How Much Does Motorcycle Insurance Cost?
The average cost for motorcycle insurance is $1,200 for full coverage. Keep in mind there are many different factors that determine the cost. We’ll cover those things in this article. So if you’re wondering how much is insurance for a motorcycle keep reading, we’ll answer your questions.
Factors Used To Determine How Much Motorcycle Insurance Costs
As mentioned above, there are many different factors that determine how much you’ll pay for motorcycle insurance. Let’s discuss those factors.
Motorcycle Value– This one is easy to understand. If your bike is expensive, it’s going to cost more to insure.
Safety Features– The more safety features your motorcycle has the better the insurance price will be. Safety features mean you’re less likely to get in an accident which means the insurance company is less likely to pay out money for a claim. This leads to lower rates for you.
Rate of theft– Motorcycle in general get stolen more than cars, this is due to their small size. Some motorcycles get stolen more than others. The insurance company takes this date into consideration when determining how much is insurance on a motorcycle.
Crash Rate– Some motorcycles are more likely to crash than others. Most motorcycles are broken down into two categories- Sport and touring. Insurance companies highly favor touring motorcycles when it comes to how much they cost for insurance. This is because sport motorcycles go faster and are more likely to be in crashes.
Location– As with most every type of insurance, location plays a large part in determining your rate. Some areas are more congested with traffic, some areas have bad weather which causes more accidents, some areas have more crime with theft. All these reasons are why location plays a factor.
Age and experience- The older you are and the more experience you have operating motorcycles means you’re less likely to be involved in an accident.
How often you ride- Is your motorcycle a daily use motorcycle or a weekend enjoyment motorcycle? The more often you’re on the road, the more likely you are to have an accident.
Driving record– Your record speaks for itself. Studies show that if you’ve been in an accident before then you’re more likely to be in an accident again. So when you’re wondering how much is motorcycle insurance on average remember that your record will largely dictate that.
Credit– Like it or not, insurance companies use credit as a factor to determine how much you’ll pay for motorcycle insurance. the better the credit the better your rate.
How Much Is Motorcycle Insurance For a 16 Year Old?
Age and inexperience play a huge factor in determining your motorcycle insurance rate. As a 16 year old, looking at insuring your motorcycle, it’s highly advised to get insurance quotes prior to purchasing your motorcycle. This is to avoid any surprises in insurance costs. I would also be wise to purchase a touring motorcycle rather than a sport motorcycle. As you get older and get more experience, your insurance rates will drop significantly. Also, for better rates, consider taking a motorcycle safety course. Some insurance companies will look at that favorably and offer better rates.
How Expensive is Motorcycle Insurance? – Broken Down By State
According to Progressive, who insures a lot of Motorcycles, here is a breakdown of low to high costs states when it comes to motorcycle insurance.
- New York
- North Dakota
- Rhode Island
- South Dakota
Mid- Cost States
- North Carolina
- New Hampshire
- West Virginia
- New Jersey
- New Mexico
- South Carolina
What does motorcycle insurance cover?
Motorcycle insurance has roughly the same coverage options as car insurance. Below is a list of some coverage options available.
Liability– This helps cover damage you cause to other people’s property or other peoples medical injuries that you cause. More about that here.
Collision– This helps coverage damage to your motorcycle should you be in an accident. More here.
Comprehensive– This also helps coverage damage to your motorcycle should it be damaged any other way besides an accident. More here.
Accessories/ Modifications- Many motorcycles have cool bling! This helps pay for those things such as riding gear, trailers, side cars and any other upgrades or accessories.
UM/UIM– If you are hit by someone without any insurance or without enough insurance, this can help pay for your medical injuries. More here.
How Much is Bike Insurance?
Hopefully this article helps you understand the ins and outs of motorcycle insurance. The best way to explore your options and get an accurate quote is to work with an independent insurance agent. They can get to know your situation, look at your options and recommend a policy based on your individual needs. If you want to start that process, click here now.