How Much Does Motorcycle Insurance Cost?

If you have a motorcycle, you know for sure how much thrill and sense of freedom a motorcycle can offer. Driving a car can't compare to that. However, the open road also comes with a number of risks. Because of these, motorbike insurance is not just a legal requirement but also an important way to protect your finances and personal safety. To ensure minimum coverage mandated by your state, you need to have at least motorcycle liability coverage. Now one question that often lingers: “How much does motorcycle insurance cost?” Well, the costs of your motorcycle insurance can vary drastically based on various factors. However, on average, you can expect to pay $156 per year or $13 per month to meet the state minimum coverage requirement. This amount can also change significantly depending on the state you’re living in, age, the type of bike, the coverage limit, and so on. 

How Much Does Motorcycle Insurance Cost? 

So, how much does it cost to insure a motorcycle? Let’s discuss it extensively here. The amount you need to insure your motorcycle can vary widely. However, we have analyzed market data from various trusted sources to find an approximate price range for different circumstances. Before you rely on any data, it’s very important to keep in mind that many factors can affect how much your motorcycle insurance costs. The average cost for full coverage (comprehensive and collision coverage) motorcycle insurance in the USA is $33 per month or $396 per year. This price can be as high as $2500 based on various factors.  

However, to meet state-mandated minimum liability coverage, you can anticipate paying around $12 or $13 per month which is $144 or $156 annually. This cost can vary anywhere between $100 and $500 depending on the type of bike you own, coverage limit, location, insurance company, and so on. 

Besides, if you’re a young rider, especially under 25, you’re most likely to encounter higher premiums, with costs averaging between $500 to $1500 per year for full coverage. The types of motorcycles you ride also matter. Standard bikes usually have lower insurance costs, around $200 to $800 per year for full coverage, while touring bikes may range from $400 to $1000 annually due to their higher value. Sports bikes are considered higher risk. They can cost between $600 to $2500 per year for full coverage. These variations come from the fact that each type of motorcycle and rider profile has different levels of risks and repair costs. 

TL; DR:

• Depending on the insurance company you choose, minimum coverage for motorcycle insurance usually ranges from $100 to $500 per year.
• Full coverage motorcycle insurance costs roughly range from $396 to $1500 per year.
• Factors influencing motorcycle insurance cost include the rider’s age, driving record, motorcycle type, location, and so on.

Comparing Motorcycle Insurance Costs in 2024: State by State 

How much your motorcycle insurance costs can vary a lot based on where you live. Premiums for insurance are affected by many factors, such as state laws, area risks, weather, and demographic information. We've compiled a list of the average monthly premiums for full coverage in each U.S. state to help you see how these prices compare across the country. If you live in a certain area, this comparison shows how much you expect to pay compared to the national average of $33 per month. 

Here's a state-by-state comparison for full coverage motorcycle insurance premiums: 

Source: ValuePenguin

States with the Most and Least Expensive Motorcycle Insurance

Now you already have an estimated idea of how much insurance costs for a motorcycle in different states. Some states have significantly higher premiums than others. If you want to learn about cheap motorcycle insurance, here’s a quick overview of the most and least expensive states for motorcycle insurance. 

Most Expensive States for Motorcycle Insurance:

• Kentucky: With an average of $69 per month, Kentucky has the highest premiums for full-coverage motorcycle insurance. The cost here is 106% above the U.S. average.
• Florida: At $54 per month, Florida’s premiums are 63$ above the national average for full coverage standard bike insurance.
• Mississippi: Monthly costs of $48 make Mississippi 44% more expensive than average for full coverage

Cheapest States for Motorcycle Insurance:

• Iowa: Iowa has the lowest average cost at $18 per month, which is 44% less than the national average.
• North Dakota: At $18 per month, North Dakota is also very affordable, 44% below the U.S. average.
• South Dakota: South Dakota’s premiums are $20 per month which is 40% lower than the national average. 

Factors Affecting the Motorcycle Insurance Rate in the USA? 

A variety of factors affect How much your motorcycle insurance will cost. Let’s understand these factors so that you can make better decisions while purchasing insurance for your bike and potentially lower insurance costs. Here are key elements that affect your motorcycle insurance rates:

1. Type of Motorcycle You Ride
2. The Insurance Company You Pick
3. Your Age and Experience as a Rider
4. Where You Live
5. Your Driving History
6. Coverage Level
7. Annual Mileage
8. Storage and Security
9. Credit History
10. Gender  
11. Marital Status
12. Claim History 

Learn More:  What Does Full Coverage Motorcycle Insurance Cover?

