How Much is Motorcycle Insurance in Colorado?

If you’re shopping for motorcycle insurance in Colorado, the first thing that comes to concern is the cost. Typically, the average cost of motorcycle insurance in Colorado can significantly vary from $240 to $700 or more per year. 

Now you might be wondering “why such a big difference?” Well, when it comes to determining motorcycle insurance it can widely vary depending on multiple factors. Even within Colorado the average cost of motorcycle insurance can vary from one city to another. 

So, the amount of your actual motorcycle insurance rate will mainly depend on all of these factors. But to get the most practical estimate, this article explores the cost of motorcycle insurance by city, age, minimum insurance, and full coverage insurance.  

It also explains the factors that affect motorcycle insurance costs in Colorado, along with practical tips to lower your insurance rate.

How Much is Motorcycle Insurance in Colorado?  

When it comes to motorcycle insurance cost, there are a few things that you need to consider, which mainly includes the types of motorcycle insurance, and their coverage limits.  

If you consider getting the liability-only minimum coverage insurance, then you can expect an annual rate of $84 to $162 or more. For full coverage insurance you will have to spend at least $240, and it can spike to $700 or more depending on the type of motorcycle insurance policies and their coverage limits. According to Valuepenguin, the average cost of full coverage motorcycle insurance in Colorado is $34 per month, or $408 per year. 

Based on our research, the rate of motorcycle insurance varies from one insurer to another, but there are other crucial aspects that greatly influence the average cost of motorcycle insurance as follows.  

Also Read: How Much Does Motorcycle Insurance Cost? 

Cost by City 

Motorcycle insurance can significantly vary from one city to another which typically contributes to the drastic difference in Colorado’s average motorcycle insurance premiums.  

Based on recent studies, Durango happens to be the cheapest city in Colorado for motorcycle insurance with a monthly rate of $27, and an annual rate of $324 per year. On the other hand, Denver is the most expensive city for motorcycle insurance in Colorado with an average monthly rate of $40, and a yearly rate of $480. 

If both cities are compared, Denver is a much larger city with a much higher population and more complex urban road system compared to Durango. There are more vehicles on the road in Denver which leads to more accidents, so that’s why the motorcycle insurance rate is significantly higher in Denver compared to Durango.  

In fact, Denver accounts for over 40% of motorcycle crashes in Colorado, with 1,420 incidents reported between 2017 and 2021. 

Apart from these two cities, motorcycle insurance rates vary across other cities in Colorado. The table below features 20 cities in Colorado starting from the highest to lowest average motorcycle insurance rate.

Source: ValuePenguin

If you’re looking for an affordable insurance agency that provides the cheapest motorcycle insurance with the best coverage option for every budget, consider checking L.A. Insurance. We also provide affordable full coverage auto insurance.

Cost Based on Age

Even in Colorado, age is a crucial factor when it comes to determining motorcycle insurance rates. Like other states, the youngest riders also pay the highest motorcycle insurance rates in Colorado.  

Generally, the youngest riders are considered inexperienced, and based on years of track records, they’re more prone to getting involved in motorcycle accidents. The legal age of getting a license and acquiring motorcycle insurance is 16, so 16-year-olds pay the average highest insurance rates, and the rate goes down for older customers as follows.

Cost for Minimum Coverage   

Just like most states in the US, you’re legally required to have the minimum liability coverage in Colorado. While you can choose a higher coverage limit for added protection, meeting the minimum requirements is mandatory.  

According to the Colorado General Assembly, the minimum liability coverage includes the following. 

• $25,000 for bodily injury or death per person 
• $50,000 for bodily injury or death per accident 
• $15,000 for property damage in an accident

Note that the minimum liability coverage in Colorado is the same for all vehicles, whether it is cars or motorcycles.  

The cost of minimum liability coverage in Colorado can range anywhere from $84 to 162$ or more per year, typically depending on your location, age, insurance history, credit score, marital status, and the insurance company’s rate.  

Remember, the rate of motorcycle insurance can vary from one insurer to another even for minimum liability coverage. So, to ensure getting the cheapest, and the most affordable rate it is always best to explore multiple insurance companies and compare their rates.  

Cost for Full Coverage 

In Colorado the full coverage insurance includes the following types of motorcycle insurance coverage such as:  

• Liability Insurance 
• Collision Insurance 
• Comprehensive Insurance 
• Uninsured/Underinsured Motorist Coverage

Typically, full coverage motorcycle insurance is a combination of mandatory insurance with essential optional coverage. As it creates a balanced motorcycle insurance plan, it is therefore called full coverage.  

Based on your requirements, and budget, you can add more optional coverage to your motorcycle insurance policy. On average the cost of full coverage insurance in Colorado ranges from $408 per year, but it can range anywhere from $200 to $700 based on your insurer’s pricing, and key factors affecting your premium. 

The main reason there is such a huge variation on average is the flexibility to choose your coverage level. So, the more coverage that you opt for, the higher the cost considering that other factors such as your location, age, insurance history, riding records and accident record also influence the final cost.    

