What are the cheapest motorcycles to insure? (2021 Update)

What are the cheapest motorcycles to insure? (2021 Update)

Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Tonupboys.com.

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Reviewed by Daniel Walker

Licensed Auto Insurance Agent What are the cheapest motorcycles to insure? (2021 Update)

UPDATED: Jun 2, 2021

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The Lowdown

  • The less power your bike has, the lower cost it will be to insure
  • Sportbikes have higher insurance rates because of higher top-line speeds
  • The age of your motorcycle also influences your auto insurance rates

There are a variety of factors that determine how cheap or expensive your motorcycle insurance will be. But here’s the standard rule among insurance companies: the less power your bike has, the cheaper it will be to insure. This article focuses on the cheapest motorcycles to insure.

Of course, your insurance company must consider many other factors before you will know what your bottom line is when it comes to buying motorcycle insurance. Therefore, understanding what an auto insurance company considers when they determine your premiums will help you to make a better decision about your motorcycle choice.

We also have a handy article, “Who are the best insurance companies?“, that allows you to compare insurance companies by financial strength ratings and products offered.

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In this article, we’ll cover all of those topics. In the frequently asked question section, we’ll the cheapest sportbikes to insure, how to get cheap motorcycle insurance, and general motorbike insurance and motorcycle insurance topics.

So read on to learn what you need to know to get the lowest possible motorcycle insurance rates. You can also begin shopping rates for your motorcycle by comparing prices across providers. Start by entering your ZIP code into our free insurance comparison tool.

How Motorcycle Type Affects Insurance Rates

As mentioned above, the less power your bike has, the less it will cost to insure. Sports bikes are the most expensive bikes to insure for two reasons. They have a lot of power and the expectation is that they will be used to race other bikes. This dramatically increases the risk of an accident, which means the insurance company assumes that they are going to pay out a claim.

In addition to having a lot of speed, sports bikes are considered by insurance companies as more difficult to handle. Again, this increases the risk of an accident to the driver of the bike; a risk that will be reflected in the cost of your premiums. Given these factors, it’ll be worth it to investigate what are the cheapest sportbikes to insure.

While some people don’t consider sports bikes to be motorcycles, insurance companies do. All motorcycles and sports bikes are classified as motorcycles, so keep that in mind if you are considering a sports bike in the near future. If you are considering a bigger motorcycle with a lot of power, you will still pay more insurance than you would on a motorcycle with less power, but it will be less costly than a sports bike.

Larger motorcycles offer more stability when riding, which reduces your risk when your drive. In addition, the insurance company isn’t going to assume that you are going to race your motorcycle if you purchase a large motorbike. Don’t assume that a Harley falls into this category; they make sports bikes as well. Essentially, if your motorcycle has the name sport in it, expect to pay more.

Smaller motorcycles are usually the cheapest motorcycles to insure as long as they have small engines. Smaller engines mean less speed, which equates to less risk. Don’t confuse smaller motorcycles with scooters, scooters fall under a different category with the insurance company.

Interestingly, if you were to purchase a Harley Davidson V-Rod, with its 122HP engine, you would pay much less for your annual insurance than if you purchased the Suzuki Hayabusar, which has a 1340cc engine (about 130HP). Even though they are close in engine power, the Suzuki can reach speeds of nearly 200 mph while the Harley can only reach a top speed of 114 mph.

The weight and size of the Harley require more horsepower even to move and are too heavy to reach the higher speeds. This is a big reason why sports motorcycles and motorbikes are so expensive to insure; they can reach the speeds that equally powerful engines on larger bikes simply can’t hope to.

Other Factors That Affect Insurance Rates

Getting a hard fast number on the average cost of motorcycle insurance is difficult. That is because there are so many factors the insurance company has to consider. Some people pay as little as $50 a month for insurance for their motorcycle while others pay $400 to $500 a month.

Age of Motorcycle. While the type of motorcycle you buy is important, the age of the bike is important too. Just like a car, the older your vehicle is, the less expensive it will be to insure.

That is because the value reduced and the amount the insurance company would have to pay to replace your bike reduces as well. The exception, of course, is if you purchase a classic motorcycle.

If you get it registered as a classic and have it inspected and valued, then your insurance will probably be more expensive to reflect that value.

Your Age. Your rates are also determined by your age. The younger you are the more you will pay. If you are 18 you can expect to pay 2 to 3 times more than someone who is 25. A 25-year-old will pay more than a 35-year-old and after that the rates pretty much even out.

Driving Record. Your driving record will have a major impact on the premiums you pay. The insurance company already considers your motorcycle a risk.

As long as your previous record indicates that your behavior increases the risk of an accident, they will charge accordingly.

Further, you may find it very difficult to get insurance at all if you have a lot of points on your license or have made any recent claims due to accidents that you have caused.

