Paul Sanchez
The cost of motorcycle insurance can vary depending on various factors, such as the make and model of the bike, its features, cost to repair, size, engine displacement, and power. Additionally, personal factors like age, location, and driving history can also influence insurance rates. Some insurance companies offer lower rates for certain motorcycles due to their safety features or low book values. In the United States, Dairyland and Progressive are known for offering affordable motorcycle insurance, with Dairyland being the cheapest in Texas. In Australia, National Motorcycle Insurance, offered by NRMA, is considered one of the most comprehensive and affordable options. Honda, Kawasaki, and Suzuki also offer models that are generally cheaper to insure due to their smaller engine displacements and lower power outputs.
| Characteristics | Values |
|---|---|
| Engine displacement | Smaller engines are cheaper to insure |
| Age | Older motorcycles are cheaper to insure |
| Top speed | Lower top speeds are cheaper to insure |
| Cost | Inexpensive bikes are cheaper to insure |
| Repair costs | Bikes with lower repair costs are cheaper to insure |
| Weight | Lightweight bikes are cheaper to insure |
| Handling | Bikes that are easy to handle are cheaper to insure |
| Seat height | Bikes with low seat heights are cheaper to insure |
| Maneuverability | Bikes that are simple to maneuver are cheaper to insure |
| Location | Location impacts insurance costs |
| Driving history | Driving history impacts insurance costs |
| Provider | Dairyland, Progressive, QBE, NRMA, and Budget Direct are some providers with cheap rates |
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What You'll Learn
Cheapest motorcycles to insure in the US
The cost of motorcycle insurance in the US varies depending on several factors, including the state, the type of bike, and the rider's age and experience. Generally, older bikes with smaller engines are cheaper to insure.
According to Motorcycle.com, the Honda Rebel is one of the cheapest motorcycles to insure. Its unassuming presence gives riders and insurance companies little reason to feel dangerous. Other inexpensive bikes to insure include Honda's CBR250R, Kawasaki Ninja 300, and Hyosung GT250R, which are all beginner bikes with similar insurance costs to the Rebel. The Honda CB500X and CB500F have also been granted fairly inexpensive coverage fees. For those looking for a Honda alternative, the Suzuki DR-Z400SM is priced similarly to the two CB500s.
Some insurance companies, such as Progressive, offer discounts and comprehensive coverage for motorcycle insurance. Progressive has been ranked highly by customers for its easy-to-use interface and comprehensive coverage. Dairyland is another provider known for its affordable rates, with an average annual rate of about $266 for full coverage.
Additionally, Harley-Davidson offers the cheapest full-coverage motorcycle insurance rates in California, costing no more than $42 per month. Their insurance includes coverage for motorcycle gear and accessories and offers agreed value coverage, insuring the agreed value of the bike rather than just the market value.
To find the cheapest motorcycle insurance, it is recommended to get quotes from different providers and compare prices based on your specific circumstances.
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Cheapest motorcycles to insure in Australia
In Australia, Compulsory Third Party (CTP) insurance is a legal requirement for registering your motorcycle. It covers personal injuries caused by your motorbike after an at-fault accident and compensates those who are injured. However, it does not cover the repair costs for your motorcycle or other people's vehicles or property.
Third-party insurance is another option, which covers the costs of damages caused by your motorcycle to others' property and legal costs if you are sued. It does not cover the repair or replacement costs of your motorcycle in case of a traffic accident.
For broader protection, comprehensive motorcycle insurance covers the above and also helps cover the cost of repairing or replacing your own bike. Some insurance companies that offer comprehensive motorcycle insurance in Australia include:
- QBE: QBE offers flexible cover options, including the ability to choose an agreed or market value for your motorcycle. They also cover motorcycle gear as standard, which is an optional extra with other providers.
- National Motorcycle Insurance: National Motorcycle Insurance offers a comprehensive policy with many features included as standard, whereas other providers offer them as optional extras.
- NRMA: NRMA is the cheapest out of eight providers, according to Finder, with decent coverage and optional extras.
- Budget Direct: Budget Direct offers comprehensive customers optional extras such as a hire car following an accident and cover for their riding gear.
- AAMI: AAMI offers comprehensive motorcycle insurance, covering loss or damage to your motorcycle caused by insured incidents. They also cover loss or damage to protective clothing caused by fire and/or theft, up to a certain amount.
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Factors that affect motorcycle insurance rates
Motorcycles can be expensive to insure, but certain factors can help you get a cheaper insurance rate. Generally, the smaller the engine displacement, the less insurance will cost. For example, smaller bikes like the Honda Rebel 300, Suzuki SV650, and Kawasaki Ninja 250R are cheaper to insure.
Your location also plays a significant role in determining insurance rates. Motorbike insurance is cheaper in colder states with shorter riding seasons, such as North Dakota, as there are fewer accidents and insurance claims. Conversely, warmer states with longer riding seasons tend to have higher insurance rates due to more accidents and claims. Additionally, living in a city like Chicago can increase your insurance rates because of higher traffic, theft, and accident risks.
