Want to get on the road and purchase your first motorcycle? If so, you probably have visions of gliding through the open air as you pass through the countryside. A more pertinent query is: How much does motorcycle insurance cost before you purchase one?
Average Cost Of Motorcycle Insurance
In the U.S., a motorcycle policy typically costs around $1,500.As you’ll see below, your costs will change depending on your state and the coverage options you select, with S. costing $178 a month.
The cost of coverage in cold weather vs. other seasons is distinguished particularly clearly. warm-weather states. Riders are more likely to ride their bikes more frequently and run a higher risk of an accident or other mishap in areas where the weather is warmer for longer periods of time.
For instance, in Wisconsin, you can anticipate paying $60 each month or $720 yearly. Contrarily, California will cost you a staggering $514 per month, or $6,168 annually—more than eight times the typical Wisconsin motorcycle insurance premium.
Types Of Motorcycle Insurance
Although Georgia riders are only required by law to purchase motorcycle liability insurance — which covers another person’s property and injuries — other insurance types may be added to strengthen your coverage. These include:
- Collision coverage for your own motorcycle
- Uninsured/uninsured motorist coverage
- Personal medical coverage
- Roadside assistance
- Rental reimbursement
- Comprehensive coverage for vandalism and another kind of damage to your bike
How Is The Price Of Motorcycle Insurance Determined?
Compared to car insurance, motorcycle insurance is less expensive. However, because it covers both your liability needs and the repair or replacement of your motorcycle in the event of damage, full coverage motorcycle insurance can become quite expensive.
Generally, a motorcycle insurance policy has these five types of coverage available, according to the Insurance Information Institute:
- Liability insurance: insurance that pays for any injuries or property damage you cause to others. A minimum coverage policy will typically only provide this level of protection.
- Collision insurance: coverage that will cover motorcycle damage in the event of an accident.
- Comprehensive coverage: covers expenses incurred as a result of theft or vandalism, as well as any other damage besides accidents.
- Coverage for motorcycle modifications, parts, and accessories: Some insurance policies will pay to repair and replace accessories like sidecars, trailers, and upgraded parts, while other types of coverage will pay to cover riding gear (like jackets and helmets).
- Underinsured or uninsured motorist coverage: If you are hurt by an uninsured or underinsured driver and your bike is damaged, this policy will pay your medical bills.
A state minimum policy means that you’re only purchasing one of these five types of coverage. In the event that you have inadequate insurance, you might have to pay these costs out of pocket.
Age and gender
Like auto insurance, drivers with less experience should expect to pay more for motorcycle coverage. A driver who is 18 years old and has a clean driving record, for example, will typically pay higher rates than a driver who is 30 years old.
The cost of your insurance is influenced by your gender as well. According to data from J.D. Power, an 18-year-old male purchasing a policy at GEICO might pay $443, while a female purchasing the same policy at the same company might only pay $339.D. Power.
Type of bike
Your cost of transportation will also be greatly influenced by the type of bike you intend to ride. According to J, your premium is determined by taking into account the value of your bike, its safety features, the crash rate for that model, and the rate of theft.D. Power.
Here are some comparisons of the prices of each bike as stated by J.D. Power:
- Brand new bikes will cost more to insure than used motorcycles
- A sidecar-equipped three-wheel motorcycle will cost more than a single-seat model.
- Less money will be spent on insurance for sports and dirt bikes than for road bikes. A U.S. dirt bike insurance policy typically costs between U.S.S. is $99.
Similar to auto insurance, the price you pay for motorcycle insurance can be impacted by moving violations. Whether it’s in your car or on your bike, a traffic ticket will affect the price you’ll pay for motorcycle insurance, according to Progressive.
If you have a history of filing claims, you may also see a jump in your premium. If you have a history of making too many claims, your insurer may even refuse to cover your motorcycle.
What Is Covered by Motorcycle Insurance?
If you have ever purchased a car insurance policy, you have a pretty good sense of the type of coverage you can get with motorcycle insurance. Both of these policy types have many similarities.
Liability protection is provided by motorcycle insurance, which guards you in the event that you cause someone else’s bodily harm or property damage. In some states, insurance companies also provide guest passenger liability, which will protect you if an individual riding your bike is hurt.
You will typically need to have at least a basic level of liability insurance.
Other aspects of motorcycle coverage may be optional, including:
- Collision coverage pays for repairs to your motorcycle if it’s damaged in a crash.
- Comprehensive coverage pays for damage to your motorcycle caused by something other than a collision, such as theft or vandalism, weather, or a fire.
- Uninsured/underinsured motorist coverage pays your medical bills if another driver who is uninsured or underinsured causes a crash.
Customized parts are a common way for motorcycle owners to improve their vehicles. Custom parts are typically not covered by a typical comprehensive or collision insurance policy, which may only pay to replace them with generic parts.
Ask your insurer if they offer separate coverage for custom parts if you want to make sure your blingy chrome parts or other upgrades are fully covered.
Three Ways To Save Money On Motorcycle Insurance
Saving money on motorcycle insurance might require some additional effort, but it might be worthwhile. The following three actions will lower the cost of your motorcycle insurance.
Shop Around For Coverage
Comparing prices is a good way to find the best deal on any type of insurance. Every business takes into account your needs and personal information in a different way, and every insurer will price your policy in a different way.
Find out which motorcycle insurance provider can provide you with the most coverage for the lowest premiums and deductibles by requesting quotes from a few different providers.
Take A Motorcycle Safety Class
Refreshing your riding knowledge is never a bad idea, even if you’ve been riding for a while. If you’ve taken a motorcycle safety course within the last five years, many insurers will also give you a discount.
Take Advantage Of Discounts
Members of owner or rider organizations, such as the Harley-Davidson Owners Group, may qualify for discounts from some insurers. Ask an insurance agent about any obscure discounts or money-saving options you may be missing out on.