If you actually own a motorcycle or plan to, you should get motorcycle insurance. Motorbike insurance is legally required in all but a few states. The accurate information is that it typically costs around $60 per month, which is less expensive than auto insurance.
However, depending entirely on your age, location, usage history, and other factors, your top rate will vary. We'll discuss what to expect to pay, how to save money, and how the top bike insurance companies stack up. You can enjoy your journey without worrying about money when you have the right coverage for your bike.
Average Motorcycle Insurance Cost
The average cost of a motorcycle insurance policy varies by state. In fact, the cost of a motorcycle insurance plan in California is more than five times higher than the average premium in North Dakota.
According to ValuePenguin, the prices listed below represent typical rates for a 45-year-old male seeking a full insurance plan with liability limits of $100,000 per person/$ 300,000 per accident, $50,000 in property injury coverage, and a $500 deductible for collision and complete coverage.
Best Companies for Motorcycle Insurance
Here are a few well-known national motorcycle insurance companies. If you're looking for more options, you can also check out our list of the best bike insurance companies.
Progressive
The best bike insurance provider is Progressive, which covers one in three insured riders and offers legal responsibility insurance for as little as $75 per year. Additionally, you can shop with discounts like a multi-policy deal and a homeowner insurance plan discount. Participants with USAA are also qualified for 5% financial savings from Progressive. You can add complete loss coverage, carried contents coverage, roadside assistance, and more to the standard motorcycle insurance policies. Progressive also has an A+ (Superior) financial strength rating from AM Best, but J.D. Power's claims satisfaction rankings for 2022 place the company below average.
Geico
Getting a quote for bike insurance is quick, and convenient, and will qualify you for a multi-policy discount if you already have auto insurance with Geico. There are additional savings available, such as a 10% discount for switching from any other insurer. In addition to its preferred coverages, Geico offers add-on coverage, helmet coverage, and roadside assistance. Geico is ranked just above average for claims pride by J.D. Power and has an A++ (Superior) economic power rating with AM Best.
City Farm
State Farm doesn't offer many extras, but a full insurance package includes roadside assistance, trip interruption, and protecting tools and equipment coverage. You'll need to speak with an agent to get your price and learn about any discounts since the agency doesn't offer online motorcycle insurance plan quotes. State Farm is rated above average for claims satisfaction by J.D. Power and has an A++ (Superior) economic electricity rating from AM Best.
Allstate
Compared to most other bike insurance providers, Allstate offers more insurance options, such as non-obligatory gear coverage, lease/loan hole coverage, and apartment repayment coverage. You can save money on your policy in several ways, including a bundling discount, a security path discount, and a full-fee discount. Allstate is rated above average for claims satisfaction by J.D. Power and has an A+ (Superior) economic energy rating from AM Best.
Farmers
Farmers offer a few bike insurance plan packages that include optional equipment coverage, security clothing coverage, and roadside assistance. With add-ons like trailer coverage, you can further customize your insurance. Farmers offer a variety of discounts, including multi-policy and security path discounts, as well as a first-accident waiver program for riders with a clean driving record. Farmers have an A (Excellent) economic power rating from AM Best, and J.D. Power gave the employer a higher-than-average rating for claims satisfaction.
Cost-Influencing Factors
Age and Background
groups of motorcycle insurance plans When choosing your premiums, keep in mind your age because older drivers tend to have smoother rides. Due to their higher accident risk compared to drivers of other ages, teen drivers are particularly expensive to insure.
Rates typically cap when you reach your 70s, at which point your quotes may also slightly increase.
However, how long you've had your motorcycle license will also be taken into account by insurers. You will be charged more if you are a new rider. In some circumstances, older motorists who are new to biking may also be required to pay higher fines than young motorists with more experience.
Location
The cost of a motorcycle insurance policy varies depending on where you live. That's because the minimum insurance limits vary completely depending on national law. Additionally, shorter driving seasons in colder states mean fewer crash opportunities. Additionally, premiums differ between ZIP codes. Cities with a high population density have higher rates of theft and vandalism, which raises insurance premiums. Cities with higher traffic also frequently experience higher accident rates.
Driving Record and History of Claims
If you have moving violations like speeding tickets or a DUI on your driving record, insurance plan providers may assume that you may no longer be riding safely. Insurance companies will therefore charge you more to cover the risk. Your top rate may also suffer if you have ever been in an accident for which you were at fault or made a claim.
Age and Bike Type
Depending on factors like whether you ride a cruiser, recreation bike, or custom motorcycle, for instance, the average cost of motorcycle insurance can change. The cost of sport and touring bikes is typically higher than that of scooters and cruisers. When determining your rate, insurance companies will also take the age of the bike into account.
