Average Cost of Motorcycle Insurance

Are you planning to get motorcycle insurance to guarantee your bike’s safety? When trying to get insurance, the next thing you’ll consider is the average cost of motorcycle insurance. 

This is the right article to guide you through all you should know about motorcycle insurance pricing techniques. Keep reading to get complete information:

What is the Average Cost of Motorcycle Insurance?

Motorcycle insurance may cost anything from $70 to $2,000 per year or more. The insurance company usually determines the motorcycle insurance cost by your type of motorcycle (standard, sports, or touring).

Also, the coverage you select and your driving record determine the average cost. Basic coverage costs $75 to $195 per year, while comprehensive coverage with higher limits costs $475 to $2200 per year.

Minimum Coverage cost

From a study of all major providers, primary insurance coverage costs an average of $77 per year for regular bikes. It costs up to $112 per year and $195 per year for touring cycles for sports bikes.

Full Coverage Cost

Full coverage for motorcycles is significantly more expensive than minimum coverage. Regular motorcycles cost $475 a year, while sports bikes cost $2,198, and touring bikes cost $1,082. Full coverage includes comprehensive and collision coverage, which pays for repair after an accident or collision with a stationary object.

Rates with Respect to Companies

The cost of motorcycle insurance can vary substantially from one company to the next. Each of these companies employs its unique algorithm to set premiums. Getting several motorcycle insurance quotes is one of the quickest ways to guarantee that your policy has the best price.

Progressive, for example, charges roughly $108 per year for liability-only coverage, whereas Harley-Davidson charges around $166 per year. However, Progressive and Dairyland tie for the lowest annual rates at $267 on average for comprehensive coverage.