Factors that Affect Motorcycle Insurance Cost in Colorado?  

While it’s essential to have a clear idea about motorcycle insurance rates in Colorado, it is also important to be well aware of the facts that influence these rates. Here are some of the key factors that affect the motorcycle insurance cost in Colorado.  

Location

In the chart above, you have already seen how motorcycle insurance rates vary across cities. This makes location a crucial factor. If you’re located in an area which has a high population density, and a large number of vehicles on the road, there’s a higher chance of more accidents.  

So, this means there will be more insurance claims, and that’s why large cities like Denver and White Ridge have a much higher motorcycle insurance premium compared to smaller cities like Parker and Durango.  

Rural areas on the other hand have a much lower rate of motorcycle accidents as there are lesser roads, lower population density, and most importantly a much lesser number of vehicles on the road.    

Age

Age is typically one of the main criteria when it comes to determining motorcycle insurance rates in Colorado. This is mainly because young riders have a track record of the highest number of crashes with many reports that they are more prone to unnecessary speeding and reckless riding.  

So, depending on the consistent age wise trend, young riders are typically labelled in the high-risk rider category, and that’s why the insurance rate is the highest for 16-year-olds, and 2nd highest for 18-year-olds.  

Based on the age factor analysis, motorcycle insurance rates start going down for riders over the age 21, and mature riders in their 40s pay the lowest for the same motorcycle insurance coverage.  

Another reason is, it is a fact that older riders starting from the age of 21 and above are more responsible in general, and they’re more likely to avoid risks especially riding recklessly or violating traffic rules that endanger road safety.   

Riding Record and Experience 

Riding experience directly affects your motorcycle insurance rate. This is because if you’ve a track record of safe riding experience with no accident records, you will be considered a low-risk rider by most insurers.  

Also, when it comes to age, the main reason 16- to 18-year-olds usually get charged a higher rate for motorcycle insurance is they are considered more inexperienced. Typically, the longer you ride with a clean riding record, easier it’s going to be to get cheaper motorcycle insurance rates. 

On the other hand, if you were involved in reckless riding with accident records especially if you’re at-fault then most insurers will charge you a relatively higher rate.  

So, when it comes to determining motorcycle insurance rates based on individual profiling, your riding record and experience is typically the most crucial factor that comes to play.    

Choice of Coverage  

If you decide to purchase just the mandatory liability insurance with minimum coverage, then it will cost you the bare minimum for motorcycle insurance. While you’re saving on premiums, you’re also at a high substantial risk of hefty financial compensations for your medical bills, and motorcycle repair expenses.  

The minimum liability coverage will only compensate the other driver, or your passenger, or any other third party affected by the accident in which you’re at-fault. But it won’t cover your medical bills, or motorcycle repair costs.  

Also, in many cases the minimum liability coverage may not be adequate, so that poses increased financial risks of high out of pocket expenses. Optional coverages such as medpay, collision, comprehensive and uninsured/underinsured motorist coverage may add increased premiums, but these coverages are also necessary to ensure financial safety.  

So, to stay financially protected, it is always recommended to purchase necessary motorcycle insurance policies with adequate coverage limits within your budget.  

Ultimately, the choice of your motorcycle insurance will determine its actual cost whether you choose just the minimum coverage, full coverage, or a custom selection of both mandatory and optional coverages options.   

Insurance History  

Your motorcycle insurance cost in Colorado will significantly depend on your insurance history. Whenever you consult with an insurance agent, or when you apply for motorcycle insurance, the insurance company will carefully review your insurance history to figure out whether you have claimed insurance in the past, and if so, how frequently.  

Typically, the more frequently you claim motorcycle insurance the higher risk you’re to insurance companies, as it presents you as a high-risk rider. Apart from that, the insurance company will also evaluate whether you had any policy lapse, which is the time when your motorcycle insurance was cancelled, and you were uninsured.  

Whether you cancelled it yourself, or it has been cancelled by the insurer, both situations demonstrate a negative record on your insurance history. This means either you’re prone to early cancellation which means they may have to refund you the remaining premium, or you may violate their terms and conditions leading to a cancellation of your insurance.  

In either case, you’re also considered a substantial risk for the insurer. So, based on these situations you may face an increased motorcycle insurance cost.  

However, if you haven’t claimed insurance, or if it were less frequent, and if you didn’t face any policy lapse, then you’re most likely to get cheaper rates, and discount offers.    

Speeding Tickets and Fines

If you have received speeding, or fines it means that you have broken traffic laws. Particularly getting a speed ticket means you were possibly involved in reckless riding which indicates that you are more to get into an accident, which automatically classifies you as a high-risk rider. 

On top of that if you been fined for violating any traffic rule, or getting involved in an at-fault accident, this also shows that there’s a high possibility that you might get into a traffic accident soon. 

These factors indicate that there’s a high chance that you will claim your motorcycle insurance once, or multiple times, and the insurer has to compensate depending on your coverage limits.  

