, your actual cost can range into the thousands of dollars, depending on where you live, your gender, your driving history, and the insurer.
This article is a comprehensive guide on how much motorcycle insurance costs.
What are the costs of motorcycle insurance?
Motorcycle insurance protects you financially in the event of a motorcycle accident, theft or damage. Includes liability coverage if you are responsible for someone else’s injuries or property damage. Motorcycles, helicopters, fast street bikes or “crotch rockets,” mopeds, and even Segways are covered under these policies.
If you recently bought a motorcycle or have owned one for a while and are thinking about changing insurance providers, you may have some questions.
Insurance costs are generally the costs covered by your motorcycle insurance. In all, you should think about getting the insurance despite the cost of the insurance.
What does the cost of my motorcycle insurance cover?
A standard policy will cover some of the costs associated with damage to the bike. It will also compensate you if you cause harm to another person or their property, or if you have to pay legal fees as a result of an accident.
Your motorcycle liability insurance, also known as “bodily injury and property damage liability,” covers the cost of liability claims and legal fees up to your policy limits if you’re at fault in an accident . What it would cover would also depend on the cost of motorcycle insurance and the insurance provider. You can customize your policy to include the following coverage:
- If your bike is destroyed, you will be reimbursed for the full replacement cost. Comprehensive coverage pays for loss or damage caused by causes other than collision. This includes hail and other weather-related damage, animal-related damage, and most importantly motorcycle theft.
- Medical payments will be made if you require hospitalization or medical care. Uninsured and underinsured motorist coverage protects you if another driver is at fault in an accident and you don’t have enough insurance to cover your expenses.
- Damage to or loss of your gear and upgrades, such as transport trailers, sidecars, custom exhaust gear, and safety clothing such as chaps and helmets
When deciding what your motorcycle insurance should cover, strike a balance between protecting yourself against the risks you face and what you can afford to pay for the coverage. The good news is that if you are a safe driver with a clean driving record, there are numerous ways to save money on your motorcycle insurance.
What are the cheapest motorcycle insurance companies?
The company you choose to insure you and your motorcycle will have a significant impact on your costs. Therefore, before deciding on a policy, every biker should compare rates. We think these companies are worth considering for motorcycle insurance, whether you’re looking for your first motorcycle insurance or just shopping around.
GEIC
When it comes to motorcycle insurance, GEICO stands out for its affordability. If you ride your motorcycle regularly, GEICO not only provides affordable coverage, but also provides mobile tools to help you manage your policy.
GEICO offers standard motorcycle coverage as well as optional add-ons like accessory coverage and emergency roadside assistance. They offer one of the best motorcycle insurance costs.
A escala nacional
Nationwide offers a wide range of coverage options, as well as numerous discounts. Nationwide has been insuring motorcycles since its founding in 1926. They offer some of the best motorcycle insurance costs. Your rates are based on year-round coverage.
You can also customize your policy with Nationwide and protect up to 12 bikes in one policy with coverage up to $50,000 per bike, custom parts (up to $30,000), custom bikes and trikes (up to $50,000), and motorcycle trailers. It also offers up to eight different motorcycle insurance discounts.
Progresivo
Progressive’s coverage discounts and add-ons, many of which are included at no additional cost, make it a great option for frequent riders.
Progressive motorcycle insurance policies include full replacement cost and no depreciation on parts; $3,000 in comprehensive and collision coverage to pay for upgrades, customizations, equipment and accessories; and original equipment manufacturer (OEM) parts during repairs. They offer one of the best motorcycle insurance costs.
Markel
Markel may be the most expensive on the list, but he claims to specialize in motorcycle insurance, which is reflected in his policy options. Markel offers a variety of additional coverage options in addition to the standard offerings.
They offer one of the best motorcycle insurance costs. Markel’s mechanical breakdown coverage, rental reimbursement and accident forgiveness program, in particular, could be a boon to frequent riders and isn’t as readily available from other insurance companies. With its many discounts, this company also makes it easy to reduce the cost of motorcycle insurance.
What factors influence the cost of motorcycle insurance?
The cost of motorcycle insurance varies based on different factors. When purchasing coverage, you must be completely honest about your bike and how you ride it. Your insurer will want to know where you ride, how far you travel, if you have other cyclists, the value of your bike, and where you park it.
Most motorcycle insurance policies include a “reserve credit,” which allows you to pause coverage for part of the year. Most cyclists take advantage of this during the winter when they store or store their bikes in the garage. A reserve credit can help you build trust and longevity with an insurance company, and can lower your rate over time.
