How Much Does Motorcycle Insurance Cost?

Motorcycle insurance policies are necessary. Find where to shop the cheapest one.

Just like auto insurance or any other vehicle insurance, people who have motorcycles as their mode of transportation must get them insured too.

Many motorists in the country today have insurance because it is legally required in some States. Even if you’re not in a state that legally requires you to have insurance, it is always advised best to have one policy to cover you.

If you get into an accident and are badly hurt, the insurance policy could cover for your medical bills as well as provide damage repair to your vehicle. But what if you get into an accident with an uninsured driver or an underinsured driver whose coverage doesn’t protect the damage as such?

Cheapest Motorcycle Insurance

Motorcycle insurance is similar to car insurance in providing you with financial protection for injuries or damages incurred while driving your vehicle. A typical motorcycle insurance policy includes liability insurance, which pays for any damages you cause to others, but it can also include coverage for your own bike and injuries. If you have more than one motorcycle, you can purchase a multi bike policy and often receive a discount from your insurer.

The average cost of motorcycle insurance in the United States is $702 for a full year of coverage. But the rates vary greatly from state to state.

You can see how much motorcycle insurance costs on average per month in your state in the table below.

Cost rank State Monthly rate Annual rate Difference vs. national average
1 California $113 $1,360 93.92%
2 Louisiana $98 $1,175 67.55%
3 Michigan $90 $1,083 54.35%
4 New York $81 $969 38.07%
5 Arizona $78 $935 33.27%
6 Missouri $78 $934 33.11%
7 Florida $76 $911 29.86%
8 Rhode Island $74 $889 26.75%
9 Georgia $74 $883 25.86%
10 Tennessee $68 $820 16.83%
11 Maryland $67 $801 14.12%
12 Utah $66 $794 13.22%
13 South Carolina $65 $781 11.36%
Arkansas $64 $766 9.13%
15 North Carolina $64 $763 8.71%
16 Alabama $64 $762 8.67%
17 New Mexico $63 $752 7.23%
18 Delaware $62 $742 5.78%
19 Idaho $62 $739 5.40%
20 Texas $60 $723 3.01%
21 Kentucky $60 $716 2.02%
22 Oklahoma $59 $708 0.97%
23 Virginia $59 $703 0.25%
24 Washington $57 $688 -2.00%
25 Illinois $56 $677 -3.52%
26 Mississippi $56 $677 -3.53%
27 Connecticut $56 $668 -4.73%
28 Pennsylvania $55 $661 -5.79%
29 West Virginia $54 $653 -6.91%
30 Oregon $54 $652 -7.01%
31 Massachusetts $54 $649 -7.52%
32 Nevada $54 $644 -8.26%
33 New Jersey $51 $610 -13.09%
34 Indiana $50 $606 -13.67%
35 Colorado $50 $602 -14.15%
36 New Hampshire $50 $601 -14.30%
37 Minnesota $49 $592 -15.58%
38 Ohio $48 $575 -18.03%
39 Hawaii $45 $540 -22.98%
40 Alaska $45 $540 -23.05%
41 Montana $44 $532 -24.14%
42 Kansas $43 $516 -26.42%
43 Vermont $43 $515 -26.59%
44 Wisconsin $42 $501 -28.58%
45 Maine $41 $492 -29.87%
46 South Dakota $39 $472 -32.67%
47 Nebraska $39 $469 -33.09%
48 Wyoming $37 $439 -37.39%
49 Iowa $34 $414 -41.01%
50 North Dakota $32 $382 -45.56%

Note: Sample rates have been extracted online, courtesy of ValuePenguin.

What is Uninsured Motorist Coverage?

If you’re hit by a driver who doesn’t have insurance or liability coverage isn’t enough to cover you, you could be stuck with paying for the expense yourself. To avoid that, the best way is to have uninsured motorist coverage.

Uninsured motorist coverage will provide two types of coverages:

Advertisement

Uninsured motorist bodily injury coverage (UMBI): Any injury that you face as a result of the accident caused by an uninsured driver will be covered under this insurance policy. This will include your medical bills, hospital visits, treatments, or surgeries, and even the wages you will miss due to the accident. This coverage option includes not only you, but also your family member who is driving your vehicle.