So, getting speeding tickets, and fines will increase your motorcycle insurance costs in Colorado. Similarly, if you haven’t gotten any speeding ticket, or fine that shows you abide by the traffic laws, and you’re a responsible rider, and you’re less prone to getting into an accident. Therefore, you get the advantage of lower rates, and possible discounts.    

Credit Score

Your credit score shows how likely you’re to pay a loan, or your credit card bills on time. When you apply for motorcycle insurance in Colorado, the insurance company will evaluate your credit score to understand whether you can pay your insurance premium on time.  

With a good credit score, you instantly make a positive impression, and that also makes you a low-risk motorcycle insurance policyholder. However, a bad credit score means there may be delays in payment especially if your credit card declines.  

So, this makes your credit score a crucial deciding factor on how much your motorcycle insurance rate is likely to be. If you have a good credit score, then you can expect lower rates, bundle offers and discounts, but if it’s poor or not up to the mark then it can lead to higher premiums.    

License Status  

It is legally mandatory to either have a learner’s permit, or a valid motorcycle license to get motorcycle insurance in Colorado. According to the Colorado General Assembly, if you have a valid motorcycle license then you must have it endorsed to apply for motorcycle insurance. 

Once you apply for motorcycle insurance, the insurance company will check your learner’s permit, if you don’t have a license yet. And, if you do have a license, its validity and status will be evaluated. So, if you have a valid motorcycle license, then you can get motorcycle insurance without any hassle. 

However, if your license is suspended, then you must apply for SR-22 certificate from an insurance company. While most insurance companies in Colorado don’t provide SR-22 certificate, some do but at a significantly higher cost.  

In a nutshell, it will cost you more if your motorcycle license is currently suspended, and you will only get the minimum liability coverage at a higher rate. But if you have a valid license, then the license status won’t have any negative impact on your motorcycle insurance cost.    

Motorcycle Type, Make and Model

Some motorcycles have superior safety features, while others are more prone to getting into accidents which is a substantial threat. Also, expensive motorcycles such as sports bikes have bigger, and more powerful engines, and are at a higher risk of getting into at-fault accidents. 

Not to mention, the repair cost of expensive motorcycles adds a higher risk of compensating a higher amount up to your coverage limit. Depending on the type of motorcycle you own, and its make and model the insurance rate is likely to vary.  

There are some motorcycles that have a higher risk of theft, especially if you’re living in an area that does not have sufficient security. So that can also lead to increased motorcycle insurance rates.    

Marital Status

Many insurance companies consider married couples more responsible, and less prone to getting into accidents. Given the benefit of the doubt, if you’re married and if all other factors demonstrate that you’re a responsible rider with a license and a clean riding record, then there’s a high chance that you will be offered a lower rate for motorcycle insurance.  

Plus, if you and your spouse opt for bundle policies, or a joint motorcycle/vehicle insurance then you can manage to lower your insurance cost and even get discounts.  

Although being married has some benefits when it comes to motorcycle insurance rates in Colorado, it’s important to keep in mind that it does not guarantee lower rates. On the contrary, it does increase your chances of reducing your motorcycle insurance cost.    

Tips to Lower Motorcycle Insurance Costs in Colorado

• Maintain a Clean Riding Record 
• Complete a Motorcycle Operator Safety Training (MOST) Course 
• Obey Traffic Laws to Avoid Getting Speeding Tickets or Fined 
• Avoid Policy Lapse by Ensuring You Stay Insured 
• Ask for Discounts, and Bundle Offers 
• Consider Getting Pay-Per-Mile Motorcycle Insurance 
• Opt for Motorcycle Insurance Deductibles

Bottomline 

If you are shopping for motorcycle insurance in Colorado, understanding the costs is crucial for setting a realistic budget. So, that's why it is essential for you to have a clear estimate of the current motorcycle insurance costs in Colorado.  

However, it can get difficult to get an accurate estimate as the cost varies based on multiple factors. So, if you’re struggling to find an affordable policy that fits your budget and coverage needs, consider reaching out to one of our local agents or contact us for a free quote. We’re here to help you find the right coverage options with your budget.

FAQ

Is motorcycle insurance required in Colorado?

According to the state laws of Colorado, it is mandatory to have the minimum liability insurance to register and ride a motorcycle. So, yes motorcycle insurance is required in Colorado.  

What is the minimum insurance coverage in Colorado?

The minimum motorcycle insurance coverage in Colorado is $25,000 for bodily injury or death per person, $50,000 for bodily injury or death per accident and $15,000 for property damage in an accident.  

How is motorcycle insurance calculated in Colorado?

Your motorcycle insurance rate will be determined based on multiple factors which includes your location, age, riding records, insurance history, choice of coverage, motorcycle type, and more.  

How much does the minimum liability only insurance cost in Colorado for motorcycles? [H3]  The minimum liability only insurance will cost you $84 to $162 or more per year for motorcycle insurance in Colorado.   How much does full coverage cost in Colorado for motorcycles? [H3]  The cost of full coverage motorcycle insurance can range from $240 to $700 per year or more in Colorado depending on your choice of coverage options, and other essential factors such as location, insurance history, age etc.