How Much Does Motorcycle Insurance Cost
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How Much Does Motorcycle Insurance Cost?

On average, motorcycle insurance costs about $702 with average prices ranging from $469 to $935 in the US for 2020, according to thebalance.com and other sources.

According to ValuePenguin, “The average cost of motorcycle insurance is $702 annually in the U.S., but rates can differ by more than 250 percent depending on where you are located at.”

A number of variables go into establishing how much motorcycle insurance will cost, including the type of motorcycle, the type of coverage you choose, your location, your riding record, and how old you are. You can decrease your rate by getting motorcycle insurance through your auto insurance company, home ownership, having a good credit score, and taking and passing a motorcycle safety class.

The average cost for motorcycle insurance in the U.S. in 2020 was $702.

Here are some instances of riders with differing elements and the amounts they may expect to pay annually on their premiums.

25 to 60 Years Old: Good Riding Record, Liability Only Coverage, Touring or Cruiser Cycle

These elements will set you up for the lowest insurance costs for your motorcycle. Riders above the age of 25 with a good riding record usually get good prices. Insurance Rates usually decrease as you age until you reach 70. A combination of those elements with liability only coverage and a touring or cruiser motorcycle, and you’re looking at $100–$500 annually for insurance.

25 to 60 Years Old: Good Riding Record, Full Coverage, Cruiser or Touring Cycle

Adding physical damage protection your policy can have a big influence on your policy’s premium, as can the age and how much the motorcycle costs. Riders wanting full coverage usually has newer and higher-valued motorcycle to get insured, and the more costly your motorcycle is, the more it typically costs to get insured. Anticipate on adding a couple hundred dollars annually to your policy premium for full coverage insurance on a more costly motorcycle, driving the average cost to $400–$800 annually.

25 to 60 Years Old: Not so Good Riding Record, Full Coverage, Touring or Cruiser Cycle

A horrible riding record can really drive the cost of motorcycle insurance up. Motorcycle riders are required to be especially responsible and careful when riding, and a bad riding record reflects badly on your possibility for a future claim. How bad your riding record is, certainly makes a difference in the overall cost. It would possibly be best to get a couple of quotes to find a rate for your specific circumstances.

Your riding safety record is established on your history of traffic infractions and accidents from the past 5 years.

16 to 24 Years Old: Good Riding Record, Full Coverage, Sports Cycle

Younger riders are typically lured to fast sport-like motorcycles, and the motorcycle’s somewhat low-price tag adds to their attraction. What they might not take into consideration is the cost of getting their new ride insured. A young rider combined with full coverage and a sports motorcycle may increase the average cost of the insurance easily above the $1,000 mark, with some rates even going beyond $3,000. A good riding record makes the cost lower than a bad riding record, but the cost may still be high.

The riders age is not the only experience related factor that is involved; how long you have been riding is also considered, so a rider in their 20s that has been riding for 8 years could pay less than a brand-new rider in their 30s.

Other Discounts on Motorcycle Insurance Rates

Insurance companies might offer discounts for paying your yearly premium in full, devoid of using an installment plan, and being a member of a riding organization or other similar groups. increasing your deductible and deciding not to get insurance add-on coverage will also decrease the overall cost. And particular safety features, like anti-theft systems and, anti-lock brakes, including GPS theft-recovery, also makes a difference.

States that have the Best Motorcycle Insurance Rates

North Dakota – $382, Iowa – $414, Wyoming – $439, Nebraska – $469, and South Dakota – $469 had the lowest yearly motorcycle insurance rates in 2020. Each of those states are located in the Great Plains or Midwest and have populations that puts them in the lower half of all U.S. states.

States that have the Worst Motorcycle Insurance Rates

California – $1,360, Louisiana – $1,175, Michigan – $1,083, New York – $969, and Arizona – $935 had the highest yearly motorcycle rates. Those states have larger populations and typically warmer weather, enabling motorcycle fanatics to ride a lot more months yearly.

