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What is the average cost for motorcycle insurance?

Daniel Walker
Licensed Insurance Agent for 15 Years

UPDATED: Mar 19, 2020

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Average Motorcycle Insurance RatesThe average cost of motorcycle coverage depends on a number of factors. The type and level of coverage requested affects pricing, and the insurance company will also gather some information about the applicant before providing pricing information.

Compare insurance rates for your motorcycle by entering a zip code right now!

Insurance pricing varies, depending on the company, since each one uses its own criteria for setting rates. Review the factors that will impact your premium rates before selecting any provider.

Motorcycle Insurance and Type of Coverage

When you are looking for motorcycle coverage quotes, the company is going to ask what type of coverage you are looking for. In many parts of the United States, motorcycles must be insured to the same minimum level of liability coverage as any other motor vehicle. Liability insurance is put in place to pay for the cost of damages caused by the policyholder following an at-fault accident.

Bodily injury liability coverage pays for medical bills and expenses related to the accident. Liability coverage also includes a property damage component that pays for the cost of repairs to the other driver’s vehicle. This coverage is also used to pay to fix property like sign posts, mailboxes, fences or sheds.

In states where a driver is responsible for having a minimum level of coverage in place, he or she is driving legally by purchasing a policy with this level of protection only. This may not be enough protection to fully pay for all damages caused by a policyholder if the accident causes severe injuries. A driver can always choose to buy a policy with a higher policy limit if he or she chooses to do so.

Motorcycle Insurance and Individual Factors

A person who applies for motorcycle coverage will have to go through the same underwriting process as if they want to get coverage for a car. Here are some factors you need to be aware of:

  • Driving Record: The insurance company will consider the individual’s driving record before setting a rate. A person with a clean record is going to qualify for cheaper coverage than an applicant who has been involved in accidents or who has a history that includes moving violations.
  • Credit History: Some insurers will also pull a copy of an applicant’s credit history when setting rates. They look favorably on an applicant who has a good credit rating, since the insurance company considers that a person who is responsible about his or her bill payments is also probably a responsible driver as well.
  • Age, Gender and Marital Status: Young, inexperienced drivers will be charged a higher rate for their motorcycle insurance coverage. Once a person reaches the age of 25, his or her rates will drop. Married motorcycle drivers can qualify for better rates, since the insurance company considers them to be more responsible than their single counterparts.
  • Location: Where you live and work also matters when it comes to the cost of motorcycle insurance coverage. A person who is living in an urban area with lots of vehicles on the road is at a higher risk of being involved in an accident than an individual living in a rural community. When the applicant is living in a neighborhood where there is a high level of motorcycle theft, that means that he or she will pay more for coverage.
  • Type of Motorcycle: The make and model of the motorcycle is something else that the insurance company considers when making pricing decisions. Custom made motorcycle insurance rates,  and those for sports bikes or Harleys are all different. They use statistics about past claims to determine the likelihood of the owner of a particular model making a claim against a policy.

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Shop Around for Motorcycle Coverage

To get the possible best rates for motorcycle coverage, a consumer should be prepared to shop around. Each company offering this type of insurance sets its own rates for coverage, and rates can vary greatly between providers for the same level of protection.

Going online is a great way to find out something about the different companies offering motorcycle insurance coverage. A customer can visit company web sites to check out different providers and determine whether they have the financial assets available to pay out if a claim is made against a policy before applying for coverage.

The answer to the question about the average cost of motorcycle insurance coverage is not an easy one to answer. There are a number of variables involved. Some of them have to do with the policy being purchased. Other variables are concerned with the individual who wants to buy coverage. Rather than focusing on average cost, a better choice is to shop around to find the best combination of a policy with a good level of benefits and affordable rates.

Enter your zip code and compare motorcycle insurance quotes now!

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