Whether you’re riding as a hobby or riding as a practical and fun means of transportation, knowing how much motorcycle insurance costs in general can help you to shop around for the best coverage. In general, most motorcycle drivers pay about $149 to $199 per month for insurance. On the very low end, good drivers with excellent history may only pay about $51 per month. However, extremely high risk drivers can pay as much as $499 per month.
Just like with car drivers, insurance companies will assess the cost of motorcycle insurance based on understood risk factors. What are the general risk factors that will affect the cost of motorcycle insurance?
In general, motorcycle insurance companies access the risk of driving in very similar ways as car insurance with a few exceptions. For instance, driving history, age, and the type of motorcycle will all play factors in how much is paid out for yearly motorcycle coverage. Yet, the annual cost of motorcycle insurance may also use factors, such as where and how often the motorcycle is driven, and if there will be guest riders on a regular basis.
General Risk Factors and the Cost of Motorcycle Insurance
Insurance companies always consider the risks of collisions and accidents within the cost of motorcycle insurance. The United States Department of Transportation makes it very clear that driving a motorcycle has inherent dangers. In fact, the department states that on average a motorcycle collision occurs four times every 60 seconds. Furthermore, two out of four of those same accidents end in serious bodily injury or death. With these type of statistics occurring, you can see how often insurance companies take a risk with insuring the motorcycle driver. Other general risk factors include the following:
- If injuries are sustained by another person after a motorcycle accident, regular 15/30 coverage may not cover all of rehabilitation and hospital bills. This can be devastating to a driver who does not have adequate coverage in this type of situation.
- Motorcycle owners are more likely to speed and take dangerous risk than other drivers during any given month.
- Motorcycle riders have a higher risk of collision and accidents that average car drivers during rainy seasons and other types of harsh weather.
- Drivers that do not wear their helmets during the times they operate their motorcycle pose even greater risk of injury upon collision.
- Drivers that operate their vehicles with second passengers also pose a great risk of injury upon a collision or accident.
Driving History and Motorcycle Insurance Costs
Driving history can play a huge factor in annualize costs of motorcycle insurance. Although motorcycle insurance costs is less than 61% of general car insurance, driving records help insurance providers determine personal risk factors for accidents and collisions. For instance, new motorcycle drivers are considered a higher risk to insurance companies, and will need to pay more for their coverage. Yet, paying higher premiums and deductibles for uninsured motorist coverage and accident-collision coverage is expected when drivers have obtained even simple moving violations. Why? Insurance companies will believe that if simple traffic laws cannot be followed, then the driver posses higher risks to themselves and others on the road. In this case, insurance providers believe that reckless driving is more likely to occur.
Age and Motorcycle Insurance Costs
The age of a driver of a car or motorcycle has always been linked to driver responsibility. Insurance carriers have always assumed that younger drivers are a higher risk on the road than older drivers because of several things. Younger motorcycle drivers have been linked to more reckless driving in the past studies. Moreover, it is assumed that younger drivers just don’t have enough experience on the road to understand evasive maneuvers that can keep them out of an accident. For these reason, younger drivers are more likely to be charged higher premiums and deductibles than older drivers of motorcycles.
Types of Insurance and Costs
Another factor that affects the overall cost of motorcycle insurance is the type of insurance that is required for each driver by state. Although there are a few no-fault state policies in place, most states require one or more drivers to be at fault after a collision or accident. Liability coverage for motorcycle drivers will cover the basics, but policy holders must understand that this type of coverage may not cover guest passengers. In this case, additional coverage may need to be purchased. Even so, liability coverage is often lacking in coverage when it comes to devastating accidents. Therefore, many agents would recommend that motorcycle drivers pay for higher end or full coverage insurance policies, so that property and everyone is covered in an accident. Yet, policies that carry extra coverage, such as uninsured motorist coverage, medical payments coverage or collision and comprehensive coverage are always recommended to help drivers prepare for possible collisions.