Motorcycle Insurance Cost

Getting motorcycle insurance is just a good idea – and in some states, it’s also legally required. The cost of motorcycle insurance can vary widely, but you can be smart about which motorcycle insurance company you choose, how much insurance you buy, and how you can qualify for discounts on your insurance.

Below is information about the primary factors that impact the cost of motorcycle insurance.

Motorcycle Insurance Companies
Motorcycle insurance companies can offer dramatically different types of rates and coverages, and taking the time to compare companies, coverages, and discounts can be well worth your time.

Motorcycle Insurance Coverage
The amount of insurance coverage you choose heavily impacts the cost of insurance. Collision coverage and comprehensive coverage are more expensive than basic liability coverage, but they also offer more protection, for more circumstances.

Motorcycle Insurance Deductibles
With most motorcycle insurance companies, the more you’re willing to put on the line financially (by opting for a higher deductible), the lower your premiums.

Note that some motorcycle insurance companies offer a “vanishing deductible.” This feature rewards you for each year that you’re claim-free by lowering your deductible.

Motorcycle Insurance Discounts.
When you’re shopping around for motorcycle insurance, factor in potential discounts that the insurance companies might offer. Depending on the insurer, you could qualify for discounts for bundling policies (with your auto and homeowners policies), completion of a motorcycle safety course, anti-theft devices, safety features on your motorcycle, and/or a good driving record.

DMV Record And Accident History
Your motor vehicle record (for driving and riding) can have a huge impact on the cost of motorcycle insurance. If you have a history of traffic violations and/or accidents, you’re likely to face higher motorcycle insurance premiums. Being a “safe rider” or “responsible rider” (by maintaining a clean DMV record and staying accident-free) is one of the best ways to keep your insurance costs down.

Note that some motorcycle insurance companies offer “first accident waiver” or “accident forgiveness” – a provision in the insurance policy that prevents an increase in premiums after your first at-fault accident.

Age And Experience
Age and experience can play a role in the cost of motorcycle insurance. Younger riders, especially those under the age of 25, typically face higher premiums due to their inexperience and higher risk of accidents. Conversely, older, more experienced riders can be given lower rates.

Type and Model of Motorcycle
The type and model of your motorcycle can significantly impact insurance costs. High-performance motorcycles, such as sports motorcycles, typically incur higher insurance rates due to their higher speeds and associated risks. In contrast, smaller or lower-powered bikes often have lower insurance costs. The age, make, and model of your motorcycle also factors into the cost of your motorcycle insurance. Newer, more expensive models of motorcycles usually cost more to insure, due to their higher repair and replacement costs.

Location – Where You Live And Ride
Geographic location is another factor in the cost of motorcycle insurance. If you live in an urban area, with high traffic density and higher risks of theft and accidents, you’ll typically pay more for insurance than if you live in a rural or less congested area. Additionally, if you live in an area with longer riding seasons, you might see higher insurance costs.

Frequency Of Use
How often you ride your motorcycle (and for what purpose) also helps determine your motorcycle insurance costs. If you use your motorcycle for daily commuting, you’ll generally incur higher premiums than if you just ride it occasionally. If you only use your motorcycle for part of the year, you might qualify for lower insurance rates.

Note that some motorcycle insurance companies offer “lay-up insurance,” which allows you to suspend or lower your insurance for periods when you’re storing your motorcycle and not it (such as in the wintertime).

Motorcycle Safety And Security Add-Ons
Motorcycle safety features and security add-ons measures can help reduce your motorcycle insurance costs. If your motorcycle has an anti-lock brake system, or if you add anti-theft devices (such as GPS trackers, alarms, and immobilizers), you might enjoy lower insurance premiums.

Motorcycle Customizations And Modifications
If you’ve added custom parts or special modifications, your motorcycle could be more expensive to insure. Customizations can increase the value of the bike and, as a result, the cost to repair or replace it. Most motorcycles with extensive customizations or modifications require additional insurance coverage.

OEM Insurance Coverage
If you’re concerned about having original equipment manufacturer parts used for repairs or replacements on your motorcycle, you can purchase OEM insurance.

Agreed Value Coverage
For custom, classic, rare, and vintage motorcycles, agreed value coverage is a great add-on. Agreed value coverage lets you and your insurer agree on the value of your motorcycle at the time you purchase your policy. In the event of a total loss (from an accident or theft), you’ll be paid that agreed-upon amount and won’t have to haggle over the value of your bike.

Check With Your Insurance Agent Or Company
Please note that the information provided above is for informational purposes only. For the most accurate, up-to-date, specific information, check with your insurance agent or insurance company!