Certain types of coverage are mandated by state law. For instance, motorcyclists are required to carry motorcycle liability insurance in the majority of states. Additional coverages, such as comprehensive or collision, may be optional if you own your motorcycle outright. If you lease or finance your motorcycle, your lender may require you to purchase collision and comprehensive coverage until the balance of your loan is paid.

What is covered by motorcycle insurance?

There are numerous types of coverage available, and state-by-state options vary. What your motorcycle insurance policy covers is determined by the coverage options you choose.

Is theft covered under motorcycle insurance?

Comprehensive coverage protects you against damage to your motorcycle that is not the result of a collision with another vehicle, such as flooding, wind, vandalism, or theft. Generally, you are covered up to the actual cash value of your motorcycle.

Is my policy comprehensive enough to cover passengers?

In the majority of states, riders on your motorcycle are covered under your policy. However, in some states, this coverage is optional, so it’s best to speak with your agent to determine which applies to you.

What is the cost of motorcycle insurance?

According to thebalance.com and other sources, motorcycle insurance costs on average $702, with average premiums ranging from $469 to $935 in the United States for 2020.

Is it possible to save money by canceling my policy while my bike is stored for the season?

It’s always a good idea to maintain coverage if you store your bike. Your policy includes a seasonal pricing structure spread over a 12-month policy period that accounts for the reduced amount of time riders typically spend on the road in cold climates while still providing year-round coverage for unseasonably warm winter days.

Is it possible to save money on my insurance policy if I have taken or am enrolling in a safety course?

Yes! If you completed a qualifying Motorcycle Safe Driving Program within the last 36 months, you may qualify for this discount.

I was not at fault for the accident. Shouldn’t the at-fault motorist be responsible for my deductible?

If the claim investigation reveals a possibility of recovering damages from the person who caused the accident, Allstate will attempt to recover all damages, including your share of the deductible.

Will filing a claim result in an increase in my insurance premium?

Because each policyholder’s situation is unique, your premium may be affected by your circumstances. If you have any concerns, do not hesitate to contact your agent. Additionally, you may wish to inquire about the First Accident Waiver, which may help prevent your rates from increasing solely as a result of an accident, even if it is your fault.

How long will my motorcycle claim take to resolve?

Each claim is unique, and a variety of factors can influence how long it takes to resolve your claim. Our claims teams are comprised of seasoned professionals who will always make every effort to expedite the resolution of your claim. You can assist the claims specialist by providing as much information as possible about the incident.

If I’m involved in an accident, will my insurance cover the cost of a rental bike while my bike is being repaired?

If you chose rental reimbursement or transportation expense as a coverage option, the insurance company will assist you in reimbursing you for expenses such as car or cycle rental following a covered claim, up to the maximum amount specified on your policy declarations. Consult your policy for a complete list of terms and conditions.

Prior to an accident, educate yourself on the basic steps you can take to stay safe and in compliance with the law.

Is Low-Cost Motorcycle Insurance Worth It?

To begin, you must consider what is legally required. Most states require you to carry a minimum amount of liability insurance, which pays for someone else’s property damage or medical bills if you cause an accident. Additionally, some states require additional coverages, so consult with a local agent to determine what is required.

Similarly, if you’re financing your bike, you should contact your lender to determine whether you’re required to adhere to any insurance requirements associated with your loan.

Of course, simply adhering to your state’s minimum insurance requirements may not be sufficient. It’s critical to understand that liability coverage does not cover personal injuries or damage to your motorcycle.

To ensure the protection of your beloved motorcycle, you may want to consider adding additional coverages such as collision and comprehensive. Collision coverage assists in the repair of damage to your motorcycle caused by a collision with another vehicle or object, whereas comprehensive coverage kicks in for other hazards, typically theft, vandalism, or fire.

Motorcycle Insurance Quotes

From offering liability protection to you and your family to helping you get reimbursed for personal property damage, motorcycle insurance provides many types of coverage. Learn more about Motorcycle Insurance Coverage or get a free motorcycle insurance quote from Klimes Insurance today.

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