Although New York’s motorcycle insurance prices are comparable to those in other states, they are significantly higher in New York City.
In the state of New York, the average quote for motorcycle insurance for a sample policy and rider was $537, while the average in New York City was $1,486. That is about three times the price of the typical sample rider for whom we collected data.
More than 80 addresses in New York City alone were quoted for the study, yet not a single neighborhood drove the city’s average so high. The average price range for the five boroughs was between $1,480 and $1,498.
Large cities and metropolitan areas typically have the highest motorcycle insurance premiums; New York City is a clear example of this tendency. However, the gap between the state average and the biggest city in New York is more significant than in other states. For instance, the average quotation for the same sample policy and rider in the form of California was $665, but the annual prices in Los Angeles and San Francisco were $960 and $979, respectively.
In addition, New York City stands out because it is home to about 40% of the state’s population, which has an impact on a significant number of motorcycle riders. The population is more evenly distributed across cities and regions in the majority of other states.
Although it is well known that the city that never sleeps has a cost of living, why are motorbike insurance prices so high there?
It’s difficult to know for sure. Like everywhere else, there are numerous variables that affect how much it costs to insure a motorcycle in New York City. However, a few factors undoubtedly played a role in the rates. Every insurance company takes claim history into account when calculating the cost of coverage, so premiums wouldn’t be as high in the city if claims weren’t as frequent or expensive.
The majority of motorcycle accidents involve only the motorcycle and the rider, or a single vehicle.
Therefore, while it’s unlikely that New York City’s bodily injury claims—which would cover the expense of injuries caused to others by riders—are increasing rates, it’s possible that they are a contributing factor. In the city, pedestrians cross streets often.
The likelihood of motorcycle passengers being hurt in collisions and filing personal injury lawsuits is definitely higher. Liability for property damage is still another factor. Even if a motorcycle accident might not result in any injuries, a rider in New York is undoubtedly much more likely to collide with a building or another car than they are in more rural places.
The Cheapest Motorcycle Insurance in New York
It’s not always a good idea for riders to choose the cheapest motorbike insurance. A minimum coverage policy in New York may only include liability insurance, which excludes coverage for your motorcycle or your injuries in the event that you cause an accident.
Since it only covers injuries and damage to other people’s property or vehicles, liability-only motorbike insurance policies can be substantially less expensive to purchase. However, a policy with comprehensive and collision coverage is a better alternative for most riders because it offers greater coverage and higher liability limits.
A solid rider in the state with a clean driving record and a 50/100/25 liability-only coverage policy served as the basis for MoneyGeek’s analysis of premiums.
Cheapest Motorcycle Insurance Quotes in New York for Liability-Only Policies
The following businesses were discovered to give the lowest typical prices for a rider with a good record while looking at the most affordable motorcycle insurance policies in New York for liability-only coverage:
- Markel: $75 annually
- Progressive: $70.00 annually
The most expensive motorbike insurance provider in the state is Dairyland. Dairyland charges an average of $202 for comparable insurance, which is 62.8% more than Markel and Progressive.
Cheapest Full Coverage Motorcycle Insurance Quotes in New York
Motorcycle riders may find that a full-coverage policy, which covers both comprehensive and collision damage, is the best choice. Whether the collision is with a vehicle or a structure, the coverage covers damages brought on by collisions. This coverage also serves as insurance against losses brought on by vandalism, theft, natural disasters, fallen objects, and fire. Additionally, it’s preferable to choose a full coverage policy over a liability-only one, which provides less coverage, if you’re financing your motorcycle.
MoneyGeek discovered that the following two firms provide the least expensive motorcycle insurance rates in New York, on average, after examining the profile of a good rider with 50/100/25 coverage and a $500 deductible for comprehensive and collision coverage:
- Increasing: $183 annually
- GEICO: $223 annually
Nationwide is the most expensive provider, with an average yearly cost of $497 for complete coverage. This is 63.1% more than what Progressive said.
What Does Motorcycle Insurance Cost on Average in New York?
The price of motorcycle insurance in New York is based on a number of variables, including coverage levels, motorcycle model, riding history, age, and years of riding experience.
The average price of motorbike insurance in New York was obtained by MoneyGeek from several insurance providers.
A full coverage policy in New York will typically run you $282 per year, or about $24 per month. Additionally, the comparison shows that the rate is $82 (23% less) than the $364 national annual average.
It will only cost you an average of $124 a year, or roughly $10 per month if you choose a liability-only motorcycle insurance policy that excludes coverage for your motorcycle and bodily injuries sustained in an accident. This rate is $17 cheaper than the $141 average national annual rate for liability-only insurance.
A motorbike insurance policy with bodily injury liability coverage of $50,000/$100,000 and property damage coverage of $25,000 was used to analyze costs in New York. Full coverage insurance with a $500 deductible, PIP, and the bare minimum of uninsured and underinsured motorist coverage was also taken into account.
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