Type of Motorcycle You Ride 

Motorcycles are categorized into various types, each with different characteristics that impact insurance rates. Sports bikes are fast and agile, but they are more likely to be in high-speed accidents, making insurance expensive. On the other side, standard bikes, cruisers, and touring bikes are seen as safer and are generally cheaper to insure. Insurers consider the engine size, make, model, and overall performance of the bike when deciding rates. Apart from that, expensive bikes such as custom-built or vintage models, also attract higher premiums due to the costs of repairs or replacement. 

The Insurance Company You Pick 

The choice of insurance companies can have a notable impact on the costs of motorcycle insurance. Each insurer uses its proprietary methods and criteria to evaluate risk and calculate premiums. Factors such as the company’s claim history, customer service reputation, and financial stability contribute to deciding your motorcycle insurance rates.  

Moreover, your carrier may offer various discounts and incentives that can reduce your premiums. For instance, some companies give discounts for completing motorcycle safety courses, maintaining a clean driving record, or bundling multiple policies.  

It's important to compare motorcycle insurance quotes from different insurers to find the best deal. You can read customer reviews and research the company’s reputation to make sure you pick the right insurer. At L.A. Insurance, we have been providing the most affordable motorcycle insurance policy for over 32 years. This has earned us a reputation as the most affordable insurance agency in the United States. You can either get a quote for your motorbike or find an agent here to know the insurance rates without paying a dime.

Your Age and Experience as a Rider

Insurance companies generally consider young riders as higher risks due to their lack of experience and tendency for risky behaviors. In case your age is below 25 years, you’re more likely to face significantly higher premiums. You might, however, be interested in how much does motorcycle insurance costs for teenagers. Well, if you're only 16 or 17, full-coverage motorcycle insurance will cost you at least $100+ a month, or $1200 a year. This is three times the average amount in the country. Similarly, for 18-year-olds: $80, 20-year-olds: $60, and 21-year-olds: $53 respectively. As you age and gain more riding experience, your insurance rates tend to decrease. In short, experienced riders are seen as more skilled and less likely to be prone to accidents. 

Where You Live

The location where a motorcycle is used and stored also influences the total costs of motorcycle insurance. People who live in cities with lots of traffic and higher crime rates are more likely to be in crashes. This causes motorcycle insurance rates to go up. On the other hand, insurance costs tend to be cheaper in rural areas with less traffic and less crime. To figure out the risks that come with different places, insurers look at information like the number of accidents, thefts, and local laws. 

Driving History 

Your driving history also matters. Having a clean driving record with no accidents or traffic violations indicates lower risks. This can help you get a cheaper motorcycle insurance quote. On the other hand, a history of accidents, speeding tickets, or other violations can result in higher insurance costs. Simply, insurers believe that past behavior is a good predictor of future risks. So, maintain a good riding record to keep your motorbike insurance rates low. 

Coverage Level 

How much your motorcycle insurance will cost directly depends on the level of coverage you choose. State-mandated minimum liability coverage is the least expensive option. However, it won’t fully cover you and your bike. It only covers the damages to others where you’re responsible for the accident. Full coverage, which includes liability, comprehensive, and collision coverage provides broader protection but comes at a higher cost. So, you need to balance your coverage needs with your budget. 

Annual Mileage

How much you use your motorcycle each year impacts the insurance premium. If you use your bike frequently or for long commutes, you’ll be exposed to more risks and are likely to pay higher premiums. Contrariwise, if you’re an occasional rider and ride it mainly for leisure, it will lower your insurance costs. Your chosen motorcycle insurance company probably asks you for an estimate of annual mileage when giving a quote. 

Storage and Security

Do you store your bike in a locked garage? Then you’ll enjoy lower premiums because it’s less likely to be stolen or damaged. Besides, if your motorcycle is equipped with anti-theft devices, alarms, and tracking systems, this will be considered less risky to insure. Also, depending on the insurers, you might get discounts for such security measures as they reduce the chance of theft or vandalism. 

Credit History 

In some states, insurance companies consider the rider’s credit history when determining premiums. A good credit score indicates financial responsibility and can lead to lower insurance costs. In contrast, a poor credit score may result in higher motorcycle insurance premiums. Most insurers believe that riders with a good credit history are less likely to file claims and are more reliable policyholders. However, it is important to note that the use of credit history in determining rates varies by state and insurer. 

Gender

According to Forbes, men account for 92% of motorcycle deaths. In 2020, there were 5,112 deaths of men in motorcycle crashes, but only 460 deaths of women. This statistical data shows that male riders are more likely to be involved in accidents than female riders. As a result, men face higher premiums in some cases compared to women. Insurers use gender as one of the many factors to assess risks and set rates accordingly. However, not all insurance companies differentiate rates based on gender. 

