Motorcycle insurance is required in most states in the U.S. but regardless of local laws, riders should purchase a policy to protect their bike and financial well-being. The average cost of motorcycle insurance is $519 per year in the U.S., which is well below the average cost of auto insurance. But, depending on which state you live in, average motorcycle insurance rates vary by over 200%.
- Average Cost of Motorcycle Insurance
- States With The Lowest Average Motorcycle Insurance
- States With The Highest Average Motorcycle Insurance
- The Most Frequent Motorcycle Insurance Claims
Average Cost of Motorcycle Insurance
We performed a study reviewing motorcycle insurance quotes across all 50 states to see what the average cost of motorcycle insurance quotes was in each one. We then took the aggregate of those premiums and found that the average annual motorcycle insurance rate in the U.S. was $519. You can see what the average cost for motorcycle insurance is in your state, in the table below.
|State||Monthly Insurance Rate||Annual Motorcycle Insurance Rate||% Change vs Avg|
The average annual and monthly rates are rounded to the nearest whole dollar amount.
To estimate average rates, our study used a male, 45-year-old sample rider and gathered quotes from as many as five major motorcycle insurance carriers in each state. We calculated average quote using a sample insurance policy which included bodily injury protection of $100,000 per person/$300,000 per accident and $50,000 in property damage coverage. The deductibles for both comprehensive and collision coverage were $500.
How Do Motorcycle Insurance Rates Change With Age?
In addition to the city you live in, the amount of coverage you purchase and your driving history, motorcycle insurance companies also calculate your rates based upon your age and years of experience. For example, the same motorcycle insurance policy from Progressive can range in price from $1,434 per year for a 50-year old driver to $2,628 per year for an 18-year old.
|Age||Annual Motorcycle Insurance Cost||Monthly Motorcycle Insurance Cost|
Since new riders have less experience, insurers estimate them to be more likely to be involved in an accident, and therefore offer higher quotes. This applies whether you’re a teenager or older rider with few years of experience on the road, though teens and those in their early twenties will typically face even higher premiums.
States With The Lowest Average Motorcycle Insurance Cost
The five states with the most affordable motorcycle insurance quotes all had rates that were at least 32% lower than the average in the U.S. With the exception of New Hampshire, all of the states with the cheapest rates were also located in the Midwest and Great Plains regions of the U.S. Interestingly, the cheapest states also have some of the highest number of registered motorcycles per resident. New Hampshire has one motorcycle for every 17 people in the state, which is second in the U.S. only to South Dakota, which had the ninth cheapest rates but led the country with one bike for every 12 people.
States With The Highest Average Cost of Motorcycle Insurance
Unlike the states with the cheapest motorcycle insurance, those with the most expensive rates were more geographically separated from one another. The number of residents per bike seems to correlate with the most expensive states as well. Out of the five states with the most expensive premiums, Louisiana has one bike per 67 people, Texas has 58, Florida has 33, Michigan has 32 and Delaware has 30. All ranked well down the list of states in terms of residents per motorcycle registered in the state.
The Most Frequent Motorcycle Insurance Claims
Motorcycles share the road with personal automobiles but they file different insurance claims most frequently. Single vehicle accidents accounted for the most motorcycle insurance claims, while rear-end collisions accounted for the highest number of auto insurance claims, according to a study by Progressive. A motorcyclist's greatest adversary when it comes to insurance is him or herself and their claims amount to a sizeable losses.
The Government Accountability Office (GAO) estimated that direct losses due to motorcycle crashes in the U.S. amounted to $16 billion. That estimate included the obvious: emergency services, medical costs including rehabilitation and property damage. It also accounted for things such as loss of market productivity or lost wages, household productivity and insurance costs such as claims and the cost of defense attorneys. Since 2010, the number of motorcycle injuries has increased to 88,000 from 82,000, and the cost of medical care has increased as well. Taking those factors into consideration, it’s safe to assume that a more current study would result in a higher direct loss. Long-term medical costs were not included in the GAO estimate, either.
The table below of Progressive's claims also shows the prevalence of motorcycle theft claims in comparison to other types of claims. Stolen and unrecovered motorcycles accounted for the fourth most motorcycle claims, but theft claims weren't even in the top five of personal auto claims.
|Rank||Top Motorcycle Claims By Type||Top Personal Auto Claims By Type|
|4||Stolen and unrecovered||Object coming from the road|
Motorcycles are just more likely to be stolen that cars and trucks. The most common way thieves take them is simply by hoisting the motorcycle into a van and driving away. The tactic doesn't damage the bike and it makes for a stealthy getaway. It would be extremely difficult to steal a car the same way.
Reported motorcycle thefts in the U.S. increased 2% to 46,467 in 2016, according to calculations from the National Insurance Crime Bureau. The good news is that since 2006, motorcycle thefts are actually estimated to be down 30% from 66,774.
California had the highest number of thefts in 2016 (7,506), but it also has the highest number of registered motorcycles -- more than 800,000. Florida had the second highest number of motorcycle thefts but was far behind California, with 4,482 bikes reported stolen.
Sources: I.I.I., NHTSA, Progresive, The National Insurance Crime Bureau (NICB), National Crime Information Center of the FBI, Motorcycle Industry Council (MIC).