In most states, to ride your motorcycle legally on public roads, you’ll need to carry motorcycle insurance–at a minimum, liability coverage. This helps ensure you can cover the cost of any damage and injuries you cause in an accident.
But accidents aren’t always your fault, and other parties involved don’t always carry enough insurance themselves. To ensure your health and property are fully protected, you may consider adding additional coverage, even if it’s not mandatory.
The cost of motorcycle insurance will depend on what coverage you purchase and a variety of other factors. Here’s a closer look at what you need to know before you buy.
Key Points
• Motorcycle insurance costs between $12 and $20 monthly on average, significantly less than the $173 monthly average for auto insurance nationwide.
• Minimum liability coverage averages $68 monthly, while adding collision and comprehensive coverage for full protection increases premiums to approximately $150 per month.
• Younger riders face higher premiums due to less experience and increased accident risk, while high-performance bikes with large engines cost more to insure than cruisers
• Daily commuters using motorcycles as primary transportation pay higher premiums than recreational weekend riders, while clean driving records without tickets or accidents reduce costs.
• Higher deductibles and coverage limits directly affect monthly premiums, with savings available through bundling policies with home or auto insurance and completing safety courses.
What Is the Average Cost of Motorcycle Insurance?
On average, motorcycle insurance costs between $12 and $20 per month. For comparison, auto insurance costs $173 per month on average nationwide.
These are just averages, and the actual price you will pay will vary widely, depending on your personal circumstances.
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Factors That Affect Motorcycle Insurance Rates
In many ways, motorcycle insurance works in the same way auto insurance works. There are several factors insurers will consider when setting rates for motorcycle insurance.
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Rider Age and Experience
Insurance premiums often depend, in part, on rider age. Younger riders have less experience, potentially ride more frequently, and may be more likely to take risks. Statistically speaking, they are more likely to get into motorcycle accidents. As a result, premiums for younger riders tend to be higher than older riders who have more experience.
Motorcycle Type
For a variety of reasons, what kind of motorcycle you ride has a big impact on premiums.
High-performance bikes with large engines capable of high speeds tend to be the most expensive to insure. That’s because they tend to have higher accident rates, and they are more expensive to repair.
In general, the value of your motorcycle will have a big impact on your rates. Determining the value of your motorcycle can be a good idea before you get insured.
Cruisers or touring bikes—built for everyday riding or long all-day trips—are bigger and tend to be slower. As a result, insurance premiums for these are lower.
Bikes that are desirable and more susceptible to theft also tend to have higher insurance premiums. Meanwhile, bikes with anti-theft and safety features might qualify for insurance discounts.
Location
Insurers will consider where you live when setting premiums. Particularly, they will look at factors such as weather patterns and risk of accidents, vandalism, and theft in your area.
Owners in urban areas may have higher premiums because of a higher risk of accidents and a greater likelihood of theft.
If you live in a warm climate where the riding season is longer, your premiums may be higher as well. Living in a place with inclement weather, such as several months of cold and snow, is less conducive to frequent riding, so premiums may be lower.
How You Use Your Motorcycle
More time spent on your bike increases the odds that you’ll be in an accident. So, if you use your motorcycle frequently—say, as your main source of transportation on your daily commute—your premiums may be higher. If, on the other hand, you’re a recreational rider who only uses your bike on the weekend, you may pay lower premiums.
Driving Record
When seeking insurance, a clean driving record is ideal. Tickets, accidents, and license suspensions can all increase the cost of insurance.
Speeding and traffic violations can increase your costs, whether they happened while you were riding your bike or driving a car. These will typically stay on your record for three years, after which they will no longer affect your insurance.
Similarly, any accident that you’ve had on your bike or while driving a car may increase your premiums. At-fault accidents, those that you caused, are the most costly. However, even accidents you didn’t cause may trigger higher costs.
Coverage Limits and Deductibles
The cost of insurance is directly linked to coverage limits and deductibles.
Some types of coverage, such as collision coverage, carry a deductible. When your motorcycle is damaged in an accident, this is the amount that you have to pay out-of-pocket before your insurance will kick in. So, if your deductible is $500 and you were in an accident with $1,000 worth of damage, you’d pay $500 first, and your insurance would pay the rest.
The higher your deductible, the less you monthly premiums will be, since your insurance company is taking on less risk.
Your coverage limit is the maximum amount that your insurance will pay. The higher the limit, the more risk the insurer is taking on, and the higher your premiums will be.
Minimum vs Full Coverage Costs
In most states, you are required to have minimum liability coverage. On average, this costs about $68 per month. Adding collisions and comprehensive insurance gives you “full coverage.”
Collision insurance pays for repairs on your bike if you are in an accident with another person or a stationary object. Comprehensive coverage can help protect you from theft, vandalism, and weather-related events. Adding these increases the price of the monthly premium to around $150 a month on average.
Ways to Lower Motorcycle Insurance Premiums
One of the best ways to ensure that your insurance premiums remain low is by maintaining a clean driving record.
Otherwise, raising your deductibles or decreasing your coverage limits can also help reduce premiums. Be aware that this means that you are accepting more risk.
You may also be able to lower your rates by bundling motorcycle insurance with other types of insurance, such as home or auto insurance.
The Takeaway
Motorcycle insurance isn’t a one-size-fits-all product. Cost can range depending on your bike, your experience, how and where you ride, and the coverage you choose. Understanding what drives the cost can help you manage it better, striking a balance between affordability and the protection you need. Before settling on a policy, make sure you read and understand all terms and conditions.
When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.
SoFi brings you real rates, with no bait and switch.
FAQ
Is motorcycle insurance cheaper than car insurance?
Yes, on average, motorcycle insurance is cheaper than auto insurance. Typically, motorcycle insurance costs between about $12 and $20 per month, while auto insurance costs about $173 per month.
Does insurance cost more for sport bikes than cruisers?
Premiums for high-performance sports bikes tend to be higher than for cruisers.
Can you get motorcycle insurance without a motorcycle license?
You are not required to have a motorcycle license to get insurance. However, in most places, you do need a license to register your bike and to ride legally.
Does taking a safety course reduce your premium?
Yes, taking a motorcycle safety course can meaningfully reduce your premium.
Is motorcycle insurance required year-round?
Motorcycle insurance is generally purchased annually. However, if you aren’t riding it for the winter, for example, you may be able to reduce coverage, lower limits, or even cancel your policy entirely to manage costs.
Photo credit: iStock/bymuratdeniz
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