Marital Status 

Some motorcycle insurance companies often consider marital status. So, it can impact motorcycle insurance premiums. Insurers may see you as more responsible and stable compared to single riders if you’re married. This sense of responsibility leads to fewer accidents and insurance claims. For instance, insurers believe that married people are more likely to follow traffic rules, avoid risky behaviors, and generally exhibit safer riding habits. Therefore, getting married often lets you get discounts or lower rates than single people. Multi-policy discounts can also help you if you're married and bundle your motorcycle insurance with other types of policies such as home or auto insurance.

Claim History

If you have a history of filing insurance claims, it can affect your insurance premiums. Frequent claims, even if you’re not at fault, indicate a higher likelihood of future claims and can lead to increased insurance costs. Insurers prefer policyholders who are less likely to file claims. Because it reduces their risks. So, if you’re a rider with a clean claims history, you will most likely be rewarded with lower premiums and discounts.

How to Lower Your Motorcycle Insurance Costs?

Lowering your motorcycle insurance costs can be achieved through a few practical steps. Maintaining a clean driving record is important since a good driving history can lead to cheaper insurance premiums. Besides, if you enroll yourself in a safety course, it can make you eligible for discounts. Because most insurers consider trained riders as less risky. Also, comparing motorcycle insurance quotes from different providers helps find the most affordable rates. 

Here are some key tips to lower your motorcycle insurance costs:

• Maintain a Clean driving record: Avoid accidents and traffic violations.
• Take a Safety Course: Quality for discounts by completing certified training.
• Compare Motorcycle Insurance Quote: Shop around to find the best rates.
• Opting for higher deductibles: Lower your premiums by choosing higher deductibles on coverage.
• Join a Rider Group: Membership can lead to group discounts.
• Choose to Bundle Your Insurance Coverage: Combine multiple policies for savings.
• Reduce Your Annual Mileage: Less time on the road can lower premiums.  
• Look for Safety Features: Make sure to add anti-theft devices and other safety features to your bike.
• Choose a Cheaper Bike: Standard bikes are generally less expensive to insure than sport, touring, or vintage bikes.

How Much Does It Cost to Insure a Motorcycle: The Bottom Line 

The costs to insure a motorcycle vary based on factors such as the rider’s age, driving history, type of motorcycle, location, and so on. On average, full-coverage motorcycle insurance premiums in the U.S. range from $20 to $69 per month. However, minimum coverage typically costs less. Factors like a clean driving record, safety features, and taking a safety course can help lower costs. Ultimately, the type of motorcycle, coverage options, and comparing motorcycle insurance quotes play crucial roles in determining the costs. The bottom line is that your motorcycle insurance costs can be managed with smart choices and careful planning. 

Frequently Asked Questions [FAQs]

How Much Does It Cost Insure a 600cc Motorcycle?

The cost to insure a 600cc Motorcycle depends on many factors including rider’s age, location, driving record (e.g., ticket, accident, DUI), coverage type, and so on. However, on average, you can expect to pay roughly between $60 and $150 per month for full coverage. The cost gets reduced for minimum liability coverage, ranging from $30 to $70 per month. It is important to remember that the exact costs will depend on your specific situation and the insurance provider you pick. 

How Much Does Motorcycle Insurance Cost in Michigan?

Motorcycle insurance in Michigan costs can vary a lot, depending on your needs and the company you choose. In Michigan, people who have full-coverage motorcycle insurance pay about $38 a month, or $456 a year. But if you only want the bare minimum of insurance coverage, it will cost you half of the full coverage— $16 a month, or $186 annually. 

How Much Does Motorcycle Insurance Cost in Florida?

Riders aren’t legally required to carry motorcycle insurance in Florida. However, a rider must be held responsible for the injuries or damages that occurred in an accident. The average cost for full-coverage motorcycle insurance in Florida is $54 per month or $648 annually. 

Are Cruiser Bikes Cheaper to Insure than Sports Bikes?

Yes, cruisers and other regular bikes are usually less expensive to insure than sports bikes. The reason for this is that cruisers are ridden more conservatively and have a lower accident rate. On top of that, their engines tend to be less powerful, which lowers the risk for insurance companies. To get the best rate on your cruiser, you should always compare motorcycle insurance quotes. 

Sources:

• Robinson, D. (2024, August 9). How much is motorcycle insurance? https://www.marketwatch.com/guides/insurance-services/how-much-is-motorcycle-insurance/
• Bishop, L. (2024, July 12). Average cost of motorcycle insurance (2024). ValuePenguin. https://www.valuepenguin.com/average-cost-of-motorcycle-insurance
• Bieber, C., JD. (2024, February 15). Motorcycle accident Statistics & Numbers for 2024. Forbes Advisor. https://www.forbes.com/advisor/legal/motorcycle-accident-statistics