Every motorcycle owner needs motorcycle insurance, whether they’re a full-time rider or only occasionally ride on the weekends. The average cost of motorcycle insurance can vary depending on the coverage you choose.
Most states require that motorcycle owners have at least liability coverage. The minimum liability insurance requirement is the same as what’s required for car insurance.
In some states, there’s also a requirement to have uninsured/underinsured coverage. This coverage pays for an accident caused by a motorist who doesn’t have sufficient insurance. Beyond that, motorcycle insurance coverage options are similar to auto insurance. There are options that include collision, comprehensive, and personal injury policies. In some states, there’s medical payment coverage available.
Typically, states with the most insured bike riders also have the lowest motorcycle insurance rates, but other factors play a role as well.
Average Cost of Motorcycle Insurance
Generally, the average cost of motorcycle insurance is highest where there are urban areas. These areas are crowded and congested, and may pose the most risk to riders. States where there are higher death rates associated with motorcycle accidents, as well as states with higher theft levels, will also typically have the highest motorcycle insurance rates.
The least expensive regions of the U.S. are the upper Midwest regions and the Great Plains. There isn’t a lot of theft in these areas. There are fewer motorists on the roads, and there are fewer accidents in general. The least expensive states in regard to the average cost of motorcycle insurance are Iowa, North Dakota, Oklahoma, New Hampshire, and Wyoming.
Weather is another factor that can affect the average cost of motorcycle insurance at the state level. For example, Florida is generally more expensive because the weather allows for year-round riding.
For example, Progressive says its motorcycle insurance premiums start at $75 per year. But the U.S. average for motorcycle premium rates is $519 per year. While the majority of the least expensive states are all close to one another in the Midwestern region (except New Hampshire), the most expensive states are in different geographic regions.
The following is the average cost of motorcycle insurance per year in these least expensive states, according to HowMuch.net:
- North Dakota: $283
- Iowa: $323
- Oklahoma: $341
- New Hampshire: $352
- Wyoming: $354
The following states have the highest motorcycle insurance premiums on average:
- Louisiana: $896
- Texas: $749
- Michigan: $734
- Delaware: $734
- Florida: $689
Read full article here: Average Cost of Motorcycle Insurance in 2019.