Average Motorcycle Insurance
Motorcycle insurance rates depend on many variables that include your ZIP code and your bike's engine size. So, relocating to a state with heavier traffic or more deer can trigger a considerable increase. If you move to a state with lower crime rates or out of a state with high insurance rates, you'll notice a significant difference in your premiums.
What Determines the Cost of Motorcycle Insurance?
The cost of motorcycle insurance can significantly vary depending on several factors, such as where you live, your age, and the type of bike you have. Young and less experienced riders with a bad record will pay more than riders with several years of accident-free records.
Motorcycles are more likely to be stolen compared to cars due to their small size. It's quite easy to hoist the bike in a vehicle without getting caught. If your insurer thinks that your bike has a high chance of being stolen, you'll pay expensive motorcycle insurance premiums against theft.
If you live in a state where the risk of theft is quite high, insurance companies will consider you a high-risk customer and charge you dearly unless you take the proper security measures. You can save significantly if you equip your bike with the latest safety features.
Why Motorcycle Insurance Costs Vary
Insurance companies can get accurate data about the number of motorcycle accidents in every state per year. Every state has unique traffic laws.
Speed is a major factor as it can make accidents more likely to occur by shortening the reaction time of riders and drivers. Since speed can make an accident more dangerous by increasing the force of impact, these companies will use it as a key factor when determining the cost of insurance coverage.
Average Motorcycle Insurance Costs
Like car insurance, motorcycle insurance depends on the type of coverage you need, and the compensation and insurance company will be required to pay if you're involved in an accident. If your bike is quite costly to replace or repair, then your premiums will be quite high.
Cost of Motorcycle Insurance by State
Some states charge exorbitant rates for bodily injury protection, property damage, comprehensive, and collision coverage. Others charge significantly low rates when compared to the national average. Motorcycle insurance isn't mandatory in Florida, but riders are encouraged to acquire bodily injury and property damage liability.
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COST RANK | Name of State | Amount Per Month | AMOUNT PER YEAR | Average Per Year vs. The Difference |
|---|---|---|---|---|
50 | Maine | $41 | $492 | -29.87% |
49 | South Dakota | $39 | $472 | -32.67% |
48 | Nebraska | $39 | $469 | -33.09% |
47 | Wyoming | $37 | $439 | -37.39% |
46 | Iowa | $34 | $414 | -41.01% |
45 | North Dakota | $32 | $382 | -45.56% |
44 | Vermont | $43 | $515 | -26.59% |
43 | Wisconsin | $42 | $501 | -28.58% |
42 | Montana | $44 | $532 | -24.14% |
41 | Kansas | $43 | $516 | -26.42% |
40 | Hawaii | $45 | $540 | -22.98% |
39 | Alaska | $45 | $540 | -23.05% |
38 | Ohio | $48 | $575 | -18.03% |
37 | New Hampshire | $50 | $601 | -14.30% |
36 | Minnesota | $49 | $592 | -15.58% |
35 | Colorado | $50 | $602 | -14.15% |
34 | Indiana | $50 | $606 | -13.69% |
33 | Massachusetts | $54 | $649 | -7.52% |
32 | Nevada | $54 | $644 | -8.26% |
31 | Oregon | $54 | $652 | -7.01% |
30 | Pennsylvania | $55 | $661 | -5.79% |
29 | West Virginia | $54 | $653 | -6.91% |
28 | Connecticut | $56 | $668 | -4.73% |
27 | Illinois | $56 | $677 | -3.52% |
26 | Mississippi | $56 | $677 | 3.53% |
25 | Oklahoma | $59 | $708 | 0.97% |
24 | Virginia | $59 | $703 | 0.25% |
23 | Kentucky | $60 | $716 | 2.02% |
22 | Idaho | $62 | $739 | 5.40% |
21 | Texas | $60 | $723 | 3.01% |
20 | Delaware | $62 | $742 | 5.78% |
19 | New Mexico | $63 | $752 | 7.23% |
18 | North Carolina | $64 | $763 | 8.71% |
17 | Arkansas | $64 | $766 | 9.13% |
16 | Utah | $66 | $794 | 13.22% |
15 | Maryland | $67 | $801 | 14.12% |
14 | South Carolina | $65 | $781 | 11.36% |
13 | Tennessee | $68 | $820 | 16.83% |
12 | Michigan | $90 | $1083 | 54.37% |
11 | Rhode Island | $74 | $889 | 26.75% |
10 | Georgia | $74 | $883 | 25.86% |
9 | Florida | $76 | $911 | 29.56% |
8 | New York | $81 | $969 | 38.07% |
7 | Arizona | $78 | $935 | 33.27% |
6 | Louisiana | $98 | $1175 | 67.55% |
5 | Alabama | $64 | $762 | 8.67% |
4 | Washington | $57 | $688 | -2% |
3 | New Jersey | $51 | $610 | -13.09% |
2 | California | $113 | $1360 | 93.92% |
1 | Missouri | $78 | $934 | 33.1% |
Your insurance costs will soar if you have a bad driving record. It's possible to lower the costs by maintaining a clean record and choosing a smaller bike that is easy to replace if totaled.
