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How Much Is Motorcycle Insurance With Top 5 Insurers In US 2023?

how much is motorcycle insurance

If you own a two-wheeler and are anticipating how much is motorcycle insurance, you have come to the right place.

Two-wheelers are a prevalent mode of transportation among single Americans. And like any other ride, you need to get protection for them.

The right motorcycle insurance will protect your ride from any mishap and you from a monetary crisis.

Motorcycle insurance in the US can cost from $500 to $2000 annually. In addition, it relies on various factors.

Whether you are thinking of buying a new motorcycle or want to renew your current one, we can help you find the right insurance.

Today, we will discuss the average cost of motorcycle insurance, different factors, types of coverages, how to save on insurance, and the top 5 insurers of 2023.

So, let us get started and help you learn all the basics about motorcycle insurance.

What Is The Average Cost Of Motorcycle Insurance?

You can expect to pay from $500 to $2000 annually for motorbike insurance in the US. 

The cost depends on various factors like the type of motorcycle you own, the coverage you select, and your driving history.

To understand better, you can divide the motorcycle insurance cost into two groups, company & state.

Below we have listed the average insurance cost by company and state. You can choose the insurance based on the company or the state you live in.

Average Cost Of Motorcycle Insurance By Company

The cost of your premiums depends on the company you choose for the insurance. Companies are offering reasonable prices as well as costly prices.

You can choose based on your necessity and budget. At present, Progressive offers the cheapest motorcycle insurance rates.

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However, the rate can vary based on age, experience, driving history, and more.

Top Cheapest Insurance Providers

  • Progressive $515
  • Safeco $558
  • National General $597
  • Nationwide $700
  • American Modern $835

How Much Does Motorcycle Insurance Cost By State

In the US, you will get charged differently for your insurance based on the state you live. 

It costs at least $70 for the minimum and at least $500 for full coverage for a year on average.

This cost varies based on the type of coverage you choose and the state you reside in.

The state where you live plays a role as some states are more expensive than others for insurance. State laws that mandate coverage could affect how much motorcycle insurance costs.

Furthermore, the winter conditions in the states also play a role. Some states that face harsh winter conditions offer cheaper rates than others. It is because such conditions make motorcycle riding seasonal.

Below we have the list of the average cost of motorcycle insurance in each state:

Cheapest States

  • Ohio- $345
  • Idaho- $349
  • Maryland- $363
  • Nebraska- $365
  • Washington- $367

Expensive States

  • California- $1,816
  • Louisiana- $1,142
  • Missouri- $1,016
  • Michigan- $953
  • Florida- $942

What Does Your Motorcycle Insurance Cover?

Like car insurance, owning motorcycle insurance is mandatory by law. You need to have to protect yourself and compensate others for the damage and injuries during an accident caused by you.

There are minimum insurance requirements for every state. However, you can get smaller or broader coverage as per your liking.

In general, motorcycle insurance offers liability coverage. But in some states, it also provides guest passenger liability, which gives coverage if a passenger on your bike gets hurt.

In most states, you require to carry at least a minimum level of liability coverage. While in others, you need more than just the bare minimum.

But to know which insurance is best for you, you need to learn about the different types of motorcycle coverage.

By understanding different types of motorcycle insurance, you can make a better decision in choosing the right one for you and your bike.

A. Motorcycle Collision

This type of coverage will pay for the repair and replacement if you damage your bike in an accident.

B. Bodily Injury Liability

If you are at fault in a motorcycle accident, then this standard coverage insurance will protect you financially against the cost of damages to other vehicles, injuries & lawsuits.

C. Comprehensive Coverage

If your bike is damaged due to vandalism, theft, collision with an animal, or fire, this coverage will pay to fix or replace your bike.

D. Custom Parts Coverage

Generally, most comprehensive collision policies cover only the original factory-installed parts. This is a concern for people who modify their rides.

For this, the custom parts coverage is the best one. It is because it covers custom parts like sidecars, custom paint jobs, chrome parts, and other items.

E. Motorcycle Medical Payments Coverage

This insurance coverage will help you pay for the medical bills of you and your passenger during the events of accidents, regardless of who is at fault.

F. Uninsured/Underinsured Motorist Coverage

It is a standard coverage that protects you and your property if you get in an accident with someone who either does not have sufficient insurance coverage or has no insurance.

G. Roadside Assistance Coverage

If you end up with a broken or stuck bike anywhere, roadside assistance insurance coverage can come in handy.

