Motorcycle Statistics - What is Average Cost Motorcycle Insurance?  

Motorcycle Statistics - What is Average Cost Motorcycle Insurance?

When an insurance company gives you a quote they as essentially taking a guess at what your insurance risk is. They base this on various factors such as your age, location, type of bike, experience riding, driving record, and even your sex. Your insurance can cost anywhere from a couple hundred dollars a month, to several hundred. This may seem unfair, but they have to base their rate on something so they use past data to estimate how much of a risk you will be. Locations with poor weather conditions and high accident rates tend to have more expensive insurance. Men tend to cost more to insure than women, and younger riders tend to cost more to insure than older riders, even at equal experience levels. The longer you ride and maintain a good record the lower your insurance rates will be.

High-powered sport bikes also cost more to insure than bikes that are lower in performance and easier to ride. You also have to factor in the extensiveness of your coverage. Full coverage including theft, damage, and medical will cost more each month than a very basic insurance plan with limited coverage. Most insurance plans also base their rates on the number of months in the year that a location is typically ridden. For example, in Southern California you will get twelve months of coverage, but in New York you may only get eight. Furthermore, some plans will cover you all year round but you only pay a premium during the main riding months.

Many insurance companies also offer discounts for various reasons. If you take a safety course and earn certification you can usually expect a fairly hefty discount on your insurance. Riders that have attended and completed a motorcycle safety course are less than half as likely to have an accident than riders without the same training. Insurance companies know this and offer discounts to encourage taking these courses. Remember, your insurance company does not want you to crash. You can also get a discount on theft insurance if you have an anti-theft device, such as LoJack, installed. These devices can increase the chance of recovering a stolen motorcycle by over ninety percent. This reduces the chance that the insurance company will have to pay out on a stolen motorcycle, so they also encourage the use of these devices.

Many insurance companies also offer discounts if you insure more than one motorcycle with them. For example, you may pay three hundred dollars a month for one bike, but if you buy another and insure it with the same company, you will pay two hundred and fifty a month for each bike for a total of five hundred instead of six hundred. Many insurance companies also offer price breaks for groups or clubs or riders.

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