GITNUX MARKETDATA REPORT 2024

Statistics About The Average Cost For Motorcycle Insurance

The average cost for motorcycle insurance in the United States is estimated to be around $500 per year.

Last Updated: June 23, 2024

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In this post, we explore the intricacies of motorcycle insurance costs, shedding light on the various factors that can impact how much riders pay to insure their beloved bikes. From the influence of customizations to the implications of driving history, we delve into the statistics behind average costs for motorcycle insurance in the United States.

Statistic 1

"Custom or modified motorcycles often see a premium increase of around 10-15%."

Statistic 2

"Motorcycle insurance for sport bikes can be up to three times higher than for standard models."

Statistic 3

"High-deductible plans can lower premiums by up to 30%, though out-of-pocket costs for accidents increase."

Statistic 4

"Factors such as driving history and motorcycle make/model can impact insurance rates by up to 50%."

Statistic 5

"Riders with a history of DUIs can expect their premiums to increase by 50-100%."

Statistic 6

"States with no-fault insurance laws typically have higher motorcycle insurance premiums."

Statistic 7

"Comprehensive coverage adds an average of $50 to $200 per year to premiums."

Statistic 8

"Liability-only motorcycle insurance can start as low as $75 annually."

Statistic 9

"Insurance premiums for Harley-Davidson motorcycles average around $1,200 annually due to their higher value."

Statistic 10

"In states like Florida, annual motorcycle insurance costs can exceed $1,000 due to no-fault laws and high accident rates."

Statistic 11

"Claim frequency and severity for motorcycles are higher compared to cars, influencing higher insurance rates."

Statistic 12

"Adding safety features like anti-theft devices can reduce insurance costs by 5-10%."

Statistic 13

"Certain affiliations, such as military service or various motorcycle clubs, can offer premium discounts of 5-10%."

Statistic 14

"The average cost of motorcycle insurance in the United States is approximately $519 per year."

Statistic 15

"Full coverage motorcycle insurance typically costs between $250 and $1,000 per year."

Statistic 16

"Bundling motorcycle insurance with auto or home insurance can offer discounts of up to 25%."

Statistic 17

"Motorcycle insurance rates can vary significantly by location, with states like California averaging around $690 annually."

Statistic 18

"Younger riders tend to pay more, with average costs for those under 25 at approximately $1,000 per year."

Statistic 19

"Cruiser motorcycles generally have lower insurance costs than sport bikes, averaging around $400 annually."

Statistic 20

"Experienced riders often pay about 20% less on their insurance premiums."

In conclusion, the cost of motorcycle insurance varies significantly based on a multitude of factors such as the type of motorcycle, coverage options, location, rider age and experience, driving history, and added safety features. Custom or modified motorcycles, sport bikes, and Harley-Davidson models tend to have higher premiums, while cruiser motorcycles and bundling options can result in lower costs. High deductibles can lower premiums but increase out-of-pocket expenses in case of accidents. Factors like claim frequency, DUI history, and insurance laws in the state also play a significant role in determining insurance rates. Understanding these factors can help riders make informed decisions when selecting the most suitable coverage for their motorcycles.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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