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How Much is Motorcycle Insurance? Factors, Types & FAQs
Kristin Hitchcock
Last updated:
Motorcycle insurance is absolutely necessary if you own and drive a motorcycle. You will at least need liability, which will cover the other person’s car should you get in a wreck. However, you’ll also need to consider getting comprehensive and similar plans, which cover damage done to your motorcycle. You can find very cheap plans for as low as $70. However, comprehensive plans for a driver with many accidents may cost as much as $2,000 per year.
Rates can vary considerably from rider to rider. If you’ve been in a number of accidents, your insurance will likely cost far more than others. However, we can take a look at averages to give you an idea of what it might cost.
The Importance of Motorcycle Insurance
While driving a motorcycle does not necessarily mean that you will get into an accident, there are thousands of motorcycle accidents each year. About 88,000 motorcyclists get injured in an accident each year and that does not include accidents that do not result in injuries.
Motorcycle insurance is vital for paying for your motorcycle’s damage, as well as any injuries that may have been caused by the accident. In many areas, you are required to have some amount of motorcycle insurance. However, you usually do not need comprehensive.
However, you may want to pick up comprehensive anyway. If you don’t have the money to completely replace your bike out of pocket, you’ll likely want an insurance plan that can help you in the case of an accident.
Image By: Piqsels
How Much Does Motorcycle Insurance Cost?
Motorcycle insurance varies widely. Costs are largely dependent on the type of motorcycle, coverage amount, and driving history. Those that file multiple claims may see their coverage increase, for instance. Younger drivers often have higher costs as well. Let’s take a look at the different kinds of insurance and their average costs:
Minimum Insurance
Minimum insurance usually only includes liability. Therefore, it will pay for the other driver’s damages if you are at fault. However, it will not cover your motorcycle or health bills if you are found to be at fault.
Usually, you can purchase this sort of insurance for $77 to $200 a year. It depends on the type of bike you drive, as well as your driving history.
Of course, companies will also differ in the price of their insurance so you may want to shop around to find the best rate.
Image Credit: Piqsels
Full Coverage
Full coverage is going to be much more expensive, as it covers basically anything that happens to your bike. This sort of coverage covers your damages in an accident, whether you were at fault or not. It will also cover random road events, such as hitting a pothole or getting paint all over your bike.
Therefore, if you want your bike covered no matter what, then we recommend having full coverage insurance.
Usually, this type of insurance ranges from $450 to over $2,000. Your type of bike will matter more when getting comprehensive insurance, as more expensive bikes will typically have more expensive repairs. Of course, your driving record matters as well.
Once again, shop around for rates, as they can vary widely.
There are many factors that insurance companies consider when determining the cost of your insurance. Different companies weigh different factors, which is why prices can differ so much between companies. However, companies will typically always take the following factors into account:
Factors
Gender: Males are typically charged more for motorcycle insurance, as they get in more accidents.
Age: Younger drivers are charged more, for the same reason as above.
Credit Scores: High credit scores usually lead to lower payments, though not all companies take this into account.
Experience: You may find your rates go down over the years if you are free from accidents. Companies prefer drivers with plenty of experience.
Driving History: Those with more accidents are more likely to pay higher prices, as the odds of you getting into another accident are higher.
Marital Status: Some companies will charge married couples less, while single drivers are considered more of a risk.
State of Residence: If your state is known for mild weather and countryside, then you will likely get charged less. On the other hand, states with lots of snow, crowded cities, and uninsured drivers are more of a risk for insurance companies, so they charge more in those situations.
Type of Motorcycle: Sportbikes usually have higher premiums than your average bike. Plus, the model of the bike might matter as well.
Type of Use: Some companies will ask you how often you drive the bike. Bikes that get driven every day will have higher premiums than those that are only driven on the weekend.
Deductible: Your deductible is the price that you have to pay before your insurance kicks in. A high deductible will make your premiums lower, while the inverse is also true. Therefore, you can lower one by raising the other.
Specific Model Factors: Some bikes are known for being vandalized or stolen. Others may be more expensive or have more costly repairs. Many insurance companies keep these things in mind when determining insurance costs.
Type of Insurance: Minimum liability insurance is quite cheap, but comprehensive can get expensive (though it can save you lots of money in the case of an accident).
Image Credit: Wilbue, Pixabay
What Motorcycle Insurance Do I Need?
Usually, states require that motorcycles at least have liability insurance. Basically, this insurance covers the other party’s costs if you cause an accident. Most insurance companies know the exact legal requirements per state, so they will personalize your plans to meet those requirements.
However, you may also want to invest in comprehensive insurance, especially if you need your bike for transportation purposes. If you can’t afford to purchase a brand-new bike should your bike be totaled in an accident, then you should consider getting comprehensive. Alternatively, if you don’t rely on your bike for anything and wouldn’t be in a huge mess if it was in an accident, then you may only want to get liability.
With that said, remember that motorcycle accidents are more likely to cause injuries. Therefore, you may want comprehensive just in case you have medical bills you need to pay.
Conclusion
There are many factors that insurances consider when pricing their insurance policies. Pricing is very personal, as they will often account for where you live, what bike you have, and your driving history. Of course, the type of insurance you get also matters. Comprehensive is much more expensive than liability.
With that said, be sure to shop around for the best price as well. Different companies charge different amounts, so you can often save quite a bit by choosing a cheaper company.
Kristin Hitchcock is passionate about an array of DIY topics - from blacksmithing to making children's toys. She understands the importance of choosing the right tool for the right job and enjoys informing others on the options currently available on the market. She is a stronger believer that you can do practically anything yourself with the right tools and knowledge.
Kristin Hitchcock