1. Most Expensive Motorcycle Insurance Claims
Insurance companies keep tabs on the most prevalent motorcycle accidents. Due to their small size and high speeds, most drivers cannot anticipate them on busy roads. Crashes between motorcycles and vehicles are quite common. Since accidents happen when motorcyclists change lanes unexpectedly, they are most likely to be at fault.
You can take the necessary measures to stabilize your bike and make it safer to ride. Modern bikes come with anti-lock brakes and other ABS features that allow riders to stop easily and avoid life-threatening situations.
Motorcycle claims also come in a package of property damage, emergency services, rehabilitation, and medical costs. When you consider the legal defense and lost wages, the direct loss to an insurance company is quite steep. If you live in a state where the risk of motorcycle theft is quite high, you'll have to pay even more to insure your bike.
One of the best ways to lower your annual premiums is to invest in motorcycle safety. You can either use multiple locks, buy quality chains, or install a hidden kill switch.
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2. Why Engine Size Matters
Most superbike manufacturers have established themselves as premium brands, and motorcycle enthusiasts are willing to pay extra for that. To maintain their market share, they must build their motorcycles with expensive and high-quality parts. The target market is the high-end European and American segments.
Motorcycle | Engine Size | Blue Book Value | Annual Premium |
|---|---|---|---|
Yamaha V Star 250 | 250 cc | $3740 | $753 |
Harley Davidson Street 750 | 750 cc | $6730 | $677 |
BMW R 1250 RT | 1250 cc | $19130 | $1897 |
Honda Gold Wing | 1833 cc | $19125 | $1959 |
Suzuki GSX-R600 | 600 cc | $9460 | $5401 |
Whenever these sports bikes crash, it's quite expensive to repair or replace them if totaled. For that reason, the owners must incur huge insurance costs. Sports bikes also cruise at high speeds, meaning that they tend to cause several accidents. Not only is it expensive to insure a superbike, but the cost of medical payments cover is significantly high.
In addition to insuring your bike, it's essential to consider life insurance. Motorcycles are dangerous, especially if pitted against cars or trucks in a collision. Motorcycles are undeniably dangerous, especially pitted against a car or truck in a collision.
3. Why Your Age Matters
Young riders are required to pay hefty premiums as they are deemed to have little experience. The insurer will then consider whether you have the necessary experience to ride a specific bike. If you have been riding a Yamaha V star 250 and now want to upgrade to the BMW 250 RT, you have minimal experience with the superbike.
Since you're more likely to cause accidents with the superbike, the cost of insuring your new bike will be considerably higher. If you maintain a clean driving record, your premiums will decrease as you gain more experience.
Save on Motorcycle Insurance
One of the easiest ways to save on motorcycle insurance is to relocate to a cheaper state. California residents that relocate to Washington can slice their annual motorcycle insurance costs by half.
But if you aren't ready to move, you can lower motorcycle insurance costs by downsizing. Instead of riding a superbike that's more prone to severe accidents, go for a modest bike that meets your needs without posing risks. It'll be cheaper to run, and most insurance companies in your state will be willing to offer a wide range of policies at a lower cost.
Compare Rates to Get the Best Deals
Comparing several quotes is a great way to ensure you get the lowest insurance rates based on your needs, budget, and circumstances. Most insurance companies have different target markets, and if you don't compare the rates, you might end up with hefty premiums. In addition to the online comparison tools, your local insurance agent can help you gather information, identify how much coverage you need, and unearth the most pocket-friendly motorcycle insurance quotes.
