What is the Cost of Motorbike Insurance?

Motorcycle Insurance

Is motorcycle insurance expensive? Although motorcycle insurance is usually much cheaper than auto insurance, it can still be pricey. A younger motorcycle rider or someone who owns a sports bike will pay significantly more for insurance than other riders.

MoneyGeek has calculated the average cost of motorcycle insurance nationally and by state and has put together a list of the companies that offer the most affordable coverage based on our quote data, allowing you to compare coverage and decide which plan is the best choice for you.

The cost of motorcycle insurance varies widely and depends on a number of factors. Generally speaking, motorcycle insurance costs tend to be higher for younger drivers and those driving a sports bike.

However, each rider has unique circumstances that may influence the cost of motorcycle coverage for them. Read on to learn more about some of the factors that go into motorcycle insurance costs and how they might be impacting you.

What determines the cost of motorcycle insurance?

Though most motorcycle insurance policies are more affordable than car insurance, it can get expensive when you look for full-coverage motorcycle insurance, which covers both your liability requirements and can help repair or replace your motorcycle if it’s damaged.

According to the Insurance Information Institute, Generally, a motorcycle insurance policy has these five types of coverage available:

  • Liability insurance: coverage that pays for damage you cause to others’ property or any injuries. Generally, this is all that a minimum coverage policy will cover.
  • Collision insurance: coverage that will pay for damage to your motorcycle if you’re in an accident. 
  • Comprehensive coverage pays for damage done by anything other than an accident, like theft or vandalism. 
  • Coverage for motorcycle modifications, parts, and accessories: Some insurance policies will cover riding gear (like jackets and helmets), and other types of coverage will pay to repair and replace accessories like trailers, sidecars, or upgraded parts. 
  • Underinsured or uninsured motorist coverage: If you or your property is damaged by an underinsured or uninsured driver, this coverage will pay for it. 

Factors that influence the cost of motorcycle insurance

  1. Vehicle type, year, make, model, and engine size (in cubic centimeters) As you’d expect, insurance for a newer sport bike with a large engine will cost more than insurance for a used cruiser with a small engine. Learn more about the different types of motorcycles and their uses.
  2. How is the vehicle primarily used? Insurance for a bike that is primarily used for pleasure riding or recreation will be less expensive than it would be for a bike that is used primarily for your daily commute or business deliveries.
  3. modifications, conversions, and customizations. Has the vehicle been converted to a trike, modified, customized, rebuilt, salvaged, or had the original frame replaced? If so, you’ll want to let your insurer know so that you are properly covered.
  4. Coverage options Are you looking for a bare-bones, state-minimum liability policy, or do you need a custom motorcycle insurance package that includes collision coverage, comprehensive coverage, uninsured or underinsured motorcycle coverage, roadside assistance, and an OEM endorsement? 
  5. Your age. Riders in different age groups pose different risks.
  6. Your location Rates differ according to geography as well as where the vehicle is kept (which is sometimes referred to as your “garage address”). Also, you may be eligible for a discount if your vehicle is stored in a locked garage.
  7. Driving history Have you had any accidents, violations, or claims in the past 5 years?
  8. policy limits and deductibles. What level of protection do you need? If limits are too high, you’ll be paying for insurance you don’t need; too low, and you’re at risk of covering the difference out of pocket in the event of an accident. You’ll also be at risk of paying more out of pocket if you choose a high deductible in return for a lower rate.
  9. Security and safety features and programs A discount may be available if your vehicle has a professionally-installed radio or GPS theft-recovery system, or is equipped with a factory-installed anti-lock braking system (ABS). A discount may also be available if you take a safety course.

The Average Cost of Motorcycle Insurance in the US

Motorcycle insurance rates vary from state to state, but it can be helpful to know the national average rates. For example, the average liability-only motorcycle insurance policy costs $141 per year, but increasing your policy to full coverage raises that rate to $364 annually.

Don’t forget that other factors impact your rates, too — an 18-year-old with full coverage motorcycle insurance has an average annual premium of $1,064, while a 40-year-old who owns a sports bike would pay an average of $3,924 per year for full coverage.

Keep in mind that local laws aren’t the only factor determining how much insurance you need to carry. Motorcycle riders making payments on their bike will likely be required by their lender to have full coverage insurance.

AVERAGE COST OF MOTORCYCLE INSURANCE

Coverage Annual Premium

  • Liability Only
  • $141
  • Full Coverage $364
  • 18-Year-Old Full Coverage $1,064
  • Sport Bikes Full Coverage $3,924

Average motorcycle insurance costs were determined by analyzing full coverage and liability-only insurance (50/100/25) quotes across all 50 states.

The rider profile chosen was a 40-year-old with a good driving record riding a Honda Rebel 500. For young riders, an 18-year-old rider was selected. For sportbike coverage, we used a Honda CBR1000.

How Much Does Motorcycle Insurance Cost by Company?

Each insurance company has its own proprietary system for setting its rates, which means the cost of motorcycle insurance can vary significantly from company to company.

Getting multiple motorcycle insurance quotes is one of the fastest and easiest ways to make sure you have the lowest possible rates for your insurance policy.

For example, Progressive has the lowest liability-only policy at roughly $108 per year, while Harley-Davidson has the highest liability-only rate at about $166 per year.

However, when it comes to full coverage, Progressive and Dairyland tie for the lowest annual rates at an average of $267, while Nationwide’s annual rates are the highest at around $658.

MOTORCYCLE INSURANCE COST BY COMPANY

Company Liability Only Full Coverage

  • Dairyland $162 $267
  • Geico $126 $336
  • Harley Davidson $166-$302
  • Markel $133-$419
  • Nationwide, $158-$658
  • Progressive $108 $267

Each company sets its own rates, which means companies can sometimes have a difference of hundreds, or even thousands, of dollars in premiums each year.

