Orlando Harmon
The average cost of motorcycle insurance in the US is $108 per month or $1,296 per year, although this figure varies depending on individual factors, coverage needs, and the company providing the policy. For example, Dairyland offers insurance for as low as $7 per month, while the average cost of a full coverage policy in Kentucky is $69 per month. Factors that influence the cost of motorcycle insurance include age, location, riding habits, and driving records.
| Characteristics | Values |
|---|---|
| Average cost of motorcycle insurance | $108 per month or $1,296 per year |
| Average cost of full coverage policy | $33 per month |
| Average cost of full coverage policy for an 18-year-old | 41% more than a 35-year-old |
| Average cost of full coverage policy for a 21-year-old | 20% more than a 35-year-old |
| Average cost of motorcycle insurance in Kentucky | $69 per month |
| Average cost of motorcycle insurance in North Dakota | $18 per month |
| Factors influencing the cost | Age, claims history, location, riding habits, driving record, type of motorcycle, safety features, crash rate, theft rate, safety courses, bundling policies, deductible |
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What You'll Learn
The type of motorcycle
On the other hand, standard bikes like the Yamaha MT-07 tend to have lower insurance costs. Dual-purpose bikes, such as the Honda CRF205L and Kawasaki KLX250, also fall into this category due to their smaller engines and more upright riding position. Similarly, scooters and mopeds, such as the Vespa Primavera and Yamaha Zuma 125, are designed for shorter travel distances and cost less to repair, resulting in lower insurance rates.
In contrast, cruisers often have larger engines and can be very heavy, which can lead to higher insurance rates. However, they are also known for their distinctive style and relaxed riding experience, which may offset some of the costs. Additionally, the value of your motorcycle plays a significant role in determining insurance rates. Newer bikes tend to cost more to insure than older bikes due to higher replacement costs and more expensive repairs. However, older bikes, especially rare or limited-edition models, may also have higher insurance rates if they have higher values and harder-to-find parts.
Other factors that contribute to the determination of insurance rates based on motorcycle type include safety features, crash rates, and theft rates. Bikes with more safety features, like anti-lock brakes, are generally cheaper to insure as they are less likely to be involved in accidents. Certain models and styles have higher crash rates, which will impact your insurance rates as companies assume a higher likelihood of claims. Finally, insurance companies charge more to protect bikes with higher theft rates, as there is a greater chance of paying out a claim for stolen vehicles.
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Your location
The location of the bike owner plays a significant role in determining the average motorcycle insurance rate. The average cost of insurance for motorcycles varies by up to $51 per month from one state to another. For instance, North Dakota has the lowest insurance rates, with an average of $18 per month, while Kentucky has the highest, averaging $69 per month.
Motorcycle insurance is typically more expensive in places with high crime rates, more traffic, severe weather, or higher accident rates. This is because insurance companies believe that riders in these areas are more likely to make a claim in the future. For example, urban areas generally experience higher rates of accidents and crime, resulting in increased insurance rates. Similarly, states with warmer and longer riding seasons tend to have more expensive motorcycle insurance, which can be up to 39% more than the national average. On the other hand, motorcyclists in colder states with shorter riding seasons tend to see fewer accidents and insurance claims, resulting in lower rates.
Additionally, the cost of motorcycle insurance can vary depending on the state's minimum liability coverage requirements. Some states, such as New Jersey, have high motorcycle insurance costs, while others, like Alaska, have lower insurance costs. For example, the average annual cost for a liability-only motorcycle insurance policy can range from $127.07 in North Dakota to $317.77 in Delaware.
It is worth noting that insurance rates can also be influenced by other factors, such as the age and riding history of the driver, the type of motorcycle, and the chosen coverage level.
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Your age
Age is a significant factor in determining the premium of motorcycle insurance. Generally, younger riders tend to pay higher insurance premiums than older riders. Teenagers and young adults, especially those under 25, are considered high-risk by insurance companies due to their lack of experience, tendency to drive fast, and higher chances of accidents, claims, injuries, or death. As a result, they often face the highest insurance rates, with monthly premiums ranging from $100 to $500 for full coverage, depending on the state and type of bike.
However, age is not the sole determinant of insurance costs. An older, inexperienced rider may pay more for insurance than a younger, more experienced rider. Safe driving training, a clean driving record, and years of accident-free experience can help lower premiums. Additionally, insurance companies may offer discounts to riders who take safety courses or maintain a clean riding record.