It helps you get services and minor mechanical repairs to your bike to make it operable. Some insurance companies provide their assistance like tow service while others will pay for the service you get for yourself.

What Are The Various Factors That Affect The Rate Of Your Motorcycle Insurance?

The rates for motorcycle insurance change constantly & also vary from person to person. 

There is no way to find the exact price. However, there are a few factors that play a crucial role in determining it.

Keeping a check on these factors will help you get an estimate of the insurance rate you can expect. 

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Furthermore, this will help you get quotes from different insurance providers and choose the most suited one as per the key factors.

1. Type Of Motorcycle

The type of bike you own is one of the primary factors in determining your insurance rate.

Sports bikes cost more to insure, and touring bikes are the cheapest ones. The rates also vary as per the other types like dirt bikes or trikes. 

Bikes driven on rough terrains are likely to get higher insurance rates than highway bikes.

2. Specific Model Factor

What type of motorcycle model you own also weighs into your final insurance rate.

Its price tag, engine size, safety standards, crash rates, and chances of getting stolen or vandalism, all play a role in the final amount you need to pay to get insured.

3. Age Of Your Bike

The age of your motorcycle weighs into your insurance premium. A brand-new bike will get you higher rates compared to an old one.

4. Age

Your age plays a vital role in determining your insurance rates. The younger you are, the more expensive the rate is going to be for you.

It means teenage drivers or drivers under the age of 25 are likely to pay more than older ones for the same insurance.

5. Experience

How many years of experience you have in riding a motorcycle is also accountable.

The riders with many years of experience in riding bikes get lower rates compared to the ones who have lesser or no experience.

6. Driving History

If you have any auto or motorcycle accident & claim on your driving history, you are more likely to get higher insurance rates.

And if the accident were the at-fault, it can further negatively affect your insurance rate.

However, if you have no road violations or accidents in your history, you will comparatively pay much less.

7. Credit Rating

The credit score of a person tells how good or bad they are repaying their debt.

A good credit score means you are more likely to pay on time, while a poor score indicates you as a foul candidate.

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As insurance is all about monthly premiums, many motorcycle insurers check your credit rating.

The higher the credit scores, the lower the annual premium you will pay.

8. Location

The place where you live in the US affects your insurance rates big time. 

If you live in colder states with shorter riding seasons, you are more likely to get lower rates compared to warmer states with a throughout-year riding period.

In addition, if the city within the states is among the highly crowded ones, it shows more chances of accidents than the less crowded ones, thus more insurance rates.

9. Purpose Of Bike

The purpose of your bike usage also plays a role. If you use your bike to ride to and from work, then it makes you ineligible for personal motorcycle insurance.

For such a scenario, you need to get a business policy. 

10. Frequency Of Usage

How often you use your bike is often considered by many insurance providers.

If you use it regularly & especially for going to work, you will get higher rates compared to someone who uses his bike only at weekends & that too for casual outings.

11. Type Of Coverage

There are different levels of coverage in motorcycle insurance. The more comprehensive the plan is, the more you will pay.

If you are a good driver with low or no accident rates, you can skip small coverages. However, if your bike is brand new and you are a new driver or a faulty one, you should go for maximum coverage.

12. Winter Weather Conditions

If you live in a state with harsh winter conditions, it can get you cheaper rates.

The bad winter conditions mean fewer chances of riding your bike, meaning lower insurance prices.

In Layman’s terms, the less time your bike spends on the road, the less you need to pay for insurance.

13. Deductible Amount

A deductible is something you agree to pay in the event of an accident or mishap. The higher the deductible, the lower your premium, and vice versa.

14. Gender

Although gender is not crucial, women pay less than men for motorcycle insurance. It is because the rate of men riding bikes is much higher than that of women.

15. Marital Status

In the US, single bike riders are usually charged higher premium rates than married bike riders.

How Do The Types Of Motorcycles Affect The Insurance Rates?

One of the biggest factors that influence your insurance rate is the type of motorcycle you own.

Insurance companies never want to be at loss. So they use all the safety and risk information related to you before setting the final rate.

This includes the make & model of your bike and its type. The sportier the bike, the more costly the insurance is going to be, and so on.

Here we have a few crucial things related to your motorcycle that all the insurance companies will go through and decide your final insurance premium.

A. Value

The price of your motorcycle is at play here. The more expensive the bike, the costlier will be its repair & replacement price.

Thus, insurance companies charge you more for a costly model than for a modest one.

