Deciding between a motorcycle and a car? If you’re on a tight budget, the cost of insurance might play a role in your decision. Learn whether motorcycles or cars are cheaper to insure and how to secure affordable coverage with this guide.
Key Takeaways
- Motorcycle insurance is generally cheaper than car insurance, but factors like location, bike type, and coverage level can impact costs.
- Motorcycles pose a higher risk to insurance companies than regular cars, which sometimes leads to higher premiums.
- You can lower your motorcycle insurance rates by choosing a standard bike, maintaining a clean driving record, taking safety courses, and comparing quotes.
Cars vs. Motorcycles: What’s More Expensive to Insure?
Generally, motorcycle insurance is cheaper than car insurance. However, the cost varies based on individual factors like location, type of bike, and level of coverage.
While motorcycle insurance is typically cheaper than car insurance, motorcycles are statistically more dangerous than cars due to their lack of structural protection. In fact, motorcycle riders are five times more likely to be injured in a crash than drivers in passenger vehicles. Additionally, motorcyclists are 29 times more likely to die in a crash compared to car drivers.
As a result, motorcycles present a higher risk to insurance providers, which sometimes leads to higher premiums. However, premiums may be lower if you have a clean driving record and ride a standard motorcycle instead of a sportbike.
How Much Does Motorcycle Insurance Cost?
On average, motorcycle insurance in the U.S. costs between $10 and $139 per month. In comparison, car insurance ranges from $67 to $223 per month, making motorcycle insurance the more affordable option.
How Are Motorcycle Insurance Premiums Calculated?
Several factors can affect your motorcycle insurance premiums:
- Age: Younger riders typically pay more for coverage since they have less experience and present a greater risk to insurance companies.
- State laws: Coverage requirements and limits vary by state. Most states require motorcycle insurance and liability coverage, but some also mandate additional coverage, such as uninsured motorist insurance.
- Motorcycle type: Sportbikes tend to be more expensive to insure than standard motorcycles due to higher maintenance costs and increased risk.
- Storage: If you store your bike off your property, like in a storage unit, some insurers may require additional coverage.
- Driving record: Motorcyclists with clean driving records and a history of safe riding usually pay less for coverage.
- Type of coverage: Full coverage policies cost more than liability-only policies since they cover damage to your motorcycle in addition to personal liability.
- Insurance history: Lapses in coverage can result in higher premiums, whereas maintaining continuous insurance with on-time payments can lower costs.
How to Lower Your Motorcycle Insurance Rates
Here are a few ways to secure affordable motorcycle insurance:
Choose a Simple Bike
Modified bikes and sportbikes are often more expensive to insure, so opting for a standard model can help lower premiums. Smaller, less powerful bikes generally cost less to insure since they present a lower risk to insurance companies.
Drive Safely
As with car insurance, safe riders are usually rewarded with lower premiums. Keep your driving record clean, avoid speeding and traffic violations, and consider taking a motorcycle safety course. Some insurers even offer discounts to riders who complete an approved safety class.
Secure a Discount
Many motorcycle insurance companies offer discounts, including bundling discounts, veteran discounts, and student discounts. If you own multiple bikes, insuring them with one provider can help you save. Additionally, membership in a motorcycle club or organization may help you qualify for an extra discount.
Compare Quotes
When shopping for insurance, research and compare quotes to find the most affordable coverage. Since each insurance company calculates premiums differently, rates can vary between providers.
Customize Your Coverage
Dropping comprehensive coverage and opting for liability-only insurance can lower your premiums. However, this could leave you paying out of pocket for damages if you’re in an accident. Raising your deductible can also reduce your premium, but make sure you can afford the out-of-pocket cost if needed.
Looking for affordable motorcycle coverage? Get a free quote in under two minutes and cruise with The General.