Your age is another critical factor in determining insurance costs. Younger riders, especially teenagers, often pay higher insurance rates because they pose a greater risk for insurers. However, insurance rates typically decrease as you get older, and many riders see better rates after turning 25, provided they have maintained a clean driving record.
Your driving history is also essential. Accidents, traffic tickets, and past claims will likely result in higher insurance rates. Completing a safety course can help reduce costs.
The type of bike you have also matters. Bigger bikes with more substantial horsepower tend to be more expensive to insure. Additionally, the cost of the bike, features, and repair costs can impact your insurance rates.
Finally, the coverage you choose will affect your premium. Basic liability insurance costs less but provides minimal protection. In contrast, comprehensive insurance is more expensive but offers better protection, including collision, theft, and weather damage coverage. A higher deductible will lower your premium upfront, but you may pay more if you need to file a claim.
Other factors that can influence your insurance rates include security devices or tracking systems on your motorcycle, the frequency of your rides, and custom work on your bike.
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Insurance companies with the cheapest rates
The type of motorcycle you have matters when it comes to finding cheap insurance. Generally, smaller displacement motorcycles with lower top speeds and low book values have lower insurance costs. The cost of insurance is also influenced by the motorcycle's power, with more powerful motors resulting in higher insurance premiums. Additionally, the age of the rider is a factor, with younger riders often facing higher insurance costs.
When it comes to insurance companies with the cheapest rates, Progressive is consistently mentioned as offering competitive prices. In New York, they are known to have the cheapest rates in the state, with full coverage insurance starting at $18 per month, which is $10 less than the state average. Progressive also offers discounts for those who have taken a motorcycle safety course and provides additional discounts for USAA members, including military members, veterans, and their families.
Harley-Davidson also offers affordable insurance rates, with full coverage policies averaging $24 per month in New York. They provide various discounts, such as multi-cycle discounts, homeowner discounts, and discounts for those who have completed a motorcycle safety course or are H.O.G.® members.
Other insurance companies worth considering for cheap rates include State Farm, which offers full coverage starting at $120 per month, and GEICO, which has been known to offer competitive rates, especially when bundling motorcycle and car insurance.
It's important to remember that insurance rates can vary based on individual circumstances, location, and the specific motorcycle model. It is always recommended to shop around and get quotes from multiple providers to find the best rates.
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How to find the cheapest motorcycle insurance
Finding cheap motorcycle insurance can be a tricky business, but there are ways to save money on your premiums.
Firstly, it's worth noting that motorcycles are typically cheaper to insure than cars as they cost less to buy, maintain, and repair. The type of motorcycle you own will also make a big difference to the cost of your insurance. Generally, the smaller the engine displacement, the less your insurance will cost. Smaller bikes tend to have lower top speeds and are less powerful, which means they are considered less of a risk by insurers. So, if you're looking for a cheaper premium, it might be worth considering a lower horsepower bike, like a standard bike.
If you're looking for a specific model recommendation, the Honda Rebel 300 and the Suzuki SV650 are both inexpensive bikes that are cheap to insure. The Harley-Davidson Street 500 is another good option, although this model was discontinued in 2021, so you may have to buy it used. If you're looking for something with a bit more power, Honda's CBR250R, Kawasaki Ninja 300, and Hyosung GT250R are all good options that won't break the bank on insurance.
When it comes to insurance providers, it's a good idea to shop around and get quotes from multiple companies. Progressive is often mentioned as a good option for cheap motorcycle insurance, with some customers reporting significant savings compared to competitors. GEICO is another popular choice, offering quality coverage at affordable rates, and Dairyland offers insurance starting at $7 per month. It's also worth checking with organisations like AAA (or CAA in Canada) and the AMA (American Motorcyclist Association), as they often have good rates.
Finally, there are a few other things you can do to keep costs down. Taking a motorcycle safety course can reduce your insurance costs, and bundling your motorcycle insurance with other insurance policies, such as car insurance, can also lead to discounts. Reviewing your policy and making adjustments can also help lower your insurance costs.
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Frequently asked questions
The cost of motorcycle insurance is determined by various factors, including the make and model of the bike, its engine displacement, horsepower, age, repair costs, and features. Additionally, personal factors such as age, location, and driving history can also impact insurance rates.
Generally, smaller displacement motorcycles with lower top speeds and low book values are cheaper to insure. Some examples include the Honda Rebel 300, Suzuki SV650, Kawasaki Ninja 650, and Harley-Davidson Street 500.
Yes, in the United States, Dairyland and Progressive are known for offering affordable motorcycle insurance rates. In Australia, QBE, NRMA, and Budget Direct have been mentioned as providers of relatively cheap motorcycle insurance.
Yes, the type of motorcycle plays a significant role in insurance costs. Sport bikes or "supersports" tend to be the most expensive to insure, while standards and dual-sports are typically the cheapest options.
To find the cheapest motorcycle insurance, it is recommended to obtain quotes from multiple insurance providers and compare their rates. Consider factors such as your age, location, bike type, and desired coverage level to make an informed decision. Additionally, look for discounts and bundle options to further reduce costs.
