How Much is Motorcycle Insurance?

Motorcycle insurance cost is likely to be the last thing that crosses the mind of any new rider. That can be a huge problem because motorcycle insurance is a substantial and ongoing financial consideration that is usually an afterthought in the showroom.

Motorcycles enamor, causing mental fixation that is almost assured to distract one from the important things in life like school, family, pets and work. So, at least on one level, we sympathize. Amid all of that is the world of insurance, which is not only a requirement of the law, but also something that we can’t do without.

Trust those motorcyclists who have gone through a claim or two–when you’re in need of insurance, regardless of the circumstances, the out of pocket expenses for any kind of loss can be nerve-wracking at best, and devastating at worst.

When we talk about some of the ins-and-outs of the insurance world we have to tread lightly. All motorcycle insurance carriers have their own levels of coverage beyond the most basic requirement of liability insurance.

What is liability motorcycle insurance?

Liability insurance covers against any damage to other vehicles or parties. However, this leaves many holes in your protection. For example, if you are deemed at fault in an accident, your motorcycle and gear and will not be covered.

What is comprehensive motorcycle insurance?

There is no industry standard as to what a comprehensive policy covers; a quote from a broker or directly from an insurance carrier will reveal that there are some subtle differences. In light of that, some agencies, such as the local Farmers Insurance provider, offer something that fits the bill.

We strongly suggest you invest in coverage above just liability: Medical, equipment, collision, and theft additions. Again, these are all subjective and cost will be dependent on which tier of protection is chosen and the carrier writing the policy. A general rule of thumb is that a well-rounded comprehensive policy is going to cost a bit more, and many consider it worth it.

Here are some of the factors in insurance pricing:

Driving Record:

Your driving record works on a points system and, unlike most things in life, the more you have does not mean you’ve won. As more tickets accumulate, expect to pay more for premiums.

Bike type:

From multi-purpose enduro motorcycles, large touring machines, cruisers, and high-octane sport bikes, your motorcycle platform can dramatically impact insurance premiums. Factors determining rate include bike values, top speed, and engine displacement. Sport bikes, in particular, are undoubtedly proven to be the highest to insure – you wont’ find cheap motorcycle insurance for a sport bike.

Miles ridden:

Is your motorcycle used for commuting or recreation? Do you ride to work daily? Do you plan on several round-trip adventures across the United States, or do you just go out for the leisurely Sunday stroll? These factors will increase or decrease your insurance premiums, depending on the utility of your motorcycle.

Motorcycle experience:

Potentially directly related to age, your experience is based on the years you’ve been riding a motorcycle. The longer a person has been riding, the lesser this will impact rates.

Zip code:

Some people might be unaware of this, but consider it: An insurer needs to know where the bike will be housed and, depending on your location, the risks associated with you and your bike will shift. If you happen to live in an area with some negative influences, expect to pay a bit more.

Rider age:

Perhaps one of the most obvious factors is age. According to NTSB statistics, younger riders are involved in more accidents than any other demographic. Naturally, insurance carriers see this as a viable risk when looking at policies.

Engine displacement:

This is often dependent upon bike type. Cruisers and touring platforms will utilize large displacement engines, while having a relatively lower top-speed in comparison to high-performance motorcycles with a much lower displacement. However, it is an issue that concerns most insurers because a higher displacement engine suggests more performance.

Top speed

This is self explanatory. If your bike happens to go fast, so too will the money spent on insuring it.

Motorcycle endorsement:

There are a staggering number of riders who choose to purchase motorcycles and fail to get motorcycle endorsements on their licenses. Not only will this lower your rates, but it will solve a myriad of legal issues if you happen to be riding without an endorsement. Don’t ride illegally. In addition, any legitimate rider safety or training courses can positively impact rates.

Motorcycle equipment:

Features such as ABS, traction control, and theft deterrents may lower your premiums. Despite the fact that some riders claim “loud pipes save lives,” no insurance company offers a discount for under-muffled bikes.

Motorcycle Insurance Conclusion

At first glance, these all appear to be negative factors; make no mistake, they can be. If you’ve chosen to buy the biggest, most expensive sport bike available as your first ride at the ripe age of 19, you will surely make any insurance professional a bit uncomfortable. So, be realistic with your needs and desires. A Suzuki GSX-R1000 will cost you considerably more to cover than a Suzuki Boulevard S40.