B. Type

There are different types of motorbikes available in the market. You get sports, standard, off-road, touring, cruiser, and dual-purpose.

Standard motorbikes are the casual ones ideal for daily commutes, while an off-roader is ideal for traveling & exploring.

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Thus, the type you own comes with its own set of pros & cons and will cost you accordingly.

It means insuring a standard ride will be cheaper than an off-roader motorbike.

C. Safety Features

Today almost all modern motorbikes come with safety features like anti-lock brakes & more.

Thus, a bike with many safety features is less likely to be involved in an accident and is cheaper to insure than a ride with fewer or no safety features.

D. Crash Rate

Different models have different performance ratings in the real world. Some models have high accident rates than others.

So, if your model bike has a high crash rate, insurance companies see you as someone more likely to file a claim.

Thus, you get charged higher premium rates. Remember, lower the crash rates, lower the insurance rates.

E. Theft Rate

Some motorcycle models are stolen often compared to others. And for such models, insurance companies charge more.

It is because there is a higher chance of the company paying for your comprehensive claim.

Generally, flashy and expensive bikes are more prone to theft. Thus, expensive to insure.

How Can You Save On Motorcycle insurance?

The rates for your motorcycle insurance vary from company to company. Some will cost you more while some less.

However, there are a few ways you can reduce the overall cost of your insurance. Lower overall insurance cost means lower monthly premiums.

Check out the recommendations below which can help you achieve a hefty concession on your bike insurance:

1. Affordable Bike

If you are buying a new bike, it is wiser to go for the one with a low price tag. The more costly the ride, the higher the insurance rate & vice versa.

2. Less Annual Mileage

The amount of your bike usage affects your insurance rate. The more you use it, the more you will pay.

So try to reduce the use of your bike. Most likely use it for emergencies and avoid using it for miscellaneous activities.

3. Look For Safety Features

When purchasing bikes people often ignore the presence of safety features, which is not smart.

A bike with safety features like anti-theft devices, anti-lock brakes, & others, costs less to insure than a bike with no safety features.

4. Go For a Higher Deductible

The value of your deductible affects your monthly insurance premiums. The higher your deductible, the less you pay in monthly installments.

Thus, try and increase your deductible to your affordability. This way you will have less to pay on monthly basis.

5. Go For Rider Safety Courses

If you can prove you are a safe & responsible driver, you can get a concession on your insurance.

Enroll in rider safety courses & you will surely save money on insurance.

6. Look For Bundle Insurance Coverage

Bundle insurance means you get more than one insurance in one. 

You can get auto, renters, or homeowners with motorcycle insurance and can get a multi-policy discount.

7. Look For Discounts

Many insurance providers offer a range of discount offers. And if you are a member of a rider group like Harley Owners Group. You might even uncover some lesser-known and discrete discounts.

8. Work On Your Credit Score

When it comes to insurance, your credit score plays a crucial role. People with better credit score saves a lot.

So, try to work on improving your credit score. Pay your bills on time, and finishing off your current debt before getting a new one, are a few ways to get started.

9. Maintain A Clean Driving Record

If you maintain yourself as a driver with no accident or ticket history, you will surely get cheaper rates. The longer you go without any accidents, the bigger your discount will be.

10. Reconsider Your Coverage

You should only opt for the insurance coverage that you need. Going extra will only rob you of the money.

If you own an old bike with a low value, it is better to drop comprehensive and collision coverage. But it is not wise to do with a brand new ride.

So, look for the coverage for the issues you are more likely to encounter and drop off the least ones.

11. Get Quotes From Different Insurers

The best way to get the best price for your insurance is to get quotes from different insurance providers.

This will give you a chance to compare the best ones available in the market. You can compare the rates & features and choose the one that suits you in all aspects.

Explore The Top 5 Motorcycle Insurance Providers In 2023

Now that you are familiar with how much is motorcycle insurance and what you need to do to get the good one, the next step is to find an ideal insurer.

All your research and preparation can go to waste if you do not choose the right motorcycle insurer. To help you with this situation, we have listed the five most-suited motorcycle insurance providers for 2023.

We have listed the basic details with the top features of their insurance policies and the least amount you can expect to pay for the coverage.

1. Progressive

The motorcycle insurance by Progressive is the best one anyone can buy in the US. Progressive offers a wide range of coverages to protect your bike in any situation.

Many of the coverage types are automatically included at no extra cost. There is a policy for every kind of bike and every kind of rider.

