Average Cost Of Motorcycle Insurance
Perhaps you just treated yourself and bought a motorcycle. Maybe you are saving up for one. Or perhaps you are hoping Santa might leave one for you under the tree this year. Either way, the next step is researching how much it will cost you to insure your new ride. There are many different factors that determine how much you will pay from type of motorcycle to driving record. Check out some specific breakdowns below.
Average Cost Example #1
Situation: Driver from 25 to 60 years old with a good driving record seeking liability only coverage for a cruiser
This is a good situation to be in for securing motorcycle insurance, because these are all favorable variables. A driver with these circumstances would likely pay well under $500 per year. In fact, it could cost no more than $200 annually with certain companies, dependent on discounts and bundles. For full coverage, the price would be more in the range of $400-$800 yearly. Of course, keep in mind that more expensive motorcycles will cost more to insure.
Situation: Driver from 25 to 60 years old with a bad driving record who wants full coverage for a sports motorcycle
This is where things can get a bit tricky. Much like with car insurance, having a bad driving record will count against you. The difference is that, with motorcycle insurance, this matters even more since driving a motorcycle is more dangerous. People who drive motorcycles have to be extra careful and responsible to avoid accidents, and, thus, insurance claims. Also, sports motorcycles tend to be more expensive, so fixing them will cost more. In addition, they usually operate at higher speeds and are especially popular among the demographic of younger, thrill-seeking riders.
Situation: Driver 16 to 24 years old with a good driving record who wants full coverage for any motorcycle
This situation is where the costs might start outweighing the benefits. Even with a good driving record, it will cost young drivers significantly to get full coverage for a motorcycle. You might leave the dealership thinking that you got a great deal, but the insurance will likely amount to over $1000 per year. For sports bikes and expensive models, it could cost closer to $3000.
The Takeaway: Find Your Average Cost
In the end, it is hard to estimate exactly what you will pay, based on your unique circumstances. The best option is to enter your information and get a quote. Remember that different states have different prices for insurance. One one hand, motorcycles save gas and are usually cheaper to insure than cars. On the other, they are more dangerous and are stolen more frequently. Make sure you take all of this into consideration when choosing your coverage and policy!
‘Tis the season! That doesn’t just apply to the holidays, but also to health insurance. You have probably heard the phrase “open enrollment” tossed around either on the news or…Read More
We are all guilty of procrastinating every now and then. Especially when it comes to the somewhat morbid topic of life insurance. We all know that our death is an…Read More
For decades, smoking has been advertised as cool, sexy, and trendy. With the invention of the e-cigarette, tobacco companies did not stray from their tried and true marketing strategy. Plus,…Read More
Among many of the world’s new inventions, e-cigarettes have become a new craze. A recent article from Reuters reported that roughly 1 in 20 Americans are currently vaping or using…Read More
We are all trying to save more money, but sometimes there don’t seem to be any areas to cut back. One avenue to explore is ways to save on car…Read More
We have all heard the horror stories about people not buying specific insurance coverage and then losing their homes to a tragedy. After an earthquake in California, our neighborhood chat…Read More
Mind the Gap There are several situations in life that cause people to either change their health insurance, end their health insurance, or have a gap in coverage. I recently…Read More