How much is motorcycle insurance?

Here are some of the main things that shape motorcycle insurance premiums.

Amounts and types of coverage

Different states have different requirements, and different riders have different coverage desires. Ultimately, the types of coverage you have, and at what limits, play a major role in the final price of your policy.

Type of motorcycle

The type of motorcycle you ride can affect how much you’ll pay for insurance. Motorcycles come with crash risks, like any other vehicle, explains the Insurance Institute for Highway Safety (IIHS), and the type of bike can determine premium costs. Additionally, bikes with higher horsepower may increase accident risks – and may be more expensive to insure than a bike with lower horsepower.

Other factors related to your specific bike that can affect your premium include the motorcycle’s value, any safety features, and the theft rate for your particular make and model. Also, if your bike has any upgrades or customizations, insurance will typically only cover the base model unless you purchase extra coverage.

Location and environment

Where you live may affect your motorcycle insurance rate. That’s because premiums are based in part by rates of accidents, vandalism and theft in your area. A major city, for instance, is likely to increase motorcycle insurance rates compared to a rural area where there may be fewer vehicles on the road.

Riding frequency and usage

Do you ride your motorcycle everywhere? Do you use it every day? If so, you’ll likely pay more than someone who simply takes the occasional weekend cruise.

Driving history

Your driving — or in this case “riding” — history gives insurers an idea of how safe or experienced you are as a rider. Fewer tickets and traffic incidents could indicate that you are a lower-risk rider. Additionally, if you’ve taken safety courses, some insurers may offer a discount on your premium, according to the Motorcycle Safety Foundation (MSF).

Insurance history

Insurers also look at your insurance history. For example, if you make payments on time and have avoided lapses in coverage, you could potentially get a better rate than someone who hasn’t.

Among the many variables that determine the cost of motorcycle insurance are the specific laws in your state. These legal requirements dictate the types and amounts of coverage you’re required to purchase. Since laws can vary from state to state in terms of the types of coverages and their limits, explains the Information Insurance Institute (III), prices may also vary.

For instance, most states at least require liability insurance – but some states, like Maryland, also require uninsured motorist coverage, which helps protect you if you’re hit by an uninsured driver, according to the Maryland Insurance Administration. Consult your state’s department of insurance to understand which coverages you will be required to have.

Even if the state you’re in does not require you to purchase motorcycle coverage, you will still be held financially responsible for any accidents you may cause.

Here of some of the most common types of coverage you’ll see for motorcycles. Please note, this is not an exhaustive list. Some of these coverages might be required where you live. Others may be optional, and some might not be offered in your state.

Liability coverage

In the vast majority of states, motorcycle drivers – just like car drivers – are required to purchase at least bodily injury and property damage liability coverage.

Comprehensive and collision coverage

You may’ve also heard the term “full coverage” – pertaining to both car and motorcycle insurance. While it’s not technically an insurance term, it often refers to a policy that carries minimum liability plus coverages like comprehensive and collision.

Comprehensive covers non-collision-related incidents – for instance, vandalism, theft, damage from fallen objects, weather-related damage and more. Collision covers damage resulting from crashes – with another vehicle or object.

Purchasing a policy with bare minimum coverage will likely get you a lower monthly premium, but you’d be on the hook for repairs to your own motorcycle if you were to get into an accident – which could cost you a lot more in the long run.

Uninsured/underinsured motorist coverage

Unfortunately, some drivers and bikers don’t have insurance coverage, or they might not have enough coverage to pay for more expensive accidents. In these circumstances, uninsured and underinsured motorist coverage can help protect you and your passengers. If you’re involved in an accident caused by an uninsured or underinsured driver, these coverages can help cover your medical bills.

Medical payments coverage and personal injury protection

In some states, motorcycle riders may see medical payments coverage or personal injury protection. These two types of coverage can help pay for medical expenses, and potentially related costs, regardless of fault. Here also, coverage details can vary from state to state.

Here are some of the main misunderstandings or oversimplifications surrounding motorcycle coverage and cost.

• Motorcycles are cheaper to insure than cars This statement is generally true, according to Policygenius. It ultimately depends on a number of factors, like the coverage requirements where you live, and the type of motorcycle you’re trying to insure.
• Basic liability coverage is enough coverage. For some people, basic liability coverage may be enough, and it’s tempting to stick with a potentially cheaper option. However, everyone’s insurance needs and desires are different. You might realize that paying a little bit more for additional coverage may be better for your situation, or give you additional peace of mind.
• Insurance is the same for all motorcycles. There are so many different types of bikes, so it makes sense they might need different coverage. For example, a cruiser might need less coverage than a supersport, resulting in different premiums

As mentioned above, safety features can help bring your premium down – for example, locks, ground anchors and alarms, which help reduce the chance of theft or vandalism.

Many motorcycle insurance companies also offer an array of motorcycle insurance discounts. If, for instance, you’re already using another insurance company for, say, your vehicle or home, bundling your motorcycle with that same insurer could earn you discount. Same goes for insuring multiple motorcycles with one insurance company.

• Join an eligible motorcycle organization
• Set up automatic payments
• Pay your policy in full
• Take a motorcycle safety course

There’s no-one-size-fits-all formula when it comes to motorcycle insurance premiums and coverages. The best way to find the right motorcycle insurance is to talk with insurers about their coverages and costs or get quotes online. Many insurers can give you an idea of the right coverages for you based on the answers you provide. Just remember, when comparing motorcycle insurance, be sure to select the same coverages, limits and deductibles so that you can make an accurate comparison.