How much is motorcycle insurance?

If you’re looking for the average cost in the US for motorcycle insurance it’s roughly $702 per year or $59 per month. The average cost of motorcycle insurance in California is $1,360 annually or $113 per month. Your insurance premiums depend on a few determining factors. For example age, driving record, the state and neighborhood you live in are all going to play a part in what rates you receive. In this blog post we go over the major determining factors in how your motorcycle insurance is calculated;

Age and Gender;

Age and gender are going to play huge roles in the determining of your motorcycle insurance rates. You can get price breaks built into insurance, & the price usually goes down when you reach 21, 35, and 50 years of old. It will stay steady until you’re in your 70s. Once you reach that point, you may see an increase. Riders past 70 have more accidents & claims. In this article we break down the cost per age range in California for motorcycle insurance.

Riding experience will often influence the premium cost, depending on which insurance company you choose. A new 18-year old rider that just started riding will likely pay more than someone that’s 25 with 7 years of clean riding experience. When you have more experience it indicates less risk. The insurance cost usually will show that difference.

Gender plays a significant determining factor in the cost of your motorcycle insurance. On average, men will pay higher premiums. Before you go thinking it’s unfair, the truth is that more claims and accidents are caused by male motorcycle drivers. IIHS showed that 9 out of 10 fatalities on a motorcycle were from men having an accident as the driver of a motorcycle. The injury stats follow, the insurance claims & costs generally affect males far more than females.

Driving Record;

How you drive a automobile is a direct reflection on how you ride a motorcycle. Do you have tickets or accidents from driving your car? This indicates you will show the same tendencies on your bike too. If you aren’t sure of how owning and insuring a motorcycle will affect your bottom line, get a quote from one of our agents.

The State Your Bike is Registered in;

Warmer weather states that have longer riding seasons have more opportunities for accidents & claims. The complete opposite can be said for states with a colder weather & short seasons.Where you live in the state will affect the rate as well. Large cities have higher premiums. There’s more opportunity for theft and accidents. Versus living in a rural area with a lower population and lower chance of accidents & theft.

The Type of Bike You Have;

As you would expect your bike will drive the insurance premiums up or down depending on type / model, safety ratings, & how often you ride it. Here are a few of the options verified when insurance is quoted:

• Bike Value – More expensive motorcycles naturally cost more to protect. The cost to replace the bike, & is it new or used. Rare vintage motorcycles or limited editions may add more to the cost of your insurance.
• Motorcycle Engine Capacity – Larger displacement engines may add cost to the policy. It indicates a higher likelihood of an accident, more tickets, & more claims.
• Safety Ratings – A bike with a higher crash rating, or that’s shown to be safer, will more than likely reduce the policy premium. Sometimes adding safety features, like anti-lock braking, could lower the rate as well.
• Crash Rate – Riders with the same motorcycle “type” could affect your rate. Model-specific or types in general, can be classified together as more likely to have accidents. What happens, is they get a bad name and it affects the other policyholders. Regardless of whether they have had any accidents or not.
• Theft Rate – A motorcycle that is a prime target for thieves will have an additional cost to the premium. Motorcycles are much easier to steal than cars for the simple fact that they can be rolled onto a truck & driven away, where as a car would be close to impossible to steal in that way.
• Type of Motorcycle – The type of bike is going to add cost to the policy. Sport bikes, that are designed to be light and fast, are among the highest to protect. They’re stolen more often & are involved in more accidents. Cruisers come in the middle for costs, but there are larger engine displacement options that can increase the insurance premium. Touring bikes, even though they have larger engines, are some of the cheapest bikes to insure. Due to the fact they’re stolen less & involved in a lower amount of annual accidents. This makes the risk to own and protect them one of the better motorcycle buying options.

How Do I Get Lower Motorcycle Insurance Premiums?

Now that we’ve went over all the factors that can increase your insurance rates, let’s dig into how we can save money on our motorcycle insurance rates in 2020:

• Take a safety class – New riders & seasoned vets, may benefit from a motorcycle safety course. Check with one of our agents to see if this applies to you. Not all courses apply.
• Manufacturer Owners Groups – Owners groups like the Harley-Davidson Owners Group (or HOG for short) that work with insurers in 42 states to offer special discounts for members. There are more than just this group by Harley. Check to see what’s available from the manufacturer of your motorcycle.
• Bundle – You get an extra discount for adding a motorcycle to your current homeowners policy. Work directly with one of our local insurance agents to understand what’s available for you situation.