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Motorcycle Insurance Quotes For New Riders
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Best Motorcycle Insurance Rates In Ontario
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The average cost of motorcycle insurance in the United States is $519 per year. However, according to data from JD Power, costs can vary between $400 and $500 based on various factors. In short, some riders may pay over $1,000 a year while others can pay around $100 a year.
Motorcycle Accident Statistics
Like car insurance, motorcycle insurance has minimum state liability requirements in most states with the option to add more coverage. Also, like car insurance, motorcycle insurance gets more expensive with more coverage and lower deductibles in the event of an accident.
Motorcycle insurance is more affordable than car insurance. However, depending on how your insurer looks at it, prices can vary greatly. In many cases, insurers practice the fact that even a small motorcycle accident will result in large medical bills or the death of the rider (not necessarily property damage). The same data causes different insurers to charge more or less the same basic coverage.
According to the Insurance Information Institute, in general, the motorcycle insurance policy has these five types of coverage:
A minimum state policy means you only buy one of these five types of coverage. If you have insurance, you can pay these costs out of pocket if you have an accident.
How Much Is Motorcycle Insurance? (2023 Cost Guide)
As with car insurance, less experienced drivers should expect to pay more for motorcycle coverage. For example, 18-year-old drivers tend to have higher rates than 30-year-olds with clean driving records.
Gender also plays a role in the cost of your insurance. According to data from JD Power, an 18-year-old male purchasing a policy may pay $443 at GEICO, while a female may pay just $339 at the same company.
The type of bike you plan to ride will also have a significant impact on how much you pay. According to JD Power, the bike’s value, safety features, accident rate of that model, and theft rate are factors considered when determining your premium.
Similarly, consider any upgrades or customizations. Brands like Harley-Davidson may customize your bike to your preferences long before you see it. But your insurance only covers the base model unless you buy extra coverage for customization.
Best Motorcycle Insurance Of 2023
Like car insurance, traffic tickets can affect how much you pay for motorcycle insurance. According to Progressive, whether the traffic ticket is in your car or on your bike, it affects the price you pay for motorcycle insurance.
If you have a history of filing claims, you may also see a jump in your premiums. Insurers may even refuse to cover your motorcycle if you have too many claims in your history.
In some areas, riders may only want coverage for a limited riding season. It is not imported automatically. However, you can reduce your coverage in the off-season to cover everything, but not necessarily collision among other things. If you’re going to make the move, read your policy carefully because even one ride in the off-season can put you at risk for damages that aren’t covered.
If you plan to ride year-round, make sure your insurance agent knows you plan to keep any coverage you purchase active year-round.
How Much Does Motorcycle Insurance Cost In 2023?
Premiums can vary based on your provider. In the table below, the cost of bike insurance is the cheapest with Progressive and the most expensive with Foremost. However, this rate can vary based on age, location, and other factors. To make the best apples-to-apples comparison, take the time to research each company’s reliability and what each policy entails.
Some states are more expensive than others for motorcycle insurance coverage. As with car insurance, state laws requiring coverage can affect how much your motorcycle insurance costs.
Another factor that affects the cost of your insurance premium is the winter conditions in your state. In some areas of the United States, motorcycling is seasonal. In states with harsh winters, such as New England and the Midwest, coverage is less expensive. The nicer the weather in your state, the more you’ll pay for motorcycle insurance because you ride more throughout the year.
Saving on motorcycle insurance can take extra work, but it can be worth it. Here are three moves that can lower your motorcycle insurance bill.
Motorcycle Travel Insurance For Domestic & International Trips
As with any type of insurance, shopping around can help you find the best rate. Each company considers your information and personal needs differently, and each insurer will price your insurance policy differently.
Get quotes from several motorcycle insurance companies and see which company offers you the most coverage for the lowest premiums and deductibles.
Even if you have been riding for years, increasing your riding knowledge is never a bad thing. Many insurers will also give you a discount if you have taken a motorcycle safety class within the past five years.
Some insurers offer discounts for owner members or riding groups, such as the Harley-Davidson Owners Group. Talk to an insurance agent about lesser-known discounts and savings opportunities you may be missing out on.
Cost Of Motorcycle Insurance
Liz was a personal finance reporter at Insider. Before joining Insider, he wrote as a freelancer on financial and automotive topics for brands such as LendingTree and Credit Karma. She earned her bachelor’s degree in writing from Savannah College of Art and Design. He lives and works in Cincinnati, Ohio. Find her on Twitter at @lizknueven.
Alani Asis is a contributor to Personal Finance Reviews covering life, auto and homeowner’s insurance. Prior to Insider, Alani was a mortgage support specialist and freelance personal finance writer based in Hawaii. You can reach him via email at [email protected] or via Twitter @AlaniAsis.
Editorial Note: Any opinion, analysis, review, or recommendation expressed in this article is solely the author’s and has not been reviewed, approved, or endorsed by any credit card issuer. Read our editorial standards.
Please note: Although the offers listed above are accurate at the time of publication, they are subject to change at any time and may have changed or no longer be available. Motorcycle Insurance Know that your motorcycle is covered so you can travel with peace of mind. Mind Get a quote from The General® to see how much you can save on motorcycle insurance.
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In most states, motorcycle insurance policies cover many different types of things that auto insurance covers. In general, insurers offer the following options for motorcycle insurance coverage:
Honda Grom Insurance
Covers liability for damage to another person or their property if the vehicle operator is at fault. Each state regulates this type of coverage and is required by law.
It provides coverage if your motorcycle is stolen or damaged as a result of something other than a vehicle collision, including collision with animals.
Pays medical expenses for you and anyone else who is eligible if you are injured, regardless of whose fault it is.
It’s an inexpensive addition and a smart one to have. Uninsured motorist coverage if you are in an accident with someone who is at fault and does not have insurance