Uninsured motorist property damage coverage (UMPD): This coverage type protects your vehicle or your property if it gets damaged in an accident caused by an uninsured driver. For instance, a car accident ruins your side fence, or your garage light will be compensated under this policy. This policy will cover

Advertisement
any repair or maintenance needed for your car, and even the loss of personal belongings in the vehicle can also be claimed.

Uninsured Motorist Coverage Limits

The usual, most common figure of uninsured motorist coverage is $100,000 bodily injury per person and $300,000 bodily injury per accident.

You can also have a deductible amount set, which means that you will pay that amount first for the expenses, and later on, the insurance company will jump in to pay the remainder.

It would be best if you opted for the amount of motorist coverage depending on several factors. If you’re a reckless driver with a high chance of getting into an accident, you should probably go for a more top coverage option. But if you hardly ever use your vehicle and use mass transit options for transportation, you can get away with a low coverage bundle.

As appealing as it sounds to have insurance coverage covering all your costs without you having to pay anything, it isn’t always a good idea. High coverage options will cost you more premiums! So, if you want to pay affordable premiums throughout the policy’s life, you will need to evaluate how much coverage you need.

Advertisement

Who has the Cheapest Motorcycle Insurance?

If you’re looking for motorcycle insurance, you must want a cheap insurance policy. And the cheapest policy is surely by Geico. GEICO is the cheapest provider of motorcycle insurance, offering a large menu of discounts and the option to pay in installments.

There are several other motorcycle insurance companies that provide reasonable coverage plans for policyholders.

  • Best for daily riding: Progressive
  • Best for low-cost coverage: GEICO
  • Best for custom bikes: Foremost
  • Best for military veterans: USAA
  • Best for collectors: Markel
  • Best for occasional riding: Dairyland

How much is Motorcycle Insurance for a 22 year old?

Motorcycle insurance, like any other insurance policy varies by age. The cost of the policy and the premiums vary for people with different ages.

Cost of motorcycle insurance by rider age

Motorcycle Type 18 year old 21 year old 35 year old 50 year old
Average $1,428 $1,365 $1,083 $1,083
2019 Yamaha V Star 250 Cruiser $987 $943 $753 $753
2019 Kawasaki Ninja 400 Sport $1,870 $1,787 $1,413 $1,413
2019 BMW R 1250 RT Touring $2,683 $2,572 $1,897 $1,897

Note: Sample rates have been extracted online, courtesy of ValuePenguin.

Conclusion

All insurance policies provide protection and coverage to policyholders in one way or another. Auto insurance policies including motorcycle insurance policies provide at least partial coverage to all policyholders to cover their expenses in case of a road accident.

A motorcycle insurance costs $702 a year, but it varies greatly in every state and by the age of the policyholder. While it is absolutely necessary for everyone who owns a motorcycle to have their vehicle insured, it is also important for each person to shop for the cheapest rates.

Geico is the most renowned insurance company for cheap insurance rates and also offers competitive coverage options for policyholders. So make sure you ask for the plan that suits your needs and budget alike.

John Otero

John Otero

John Otero is an industry practitioner with more than 15 years of experience in the insurance industry. He has held various senior management roles both in the insurance companies and insurance brokers during this span of time. He began his insurance career in 2004 as an office assistant at an agency in her hometown of Duluth, MN. He got licensed as a producer while working at that agency and progressed to serve as an office manager. Working in the agency is how he fell in love with the industry. He saw firsthand the good that insurance consumers experienced by having the proper protection. John has diverse experience in corporate & consumer insurance services, across a range of vocations. His specialties include Major Corporate risk management and insurance programs, and Financial Lines He has been instrumental in making his firm as one of the leading organizations in the country in generating sustainable rapid growth of the company while maintaining service excellence to clients.

Leave a Reply

Insurance Noon is the world's leading source of insurance related content on the web, focusing on industry news, buying guides, reviews, and much more.