The Cost of Motorcycle Insurance

For this post, let’s really take an in-depth look at the system, science, and reasoning behind the cost of motorcycle insurance. Much like car insurance, motorcycle insurance is largely required in the United States and costs differently depending on the policyholder and their specific cases. Because of this, it makes narrowing down an average cost somewhat difficult –but not impossible. 

What Affects The Cost of Motorcycle Insurance

Let’s first discuss why motorcycle insurance costs as much as it does. Motorcycle insurance does tend to cost much less than car insurance, but more coverages may be necessary. Factors that affect, and can even determine, how much you pay for motorcycles are:

  • Age – One of the foremost determining factors of car and motorcycle insurance is the age of the driver or operator. As a general rule of thumb, younger drivers pay the most for insurance –far beyond the average. Rates begin to even out when they turn 25 and have more of a tangible driving or riding record. 
  • Type of motorcycle – Cruisers and dirt bikes have different insurance rates, so the make and model of motorcycle you are driving will also have a role in determining your insurance rates. Some riders shop for certain types of motorcycles with this in mind. 
  • Place of residence – Zip Codes can be very telling of local traffic and crime rates, both of which affect how much you will pay for car insurance. Big metropolitan areas often have higher rates than rural areas. 
  • Credit score – Insurance is all about making your payments on time, and your credit score is the foremost indicator of how well you are able to make them. Good credit scores and above are able to get lower rates when it comes to motorcycle insurance. 
  • Ticket and accident history – How many accidents and traffic tickets you’ve had in recent years will be noticed by the motorcycle insurance company as they underwrite your coverage. The more they find, then the higher the insurance rates will be.

Types of Motorcycle Insurance 

The good news is that if you have an idea of the different types of car insurance, then you already have an idea of what the different motorcycle insurance coverages are. There is the usual liability coverage which covers damage and injuries you cause to others along with:

  • Collision and comprehensive coverage – When you combine these with liability coverage, you have what is known as full coverage, which is highly recommended for motorcycle drivers since damage and injuries tend to be more intense when it comes to an accident on the road. Collision and comprehensive work the same as their car insurance counterparts by covering damage to your own motorcycle in an at-fault accident or while it is parked or in storage. 
  • Custom part coverage – Some motorcycle owners add custom parts to their bikes after purchasing. Since these features aren’t factory-made, they will need to have their own insurance coverage with custom part coverage. This may also be known as an umbrella policy. 
  • Uninsured motorist coverage – This coverage is required in some states as some drivers illegally forgo insurance when driving a car or motorcycle. Uninsured or underinsured motorist coverage will cover anything that these at-fault drivers can’t. 
  • Roadside assistance coverage – If your motorcycle were to break down while you’re on the road, you wouldn’t have to be on the line for any services that assist you with roadside assistance coverage. With motorcycles, which have more maintenance, this coverage seems like a necessity. 

How Much Motorcycle Insurance Really Costs

After all those words, you probably want to see some numbers. On average, a motorcycle insurance policy can cost anywhere from $350 to $550 –nearly as much as insuring a car. As previously mentioned, it all depends on you along with the insurance company you choose. Everyone underwrites their motorcycle insurance policies differently, so it helps to take advantage of the several free quote calculators online to find the most affordable motorcycle insurance in your case.