How Much is Motorcycle Insurance: Full Guide

Are you considering buying your first motorcycle and hitting the road? If true, dreams of gliding across the countryside in the open air probably fill your head.

However, before you buy a motorcycle, a more practical question is: How much is motorcycle insurance? These and more you are about to find out. Go nowhere!

Overview of Motorcycle Insurance

Motorcycle insurance is a specialized form of insurance designed to protect riders and their bikes from a range of risks, including accidents, theft, and liability for damages to others.

Just like car insurance, it’s a critical component of responsible vehicle ownership.

Riding a motorcycle can be a thrilling experience, but it comes with its own set of risks. That’s where motorcycle insurance plays a critical role for riders. It not only provides financial protection but is often legally required as well.

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Average Cost of Motorcycle Insurance

Motorcycle insurance in the United States costs an average of $178 per month. Your costs will vary depending on your state and the coverage types you select, as shown below.

There is a significant difference in the cost of coverage in cold-weather versus warm-weather states.

Riders are more likely to ride their bikes more frequently in areas where the weather is warmer for longer periods of time, increasing the risk of an accident or other mishap. In Wisconsin, for example, you can expect to pay $60 per month or $720 per year.

In California, however, you will pay $514 per month, or $6,168 per year—more than eight times the average cost of motorcycle insurance in Wisconsin.

How Much Does Motorcycle Insurance Cost by Company?

Because each insurance company has its own proprietary system for setting rates, the cost of motorcycle insurance can vary greatly from one company to the next.

Obtaining multiple motorcycle insurance quotes is one of the quickest and easiest ways to ensure you have the best insurance rates possible.

Progressive, for example, has the lowest liability-only policy at approximately $108 per year, while Harley-Davidson has the highest liability-only rates at approximately $166 per year.

When it comes to full coverage, Progressive and Dairyland tie for the lowest annual rates at around $267, while Nationwide has the highest annual rates at around $658.

What Determines the Cost of Motorcycle Insurance?

The cost of motorcycle insurance is determined by factors such as:

Your age, with the youngest and oldest riders paying the most.
How good is your driving record?
Where do you live?
The type of motorcycle you own, with high-performance motorcycles typically costing more to insure.
The Motorcycle’s Golden Age
Over the course of a year, the number of miles you ride.
When you are not riding your bike, where do you keep it?

If you are in a serious motorcycle accident, the insurance premiums may be well worth the cost.

What Does Motorcycle Insurance Cover?

If you’ve ever purchased car insurance, you’re already familiar with the types of coverage available with motorcycle insurance. The two types of policies are nearly identical.

Motorcycle insurance provides liability coverage, which protects you if you injure or damage someone else’s property. In some states, insurers also provide guest passenger liability, which covers you if a passenger on your motorcycle is injured.

In most states, you must carry a certain amount of liability insurance. Other aspects of motorcycle insurance may be optional, such as:

Collision coverage pays for repairs to your motorcycle if it is damaged in a collision.
Comprehensive coverage pays for damage to your motorcycle caused by events other than a collision, such as theft or vandalism, bad weather, or a fire.
Uninsured/underinsured motorist coverage pays your medical bills if another driver is uninsured or underinsured and causes a collision.

Motorcycle owners frequently customize their rides with custom parts. A standard comprehensive or collision insurance policy will not usually reimburse you for damage to custom parts and may instead only pay to replace them with standard parts.

If you want to ensure that your fancy chrome parts or other upgrades are fully covered, check with your insurer to see if they provide separate coverage for customized parts.

How to Save on Motorcycle Insurance

Fortunately, there are usually measures you can take to lower your motorcycle insurance cost.

Shop Around

Perhaps the most important thing you can do is shop around and compare quotes from various insurers.

Each insurance company has its own rate-setting formula, and you won’t know if you’re paying too much until you compare motorcycle insurance quotes.

Increase Your Deductible

If you have collision and comprehensive insurance, you can also save money by raising your deductible. Raising your deductible from $500 to $1,000 (or more) will, for example, reduce the cost of your motorcycle insurance.

If you raise your deductible, expect a lower insurance payout if you file a collision or comprehensive claim.

Keep a Clean Driving Record

Another important way to cut costs is to drive safely to avoid tickets and accidents. Motorcycle owners with a clean driving record are viewed favorably by insurers.

Reconsider Your Coverage

Dropping comprehensive and collision coverage will significantly reduce your motorcycle insurance costs. When your bike is older and its value is relatively low, dropping such coverage usually makes the most sense.

Other Ways to Save on Motorcycle Insurance

The Insurance Information Institute (Triple-I) recommends these extra savings tactics:

Finish a motorcycle training course. If you have completed a course offered by an organization such as the Motorcycle Safety Foundation, your motorcycle insurance costs may be reduced. According to Triple-I, the benefit is especially significant for riders under the age of 25, who pay high rates.
Get a discount on multiple vehicles. You may be able to get a lower rate if you insure more than one bike, or a bike and a car. Many insurers provide substantial discounts when you bundle insurance in this manner.
Qualify for an organization discount. Some insurers will give you a discount if you belong to a motorcycle club or another similar organization.
Store your bike over the winter Period. Many riders in colder climates store their bikes and do not ride them during the winter. If you fall into this category, you may be eligible for a “lay-up” discount, which allows you to keep only comprehensive coverage on your motorcycle over the winter, saving you a significant amount of money.

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Take Home

In short, A younger motorcycle rider or someone who owns a sports bike will spend significantly more for insurance than other riders.

That said, although motorcycle insurance is usually much cheaper than auto insurance, it can still be pricey which is why you really need to know how much you will have to spend in the actual sense of it.

However it turns out, rest assured that it is better than having no motorcycle insurance coverage at all.

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