If you’re thinking about buying a motorcycle, you are probably wondering about the expenses associated with your new purchase. In addition to the cost of the bike, you will also have to pay for motorcycle insurance, which can vary tremendously depending on the coverage levels you select, the state you live in, and your personal statistics.
Factors in Determining the Cost of Motorcycle Insurance
The cost of motorcycle insurance is less than that for cars, but the method of calculation is similar. Insurance companies will issue a quote based on your age, county of residence, driving record, credit history, and other factors. They will also consider the type of bike you’ve purchased, where you will be riding it, and how often it will be on the road.
Basic Liability Coverage vs. Extended Coverage
According to Financial Web, the cost of liability motorcycle insurance can range from $100 to more than $400 per year, depending on specific circumstances. That is for basic minimum insurance requirements, and if you add other coverage levels to your policy, you will pay more. Since motorcycles are considered inherently dangerous, collision and comprehensive coverage might not be a bad idea.
Why You Might Pay More for Motorcycle Insurance
Younger males often pay the most for both car and motorcycle insurance because of their age and gender. A 22-year-old man will pay much more than a 55-year-old man because the latter is considered more responsible and therefore less likely to cause damage on his bike. You will also pay more if you live in an urban area, such as Los Angeles or Miami, than if you live in a suburban or rural community.
Lower Your Insurance Premium
When pricing motorcycle insurance, ask about ways to lower your premium. For example, you should try to pay the entire premium up front, rather than one month at a time, because companies usually offer at least a small discount. If you also drive a car, put your motorcycle on the same insurance policy as your other vehicles. This can also yield discounts.
You might want to keep your motorcycle stored in the garage so there is less opportunity for theft and limit the amount of miles you ride on a monthly basis. Anything you can do to minimize the potential for a motorcycle insurance claim will likely lower your premiums.
And finally, run the options by your insurance agent before buying a motorcycle. The size, weight, and make of a bike can drastically impact the cost of motorcycle insurance, so you might want to make your buying decisions based on how much the upkeep will cost in the long run.
Ask for a Custom Motorcycle Insurance Quote
Unfortunately, there is no real average cost of motorcycle insurance because there are too many factors to consider. You could easily wind up spending less than $300 per year on your coverage, but you could also spend more than $1,000 per year. Talk to your insurance agent about the different options.