Are you thinking to buy a motorcycle? Are you anxious whether the motorcycle insurance expensive? Many people are enthusiastic about how much is motorcycle insurance?. Generally, the cost of motorcycle insurance is less than car insurance. But it is fact that there are many factors influence the cost of a policy.
The rates of motorcycle insurance depend on numerous factors such as the kind of motorcycle you ride, where you live, how often you ride it etc. For an example, If you ride the latest model motorcycle, you will have to pay more than an old model bike. On the other hand, If you live in a busy area where the possibility of risks, you may pay more dollar for it. So read attentively and learn about some of the factors that influence the motorcycle insurance costs and how they might be impacting you.
how much does motorcycle insurance cost?
Your motorcycle insurance premium may differ from other. It may vary more than $1,000 per year. Because motorcycle insurance premiums depend on a huge number of factors. Following some factors, those affect your motorcycle insurance cost :
Vehicle type, model, engine size, year:
If you ride a newer sports bike which has a large engine, you will have to pay more for buying this type of motorcycle insurance than insurance for a used simple bike with a small engine. On the other hand, a new bike insurance rate is higher than another which is five years old. Because repair or replacement cost of a new bike is higher than an old bike.
Your living place and its surrounding area:
Your insurance rate may differ according to your residing location especially where the vehicle is kept. If you keep your bike in a locked garage you may get a discount and if you leave it on the street, your insurance rate may increase. Motorcycle insurance rates may vary from state to state. Generally, every state requires motorcycle liability insurance but their rates are different from state to state. The collision rate and other forms of motorcycle coverage vary by state as well.
Your age and your driving history:
The age of the driver and his driving history are considered for liability insurance. Different statistically reports show that younger drivers are more likely to be in a serious accident, so the cost of coverage is higher for young drivers. The driver who has a clean driving record, get discount on his premium. If you have had any accidents, violations or claims in the past 5 years, you will have to pay more for taking premium.
How much do you use bike:
If you use your bike for your all-day work, your risk of an accident is higher. In this case, insurance cost is higher. On the other hand, if you use your bike on the weekends, you have the less possibility to face hazards. In this case, insurance cost is comparatively lower.
If you take unnecessary a lot of coverage your cost of insurance will be higher. So take the coverage which is your need. You have to select the level of protection do you need. If your limits are too high, you will have to pay for insurance you don’t need. on the other hand, If your limits are too low, you will be at risk of covering the difference out of pocket in the event of an accident.
Conversions, modifications, and customization of your bike:
If you modify, customize, rebuilt, use salvaged technology in your motorbike, you should inform your insurer so that you are properly covered.
Apply for Security and safety features and programs in your bike:
If you use professionally-installed radio or GPS theft-recovery system or equipment with a factory-installed anti-lock braking system (ABS)on your bike you may get a discount on your premium. You can also get a discount if you take a safety course.
Motorcycle insurance cost by state :
How much is motorcycle insurance in Michigan
Different study show which companies generally provide the best motorcycle insurance rates in Michigan. Maximum studies provide a comparative study of the quotes of the different insurance company. Markel, Progressive, GEICO, and Dairyland are the major and popular insurance companies in Michigan. Here the average annual premium rate and different insurance companies premium rate have been produced by a graph below.
The lowest motorcycle insurance rates in Michigan offered by Markel, it is $575 on average. The average annual insurance rates of Progressive and GEICO are $760 and $779, respectively, which are slightly higher than Michigan’s overall average. The highest average quote of $869 of Dairyland, it is 51% higher than the cheapest.
How much is motorcycle insurance in Florida
More than 20.2 million residents in Florida. In Florida, out of the five companies, GEICO offers the best motorcycle insurance rates. The average quote of GEICO 45-year-old rider’s policy is $374, it is 45% more affordable than the average quote among the five companies.
The average quotes of Progressive, Esurance, and Markel for the sample policy and rider are $658, $689 and $750, respectively. The most expensive motorcycle insurance quotes in Florida provided by Dairyland. The most expensive motorcycle insurance quotes in Florida provided by Dairyland. Its average rate is $940 which is more than 2.5 times than GEICO’s.
How much is motorcycle insurance in NY
The most populous city in the USA is New York City, it is also called “Empire State”. It is a global hub for finance, the arts, cuisine and more. There are four seasons in New York, is a great place to ride a motorcycle. In New York, there is a wide range of quotes for the same rider and bike among the five major motorcycle insurance companies.
The two lowest motorcycle insurance rates in NY for the sample rider are $345 and $367 which are offered by GEICO and Nationwide respectively, these are almost 42% cheaper than the average.
The average motorcycle insurance rate for sample rider of Progressive is $704, which is near to the New York average. The cost of insurance of Dairyland and Markel are higher, these are more than $800. The most expensive company in NY is Markel, its rate is $861 which is more than 2x the cost of GEICO’s.
How much is motorcycle insurance in California
California is the Golden State and one of the best places to ride a motorcycle. It is the most populous state in the USA. Here riders can ride their bike whole the year-round for its Mediterranean climate. The average best annual motorcycle insurance rate is $459, GEICO offers this rate. It is lower than California average of $665. The annual insurance rate of Markel and Progressive also lower than California average, which is $511 and $584, respectively. On the other hand, the rate of Esurance and Dairyland is higher than the California average. Dairyland’s quote is 2.3 times more than GEICO’s quote.
How much is motorcycle insurance? Different risk factors determine the prize for your bike insurance. So there is a simple way to reduce the cost of your motorcycle insurance coverage by considering above mention factors.