As riders enter their mid-to-late twenties, insurance rates start to decrease. Riders in their 30s and 40s can expect significantly lower premiums compared to their younger counterparts. However, once riders reach their 60s, premiums may begin to increase again as insurance companies consider age-related factors when assessing risk.
While age plays a crucial role in determining motorcycle insurance rates, it is important to remember that other factors, such as location, gender, bike type, driving history, and coverage selection, also come into play when calculating the final insurance quote.
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Your driving record
Maintaining a clean driving record is crucial for keeping your insurance rates affordable. This means obeying traffic laws, practising defensive riding techniques, avoiding distractions like texting or phone calls, and wearing appropriate safety gear. Additionally, regularly maintaining your motorcycle to ensure it is in optimal condition can help you avoid accidents.
The type of accidents or violations on your record also matters. Minor car accidents may not prevent you from getting a motorcycle license, but the frequency, fault, and severity will be scrutinised. Serious offences, such as DUI/DWI convictions, reckless driving, and multiple speeding tickets, are major red flags for both car and motorcycle licensing. They demonstrate a lapse in judgment or a disregard for traffic safety rules, which is a concern for insurers when assessing your risk profile.
If you have a less-than-perfect driving record, there are still ways to find affordable coverage. Review and compare insurance policies from multiple providers, as some insurers specialise in offering coverage to high-risk riders. Additionally, taking a motorcycle safety course or installing an anti-theft device on your bike can help lower your rates.
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The insurance company
As an insurance company, it is important to consider several factors when determining motorcycle insurance rates. Firstly, the type of motorcycle plays a significant role. Sport bikes, supersport bikes, and street bikes generally carry higher insurance rates compared to cruisers or touring bikes due to their higher risk profile. The value of the motorcycle, safety features, safety ratings, historical crash and theft rates for the model, and engine capacity are also taken into account.
Geographical location is another crucial factor influencing insurance rates. Motorcycle insurance is typically more expensive in places with high crime rates, dense urban populations, heavy traffic, severe weather, or higher accident rates. States with warmer climates and longer riding seasons tend to have higher insurance costs due to increased riding opportunities, resulting in more accidents and claims. Conversely, motorcyclists in colder states with shorter riding seasons generally experience fewer accidents, leading to lower insurance rates.
The age, gender, and marital status of the rider are also considered. Younger and less experienced riders tend to have higher insurance rates, with rates decreasing as the rider ages until they reach their 70s. Women often benefit from slightly lower rates due to a lower likelihood of risky driving behaviour. Being married can also result in significantly lower insurance rates.
An individual's riding habits and driving record are critical factors in determining insurance rates. Reckless driving behaviours, such as speeding, at-fault accidents, and driving under the influence (DUI), lead to higher insurance premiums. Conversely, maintaining a clean riding record and completing safety courses can result in lower rates. The frequency of motorcycle usage also matters, as a higher number of riding days increases the likelihood of accidents and subsequent claims.
In addition to these factors, insurance companies may also consider other variables, such as credit scores, riding course participation, anti-theft device installation, and customisations made to the motorcycle. By evaluating these factors, insurance companies can assess the risk profile of the rider and determine appropriate insurance rates.
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Frequently asked questions
The average cost of motorcycle insurance in the US is $108 per month or $1,296 per year. However, the cost varies depending on factors such as age, location, and type of bike.
Motorcycle insurance is typically more expensive in places with high crime rates, more traffic, severe weather, or higher accident rates. For example, North Dakota has some of the cheapest motorcycle insurance quotes in the US, at around $18 per month, while Kentucky has the most expensive, averaging $69 per month.
Younger riders tend to pay more for motorcycle insurance because they have less riding experience and are more likely to cause an accident. The average motorcycle insurance cost for an 18-year-old rider is 41% more than for a 35-year-old, while a 21-year-old rider will pay 20% more than an 18-year-old.
A clean driving record can help you get cheaper motorcycle insurance rates. Speeding tickets, accidents, and driving violations can increase your insurance costs. For example, driving violations can increase rates by up to 68% for full coverage.
Sport bikes generally have higher insurance rates compared to cruisers or touring bikes due to their higher risk profile. The value of your bike, its safety rating, and the theft rate for that model are also considered when determining your premium.
