If you want to ride legally in most states, you’re going to at least need the minimum amount of insurance coverage. If you’re financing a motorcycle or buying a new bike, you’ll probably need some collision and comprehensive coverage as well.
This page will dig into the costs of motorcycle insurance and what you can expect to pay each year.
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Do you need motorcycle insurance?
In every state other than Florida, Montana, and Washington, you are required to have motorcycle insurance in order to register and title your motorcycle and ride your bike on public roads.
Even in those states where motorcycle insurance is not required, it’s still smart to have it. If you are found at fault for injuries or property damage, you’ll still be financially responsible.
If you’ve financed your motorcycle, the lender will typically require you to have comprehensive and collision coverage.
Average Cost of Motorcycle Insurance
The cost of motorcycle insurance varies pretty greatly depending on a handful of factors.
On average, you can expect to pay anywhere from $250 to $750 per year, or about $20 to $70 per month.
However, if you opt for minimum coverage with higher deductibles, you may only need to spend about $100 per year.
It all depends on the insurance companies risk calculations and any discounts you may be able to apply.
The cost of your insurance policy is based on:
- Type of coverage. You’ll pay less if you only opt for the state’s minimum required coverage, but you’ll also be out of luck in situations other than collisions. Adding additional coverage like comprehensive and collision will give you better protection, but come at a higher price.
- Your location. Where you live will play a role in determining your insurance rates. Some ZIP codes have higher accident and crime rates than others.
- Your age and years riding. Older riders with more experience are going to pay less than younger riders and new riders.
- Your riding history. If you have a driving record with traffic violations and speeding tickets, you can expect to pay more for insurance.
- How often you ride.
- The type of motorcycle you’re covering.
Why is my Motorcycle Insurance so High?
There are a number of reasons why your motorcycle insurance costs are high.
If you’re younger, use your bike for commuting, have a history of speeding tickets, or rider a “more dangerous” motorcycle, your rates will be higher.
Just like with car insurance, there are a number of ways you can try to reduce the overall cost of your policy:
- Opt for a higher deductible.
- Complete a motorcycle safety course.
- Join an AMA motorcycle club.
- See if you qualify for some of your insurance provider’s discounts, such as:
- Pay in full.
How Much is Motorcycle Insurance for Younger Riders?
Just like car insurance for drivers under 25 years old, motorcycle insurance for younger riders is going to be more expensive than coverage for older, more experienced riders.
Riders between the ages of 16 and 24 years old are statistically riskier riders.
For examples, motorcycle insurance for an 18 year old rider can be anywhere from $200 to $400 more expensive on average.