Other factors that will impact your motorcycle insurance rates include your credit score, where you live, if you have a college degree, if you’re married, and if you have multiple vehicles insured with the company.

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How to Keep Your Motorcycle Insurance Rates Low

Keeping your rates low is important but there are some things that may currently be out of your hands. For example, if you already have a bad driving record, you are simply going to have to wait that one out. Typically, it takes three years of good driving to have a noticeable impact on your rates. Your age is out of your hands as well.

There are some things that you can do to keep your rates down:

Buy security devices. If you haven’t already, buy security devices for your motorcycle. According to the National Traffic Safety Administration (NHTSA), motorcycles are three times more likely to be stolen.

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You will find that if you purchase anti-theft devices that you will get a lower rate. If you have a tracking device on your motorcycle, then your rates will be reduced further.

Make room in your garage to park your bike. If you don’t have a garage, consider adding a storage shed to your home. The initial expense will be quickly overcome with the savings that you will get for parking your motorcycle indoors.

Sometimes there is a deeper discount for parking in a brick building over other types of structures but not everyone has that option.

Don’t forget your deductible. While you don’t want to scrimp on the amount of coverage that you purchase, the more the better is the general rule. You can increase your deductible to help negate some of that cost. Make sure, however, that your deductible is manageable.

Take a course. Any Motorcycle Safety Foundation certified courses will also affect your rates positively as well. Check local driving schools and motorcycle shops to determine when the next available class is.

Join a local motorcycle club. There are certain organizations that promote safe cycling and traveling in groups. If you are a member of some of these, some insurance companies will offer you a discount.

According to the National Highway Traffic Safety Administration, over 98,000 people were involved in motorcycle accidents in 2009. Nearly 5,000 of those ended in the death of the person driving the motorcycle and 87,000 ended in injury to the person driving the motorcycle. 50% of those accidents were caused by the motorcyclist.

Frequently Asked Questions: Motorcycle Insurance

Now that we’ve covered different aspects of insuring a motorcycle, let’s get to your frequently asked questions. They include:

  • Which motorcycle has the cheapest insurance?
  • Are older motorcycles cheaper to insure?
  • What is a good price for motorcycle insurance?

Scroll down for the answers to those questions and many more.

#1 – Which motorcycle has the cheapest insurance?

Smaller motorcycles are generally the cheapest to insure as they have smaller engines and can’t go as fast as other motorcycles. We’ve also covered how a Harley Davidson would be cheaper to insure than a sportbike because it goes less fast. This reduces the danger or severity of an accident, meaning if a claim has to be filed, it will cost the insurance company less money. Hence, the cheaper auto insurance rates.

#2 – What are the cheapest sportbikes to insure?

Honda, Kawasaki, and Yamaha have some of the cheapest sportbikes to ensure. As with any motorcycle, the more lightweight it is, the cheaper it will be to insure, generally. This is because it has a smaller engine and can’t go as fast, thereby reducing claim costs and saving insurance companies money.

#3 – Are older motorcycles cheaper to insure?

Older motorcycles tend to be cheaper to insure because their top-level speed is slower than new models. This, in the eyes of the insurance company, could lead to fewer or less severe accidents, which result in less-costly claims.

#4 – How do I get low motorcycle insurance?

Two areas we’ve covered to get low motorcycle insurance are to get formally trained, which shows the insurance company you know how to ride and makes you a less risky person to insure, and then join a biker club, where you can get biker club discounts.

#5 – What age does motorcycle insurance go down?

Motorcycle insurance, like car insurance, tends to drop when a person hits 25 years of age. This is the age that insurance companies believe a person is less likely to file a claim compared to a younger age. Reasons for this include maturity and less risk-taking, more experience driving, and an, in general, more responsible person.

#6 – What is a good price for motorcycle insurance?

The cost for motorcycle insurance is generally around $700 per year but can fluctuate dramatically depending on the gender of the rider, the location (urban/rural), and the rider’s driving history (any prior accidents or speeding tickets).

#7 – Does bike insurance go down?

Over time, bike insurance can go down. Factors like age and the amount of time you have as a motorcycle rider can help. Other situations like bike club discounts, regular discounts, and the motorcycle you ride also can lower your insurance rates.

#8 – Is it cheaper to insure a motorcycle?

Motorcycles are generally cheaper to insure than cars because the cost to repair them is much less. While cars can be worth tens of thousands of dollars or more, motorcycles are generally cheaper, and if they are in an accident, the insurance company has to pay for fewer parts to be repaired or replaced.

To answer the question, “Do I need motorcycle insurance?“, the answer is, yes, you do. To save money, start right here by entering your ZIP code into our FREE online quote comparison tool. It is fast and easy to use and you can compare rates between companies in a matter of minutes.