For example, the difference between full coverage premiums from Dairyland and Harley-Davidson is only roughly $35 per year, while the average difference between full coverage premiums for Progressive and Nationwide is an astounding $391.

The Cost of Motorcycle Insurance by State

Your location has a significant impact on your motorcycle insurance rates. Moving to a new state or even to a new ZIP code can change your insurance rates, sometimes by hundreds of dollars each year.

This is because insurance rates are determined by several factors, including local and state-level laws and regulations. Your rates can also go up or down based on the number of accidents in a given ZIP code, the availability of street parking, or even just the number of people living in the area.

AVERAGE COST OF MOTORCYCLE INSURANCE BY STATE

State liability only Full Coverage

  • Alabama $90 $273
  • Alaska, $75-200
  • Arizona $103-$380
  • Arkansas, 94, $411
  • California $179-$380
  • Colorado $91 $321
  • Connecticut $151-$349
  • Delaware $241 $466
  • Florida $135 to $2997
  • Georgia 103 $399

How Much Does Age Impact Motorcycle Insurance Cost?

Motorcycle insurance for younger riders is significantly more expensive than coverage for more mature riders. In fact, it can sometimes be hard to find an insurance company that will cover riders under 18.

Once a rider is 18, it becomes easier to find an insurance policy, but the cost is still very high. Because older riders tend to have more experience on the road, your motorcycle insurance costs will go down as you get older.

For example, an average 16-year-old rider will pay 103% more for insurance than an average 40-year-old rider.

AVERAGE COST OF MOTORCYCLE INSURANCE BY AGE

Ageful Coverage Annual Premium

  • 1.16-Year-Old$1,146
  • 2.18-Year-Old$1,124
  • 3.21-Year-Old$907
  • 4.40-Year-Old$364

How Does Your Motorcycle Choice Affect Motorcycle Insurance Costs?

For good reason, insurance rates are significantly higher for sports bikes than regular bikes. Insurance claims for sport bikes are more common and more costly than claims for more traditional motorcycles, which means insurance companies will charge higher premiums to compensate.

There are many reasons sports bikes are more expensive to insure, including:

Speed

Sportbikes are faster than a standard motorcycle or ATV and are more commonly owned by younger riders, which means sports bike owners are much more likely to file a claim than people who ride more traditional motorcycles.

Repair Costs

Sportbikes are often more expensive to repair, making comprehensive or collision claims for them more costly than claims for other types of motorcycles.

Theft

Sporty, expensive motorcycles are more likely to be stolen than larger motorcycles, which means insurance companies are more likely to have to pay claims for theft.

Accidents

Insurance companies work primarily off of statistics. And the statistics say that people who ride sportbikes are more prone to dangerous behavior on the road and more likely to be in an accident.

Although there has been a decline in the number of motorcycle accidents over the last several years, insurance companies are still concerned — people on motorcycles are more likely to be in an accident than people in cars, and motorcyclists are more likely to have a fatal accident than people riding in cars.

AVERAGE ANNUAL COST OF CRUISER INSURANCE BY MODEL

Year Model Policy Cost

  • 2020Honda Rebel 500 $375
  • 2019 Harley Davidson Sportglide $489
  • 2020Yamaha V Star 250 $369
  • Average Cruiser: $411

AVERAGE ANNUAL COST OF TOURING INSURANCE BY MODEL

Year Model Policy Cost

  • 2020Honda Gold Wing Tour $1,169
  • 2020BMW S 1000 XR $1,089
  • 2020Yamaha Tracer 900 $1,023.
  • Average Touring Bike, $1,094

AVERAGE ANNUAL COST OF SPORT BIKE INSURANCE BY MODEL

Year Model Policy Cost

  • 2020Yamaha YZF R6 $2,745
  • 2021Honda CBR1000 $3,899
  • 2020 Ducati SuperSport $2,878
  • Average Sport Bike, $3,174

Frequently Asked Questions

With so many options for motorcycle insurance, it can be challenging to choose which policy is the right one for you.

Pakoption has included some of the most common questions people have about motorcycle insurance to help you find the policy that best suits your needs.

How much does motorcycle insurance cost?

The cost of a motorcycle insurance policy will vary based on a number of factors, including your location, your age, your driving history, and much more. The average liability-only insurance policy costs roughly $141 per year, and the average full-coverage policy costs around $364.

But the cost of motorcycle insurance in your specific situation could be very different. It is important to compare quotes to make sure you are getting the best possible rate.

Who has the cheapest motorcycle insurance cost?

Progressive has the cheapest motorcycle insurance coverage at $266 for full coverage insurance, based on a policy with 50/100/25 liability levels and an average of $108 annually for a liability-only policy.

Why is my motorcycle insurance so high?

Your motorcycle insurance could be high for multiple reasons. Your riding history, type of motorcycle, and location can all increase the overall cost of your insurance.

Keeping your driving record clean and regularly comparing insurance quotes can help you keep your insurance rates as low as possible.

Is motorcycle insurance expensive or cheap?

Motorcycle insurance can be cheap or expensive, depending on your situation. Ensuring young riders or sportbikes is expensive, often in the multiple thousands of dollars a year for a full coverage policy.

Certain states have high motorcycle insurance costs, like New Jersey, at $557 annually for full coverage, whereas states like Alaska have low insurance costs at $200 per year for full coverage.

Experienced riders will likely have lower insurance costs when compared to insuring a car, which is typically more than double the average cost of motorcycle coverage.

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