Motorcycle Insurance: How Much Should You Pay?

Motorcycle Insurance: How Much Should You Pay?

you’ve got some cash burning a hole in your pocket, the weather is getting warm, and your neighbour just wheeled his nearly-new ducati panigale out to the street with a for sale sign. you’ve got the money to buy it but can you afford the motorcycle insurance?

the answer? maybe…. depends.

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not very helpful, we know, but honestly it depends on a handful of factors ranging from your driving record to the bike itself. 

below we break down all the variables that make or break the bank when insuring a motorcycle. and as for that ducati? don’t say we didn’t warn you.

depends… on your age

insurance companies know the difference between taking a risk on a brand new rider and betting on someone that’s been at it for a few decades. 

as a general rule of thumb, riders in their teens pay the highest rates, but see rates fall as they reach certain ages. no different for teens insuring a car.

a 40 year old rider
who just got their license pays more for motorcycle insurance than someone who’s been riding since they were 20. 

most companies will lower your rates when you turn 21, then lower them again if you manage to survive into your 30s. according to statista.com, rates flatten out after that, but feel free to try to talk someone into a senior discount when you reach that milestone. 

in addition to your actual age, the length of time you’ve been riding will also impact your score. 

a 40 year old rider that just got their license pays more for motorcycle insurance than someone who’s been riding since they were 20. 

depends… on where you live

there doesn’t really seem to be any cut-and-dry rule here, but for whatever reason insurance companies charge more in certain states. 

california is consistently the most expensive place to insure a motorcycle, for instance, and charges almost double the nationwide average of about $700 a year.

Read more: How Much Does Motorcycle Insurance Cost? (2021)

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whether that’s because they’ve got a year-round riding season, terrible traffic, or higher crash rates is anybody’s guess, but just know location plays a part. 

if you live in a part of town with higher crime rates (especially vehicle theft), you’ll pay more than folks on the other side of the tracks. 

speaking of location, your individual zip code also impacts your cost. 

when you give an insurance company your address, they factor in the crime statistics in your area. 

if you live in a part of town with higher crime rates (especially vehicle theft), you’ll pay more than folks on the other side of the tracks. 

depends… on the motorcycle

as far as the motorcycle goes, there are a few different factors that impact the overall cost of insurance regardless of your age, location, or driving history. 

the most impactful in this case being the type of motorcycle you ride. 

sportbikes like 600cc and 1000cc racing replicas are by far the most expensive. you’ll have to pay a premium for bikes like yamaha’s r1 or honda’s cbr600rr because they are (a) very fast, (b) very likely to be crashed, (c) very likely to be stolen, and (d) very expensive to repair.  

regardless of the size of the engine, sportbike owners can expect to pay upwards of three times the rate they might pay on a standard or cruiser style bike with a similar displacement. on
who note, if you’re new to the world of 2-wheels and interested in buying your first cruiser motorcycle, here are our top picks for new riders.

bikes with modern safety features, for instance, often get preferable rates to those without. 

and while the type of motorcycle you choose will have the largest impact on your overall cost, there are a few other variables that could save you some money regardless of what you ride. 

bikes with modern safety features, for instance, often get preferable rates to those without. 

which is to say if you opt for the abs package on a new bike, you should save a couple bucks a month compared to the base model. 

the overall value of the motorcycle you’re insuring also affects your monthly premium. 

an old 1971 suzuki stinger, for instance, is worth around $3,000, and costs next to nothing to insure. about $200 a year for most people. 

your neighbor’s ducati, on the other hand (remember
who one?) is worth somewhere between $15,000 and $30,000, and will likely cost $100 or more a month for coverage. 

depends on your driving record

insurance companies already view motorcycles (especially the fast ones) as a sizable liability. 

Read more: How Much Does Motorcycle Insurance Cost? – Nationwide

if you give them any reason to believe you yourself are also a sizable liability, expect to see
who reflected in your quote. 

citations for unsafe behaviors like speeding, running red lights, or at-fault accidents all increase your monthly premiums significantly. 

most insurance companies reference your driving history dating back two or three years. 

what’s even worse, your premium stays higher for as long as that ticket remains on your record. 

most insurance companies reference your driving history dating back two or three years. 

if you’ve got one too many, some companies won’t sell you insurance at all. 

minor infractions like a parking ticket or a missing tail light shouldn’t affect your quote at all, so don’t sweat it if you’ve had a few of those recently. 

final thoughts on the cost of motorcycle insurance

clearly there are more than a few variables to consider when shopping for motorcycle insurance. 

you can expect to pay a premium if you’re young, unsafe (or unlucky), want to ride something fast, or any combination of the three. it also goes without saying that the more coverage you buy, the more you can expect to pay. 

gather three or more quotes and go with whoever has the best deal. you can always switch it up later if things change. 

our main recommendation? shop around. 

whether you’re looking at making payments on a brand new beginner bike or paying cash for a used one from a private seller or dealership, don’t take the first quote you get as gospel. 

different companies calculate risk in different ways, and some seem to offer drastically discounted rates for no clear reason at all. 

gather three or more quotes and go with whoever has the best deal. you can always switch it up later if things change. 

Source: https://tonupboys.com
Category: Motorcycle Insurance