The cheapest coverage that you can get with Progressive is at least $515. Also, it offers about ten motorcycle insurance discounts.

2. Safeco

If you are looking for affordable insurance coverage options, then Safeco is the right choice.

Safeco provides coverage for scooters, mopeds, cruisers, super-sport cycles, and other bike types, including homemade kit bikes.

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The standard coverage options include roadside assistance and cover you anywhere in the US and Canada.

However, this insurer does not provide insurance for motorcycles with installed nitrous oxide kits and the ones used in racing or speed contests.

You can expect to spend at least $558 for insurance coverage from Safeco.

3. National General 

National General Insurance offers worry-free coverage to its customers. You get coverage for all kinds of bikes, including Customized, ATVs, UTVs, Golf Carts & more.

With this insurer, you can get insurance coverage for at least $597 up to $3,000 at no extra cost based on your selection.

In addition, the numerous discounts based on your experience, multi-cycle, and other features make it an attractive choice.

Lastly, the minor claims are paid within 48 hours of being reported.

4. Nationwide

With a wide array of coverage options and numerous discounts, Nationwide is our fourth pick for the best motorcycle insurance provider for 2023.

Nationwide’s rate system depends on year-round coverage. You even get the option to customize your policy and get coverage for up to 12 bikes in one policy.

In addition, you get up to eight different discounts for motorcycle insurance. Furthermore, you can expect to pay at least $700 for this insurance.

5. American Modern

With American Modern, getting motorcycle insurance is highly beneficial for people owning Harley Davidson, Yamaha, and Honda.

The insurer offers replacement coverage for two model years, plus it does not expire for the newer one.

You get coverage for all kinds of bikes & can customize your policy based on coverage type, loss settlement, discounts, and other factors.

You can expect to pay at least $835 for the insurance coverage from this insurer.

FAQs About Motorcycle Insurance Texas

Is motorcycle insurance expensive?

You can come across various insurances among which some are cheap and some are expensive. However, it all majorly depends on the coverage you choose, the type of your bike, and your driving history.

If you own a brand new bike which is also a popular model, then you will end up with expensive premiums because costly & premium rides are costly for the insurer to handle the loss.

So, the level of the expense of insurance depends on the choices of the buyer.

What does motorcycle insurance cover?

Motorbike insurance covers your financial liability during the events of an accident in which you are at fault.

The level of protection depends on the type of coverage you choose. Full coverage insurance will offer more benefits than the standard one but at the time will cost more.

What are the rates of motorcycle insurance in Texas?

The average cost of motorbike insurance in Texas is around $800 per year or about $65 per month. 

However, this can change depending on the model you own, its usage history, your driving records, and more.

Progressive is one of the best choices for getting motorbike insurance in Texas. It is the cheapest provider you can go for.

Should I do a comparison of motorcycle insurance?

YES. Before you finalize an insurer for your motorcycle it is always better to shop around.

Look online for the top names in the market and ask people around you for their opinion.

Form a list and get quotes from each of them based on your requirements. After getting the quotes you can simply compare all the prices and choose the one most suitable for you.

Does customer experience matter when buying insurance?

YES. How an insurance company treats its customer in their time of need is highly crucial. If a company cannot solve your query or process your claim in the event of accidents or theft, then having insurance is a waste of time & money.

So, when considering an insurer check how well they respond to their customer’s issues and how fast is the claim processed.

Normally a company should be able to revert you within 48 hours of the complaint filing.

Do I need motorcycle insurance?

YES. You need insurance to protect yourself from unwanted expenses that can crush your pocket. Also, in most states in the US, you need motorcycle insurance to ride one.

Having insurance is the right decision because it can help you pay for the damage caused during the events of any mishaps. Whether you are at fault or someone else, insurance is a safety blanket that every bike owner should own.

Conclusion

We hope by going through this article, you were able to deduce how much is motorcycle insurance. Insurance is highly crucial for your safety on the road.

So, go for an insurer that offers protection against the prime issues you are more prone to get into.

Meet Michael Kors, a seasoned automotive blogger with 8 years of experience in the industry. His passion lies in researching SUVs and trucks, dissecting their features and performance with precision. With a keen eye for detail and a knack for uncovering hidden gems, Michael shares his expertise and insights with his readers, guiding them towards the perfect ride for their needs. Follow along as he navigates the ever-evolving world of automobiles, offering valuable advice and recommendations along the way.

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