While each state has its own rate setting requirements, the following are some of the factors that may be considered when determining a premium:
- Ubicación
- Age and previous riding experience
- frecuencia de uso
- Speeding Tickets and Traffic Violations
- Accident and claims history
- bike model
- su puntaje de crédito
- opciones de cobertura
- monto deducible
How much does motorcycle insurance cost?
The price of motorcycle insurance varies a lot. If you drive a small Honda to work and have a clean driving record, you could save a few hundred dollars a year. On the other hand, if you are a new teen motorcyclist and you buy a crotch rocket, you may have to pay premiums ranging from $3,000 to $5,000 per year.
Motorcycle insurance can seem expensive to those who are used to paying car insurance premiums. The higher rates for motorcycle drivers are due to the increased risk they face on the road.
Motorcycles, for example, are harder to see on the road and in blind spots. Motorcycle accidents have a higher rate of serious and fatal injuries because the rider has less protection than a vehicle with steel reinforcement and airbags.
Motorcycles, especially sports ones, are easy to steal. Two or three people can load one into a truck and drive away in a matter of seconds. Since stolen motorcycles are usually sold for parts, recovery rates are low.
Thieves can simply buy a frame from one of the thousands of wrecked bikes, remove the motor, wheels and everything else from the original frame and mount it on a new frame for a clean salvage title.
The average cost of motorcycle insurance by age
Motorcycle insurance companies, just like auto insurance companies, will base your rate on factors like your driving history and your age. They often take into account the number of years you have been driving and biking.
In general, the more experienced the rider, the lower the cost of insurance. Here’s how the costs compare to GEICO quotes for a hypothetical male driver of different ages who got his motorcycle license at the age of 20. The policy provides up to $25,000 in bodily injury liability per person and up to $50,000 in bodily injury liability per accident. as well as uninsured motorist coverage and comprehensive collision coverage.
A 55-year-old motorcyclist will pay about $100 less per year for motorcycle insurance than a 25-year-old motorcyclist. Traffic tickets, like car insurance, can have an impact on how much you pay for motorcycle insurance. According to Progressive, a traffic ticket, whether on your car or motorcycle, will affect the price you pay for motorcycle insurance.
The average cost of motorcycle insurance by state
It is more expensive in some states than in others. State laws that require coverage, such as auto insurance, can have an impact on the cost of your motorcycle insurance.
Winter conditions in your state are another factor that influences the cost depending on where you live. Motorcycle riding is seasonal in some parts of the United States. Coverage is less expensive in states with harsh winters, such as New England and the upper Midwest.
What strategies can you use to save costs?
There are several strategies you can use to save money on insurance:
- Buy a used bike with a low resale value.
- Buy a bike with a smaller engine (less than 600cc)
- Enroll in a motorcycle safety course.
- Travel safely and avoid filing claims.
- Have an independent agent compare prices from multiple insurance companies on your behalf.
- Check with your agent about all available discounts; You may be eligible for cost savings if you have a clean driving record, drive only a certain number of miles per year, or belong to certain associations or clubs.
FAQs
How can I stay up to date on motorcycle safety?
Complete a formal riding education program, obtain a license, and attend riding courses regularly to improve your riding techniques and fine-tune your street riding strategies.
Is track day coverage included in motorcycle insurance costs?
The extent to which your insurance covers follow-up days is determined by your policy and your company. Some companies offer follow-up day coverage, while others do not. Those that do cover track days, on the other hand, usually do so with various exclusions.
Does the cost of my motorcycle insurance cover theft?
Motorcycle insurance costs may cover theft, depending on your policy. Most, if not all, comprehensive insurance policies cover motorcycle theft, whether it occurs at home, on the road, or in transit.
Are other motorcyclists’ motorcycle insurance costs covered by mine?
It depends. The extent to which other riders are covered by your motorcycle insurance depends entirely on your policy and your provider. Other clauses may not be covered if you only purchased the bare minimum of liability insurance.
What is the cheapest to hire motorcycle insurance?
The best place to shop for motorcycle insurance is from a local, independent insurance agent who is familiar with your area, your state’s requirements, and your specific needs.
Conclusión
In 2020, the average cost of motorcycle insurance in the United States was $702. The type of motorcycle, the types of coverage you choose, where you live, your driving record, and your age all play a part in determining how much it will cost.
You can lower your rate by purchasing insurance through your auto insurer, owning a home, maintaining good credit, and enrolling in a motorcycle safety course.
Referencias
thebalance.com – What is the average cost of motorcycle insurance?
dinerogeek.com – Average cost of motorcycle insurance
Business Insider .com – Average cost of motorcycle insurance
time.com – Motorcycle Insurance Coverage Cost Guide
valorpenguin.com – Average cost of motorcycle insurance