Credit Rating
Until it is prohibited by law in your state, insurance companies in the majority of states will evaluate your credit history when determining your motorcycle premiums. This rating is one more way that insurers evaluate risk and is entirely based on information from your deposit report, such as your payment history and debt utilization. That's because research suggests that people with low savings are responsible for higher claim settlements. However, applying for motorcycle insurance won't affect your credit score.
Deductible and Coverage Options
Your rate will depend on the types and limits of insurance you choose. For instance, a liability-only insurance policy is typically less expensive than a full insurance policy. Your rate will increase if you choose higher liability limits or if you choose optional protections like roadside assistance or accent coverage.
Additionally, the size of your deductible will affect your premium if you choose complete and collision coverage. To lower your premium, you can choose a higher deductible, but you must ensure that you have enough money saved to pay the deductible.
How to Reduce Motorcycle Insurance Costs
Select a high deductible: Increasing your deductible will lower the cost of your bicycle insurance because you'll be responsible for more of the out-of-pocket expenses in the event of a claim.
Select liability-only insurance: You can save money by avoiding full coverage, but you should only do this if the annual top rate for full insurance is higher than the cost of your bike. You'll be responsible if your motorcycle is stolen or damaged in an accident without full collision coverage.
Combine policies: Many insurance companies offer generous multi-policy discounts, so think about combining your motorcycle insurance with your auto or homeowners insurance.
Take a safety course: Some coaching programs, like the MSF Basic RiderCourse from the Motorcycle Safety Foundation, will net you a top-notch discount at some businesses.
Compare prices: Because each insurer assesses risk differently, some companies may be able to offer you a more affordable top rate than others for the same coverage. Gather a few motorcycle insurance plan fees to ensure you get the best deal.
Inquire about various discounts: You may also be able to save money through payment discounts, affiliation discounts, and responsible driver reductions. Find out what's available near you by asking your insurance plan agent.
The Best Motorcycle Insurance: How to Choose
Select the Coverages You Require
For many riders, a basic full insurance plan may also be sufficient, but if you have a brand-new bike or expensive security tools or equipment, you may also need positive add-ons to maximize your protection. For instance, if you're looking for hole coverage, you can start by limiting your options to organizations that offer it.
Verify Quotations
When you consider that every insurer charges its insurance policies slightly differently, be sure to get quotes from a few different insurance plan providers. You could give local and national motorcycle insurers some thought. Make sure to compare costs similarly across companies, obtaining estimates for the same liability limits. But keep in mind that price isn't the only factor worth taking into account.
Think about discounts
If you already have a car insurance policy, ask your provider for a quote. Multi-policy discounts are offered by the majority of car insurance companies that offer bike insurance plans. Additionally, you can enquire about various deals like affinity discounts, price discounts, and discounts based on security direction.
Analyze ratings and reviews from third parties
Examine the financial energy rankings provided by unbiased rating agencies like AM Best and S&P Global. Check out our J.D. Power studies as well, including the 2022 U.S. Auto Claims Satisfaction Study and the J.D. Power 2022 U.S. Auto Insurance Study.
You might also prefer to look at customer reviews on independent websites like Trustpilot and the BBB but remember that most auto insurance plan groups receive poor overall ratings on these platforms. Nevertheless, you can look for alarming complaint trends. You can also look up an agency's complaints on the NAIC website, but keep in mind that the NAIC does not separate complaints about motorcycle insurance policies from those involving private passenger vehicles.
Think about digital tools
If having positive features is essential to you, such as a mobile app that displays your insurance plan card or an online claims experience, you must choose which companies offer the tools you require. Explore the options offered by each employer and look up mobile app rankings on the App Store and Google Play Store.
How Much Does Motorcycle Insurance Cost?
Although it can still be expensive, motorcycle insurance is typically less expensive than auto insurance. The average monthly cost of a bike insurance plan in the country is $60, but some states have significantly higher average costs. Additional factors affecting your top class include your age and riding background.
How Much Does California Motorcycle Insurance Cost?
According to ValuePenguin, the average monthly cost of a bicycle insurance plan in California is $151. That is 152% more than the national average for motorcycle insurance. However, it is possible to find more affordable rates in California. You can use an online tool provided by the California Department of Insurance to compare prices offered by various businesses.
Do You Need Insurance for a Motorcycle?
If you travel on a motorcycle, you are legally required to have insurance unless you reside in Hawaii, Michigan, Montana, or New Hampshire.
In many states, using a motorcycle without insurance is punishable by harsh fines. Motorcycle insurance provides essential financial security from the high costs of lawsuits, medical expenses, and repairs that may also result from an accident, even if your country does not mandate it.
I don't have a license, but can I get motorcycle insurance?
If you don't have a license, many insurance companies won't issue you a bike insurance policy. Because of this, the majority of people opt to get a license before buying a bike.
