Are you considering buying a motorcycle and wondering how much it will cost to insure? The cost of motorcycle insurance largely depends on the type of bike you have, the coverage you choose, and your driving history. Where you live can also have a big impact on how much you pay for motorcycle insurance. The five states with the most affordable motorcycle insurance rates are North Dakota, Iowa, Wyoming, South Dakota and Nebraska. On the other hand, the five most expensive states for motorcycle insurance are Florida, Michigan, Missouri, Louisiana and California.
In addition to the city in which you live, the amount of coverage you buy and your driving history, motorcycle insurance companies also calculate the cost of coverage based on your age and years of driving experience. Motorcycle insurance companies tend to charge younger drivers higher rates because they are more likely to be involved in an accident. As long as you're not involved in any accidents, your rate should decrease as you gain experience. The type of motorcycle you ride has a big impact on how much you pay for insurance.
Sports and super sports bikes (also known as street bikes) tend to be much more expensive to insure than other bicycles because they are relatively expensive, often damaged and are frequently the target of theft. Compared to cruiser bikes, sports bikes cost more than three and a half times more to insure, despite having an average Kelley Blue Book value of only 169% more. Similarly, touring bikes are 33% cheaper to insure than sports bikes, while at the same time they have a much higher average cost. In most states, motorcycle insurance is required by law.
The amount of coverage you need to buy varies by state. Some states allow you to legally ride a motorcycle without insurance or proof of financial responsibility. However, it is highly recommended that you protect yourself with an insurance policy. Coverage for personal injury protection or medical payments is included in states that require these coverages.
To learn how the driver's age affects motorcycle insurance rates, we compiled Progressive quotes for a male driver who lives in Los Angeles with a clean driving record, who has had his driver's license since age 16 and has been riding a motorcycle for 10 years or since his 16th birthday, whichever is shorter. By comparing the rates of different types of motorcycles, we collected Progressive quotes for a 50-year-old single male driver with no accidents or traffic violations and living in Los Angeles. He has had a driver's license since he was 16 years old and has been driving a motorcycle for 10 years. Generally speaking, motorcycle insurance costs tend to be higher for younger drivers and for those who ride a sports bike.
However, each driver has unique circumstances that may influence the cost of motorcycle coverage for them. Keep reading to learn more about some of the factors that go into motorcycle insurance costs and how they might affect you. Many insurers will also offer you a discount if you've taken a motorcycle safety class in the past five years. In addition, like car insurance, motorcycle insurance gets more expensive with more coverage and lower deductibles that you'll have to pay in the event of an accident.
If you live in a state where coverage is expensive or want a lower overall rate, consider buying six to twelve months of motorcycle insurance coverage at a time instead of monthly. The better your state's climate, the more you'll pay for motorcycle insurance, since you'll be driving for longer of the year. Like car insurance, state laws that require coverage could affect the cost of your motorcycle insurance. In addition to affordable rates, Nationwide offers several discounts on motorcycle insurance, such as a multi-vehicle discount, a multi-policy discount, and a discount for a drivers' association.
