GITNUX MARKETDATA REPORT 2024

Motorcycle Insurance Industry Statistics

The motorcycle insurance industry statistics show a steady increase in premiums and a higher frequency of claims in recent years.

With sources from: statista.com, marketresearch.com, moneywise.co.uk, insure.com and many more

Statistic 1

The size of the U.S. motorcycle insurance market is $8.7 billion.

Statistic 2

California has the highest number of insured motorcycles, at over 830,000.

Statistic 3

In 2019, the global motorcycle insurance market was valued at $29,797.8 million.

Statistic 4

The global motorcycle insurance market is predicted to reach $40,301.3 million by 2027.

Statistic 5

The annual growth of the motorcycle insurance industry from 2016 to 2021 was 1.1%.

Statistic 6

In 2017, U.S. motorcycle owners spent an average of $519 per year on insurance premiums.

Statistic 7

Motorcyclists in Ontario, Canada pay among the highest rates for motorcycle insurance, averaging between $1,000 and $2,500 per year.

Statistic 8

In Australia, Comprehensive motorcycle insurance accounted for 38.7% of the policies in 2021.

Statistic 9

Custom motorcycles are typically 40-50% more expensive to insure than standard motorcycles.

Statistic 10

In the US, motorcycle insurance is the most expensive in Louisiana, with average annual rates reaching $896.

Statistic 11

In the UK, motorcycle insurance claims increased by 10% between 2018 and 2019.

Statistic 12

In 2020, Geico underwrote over 1.5 billion dollars’ worth of motorcycle insurance premiums.

Statistic 13

Around 51% of motorcycle insurance claims came from Europe in 2020.

Statistic 14

More than 50% of UK motorcyclists carried comprehensive insurance in 2020.

Statistic 15

The share of uninsured motorcyclists in Florida was estimated to be 26.7% in 2015.

Statistic 16

The number of paid motorcycle insurance claims in South Korea increased by 3.9% year over year in 2018.

Statistic 17

Motorcycle insurance claims in Spain amounted to around 500,000 in 2020.

Statistic 18

Japan's motorcycle insurance market is expected to grow at a CAGR of 5% by 2025.

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In this post, we explore key statistics and insights within the motorcycle insurance industry, shedding light on market sizes, regional trends, consumer behaviors, and future projections. From the significant size of the U.S. motorcycle insurance market to the specific insurance preferences in various countries, these statistics offer a comprehensive view of the evolving landscape of motorcycle insurance globally.

Statistic 1

"The size of the U.S. motorcycle insurance market is $8.7 billion."

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Statistic 2

"California has the highest number of insured motorcycles, at over 830,000."

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Statistic 3

"In 2019, the global motorcycle insurance market was valued at $29,797.8 million."

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Statistic 4

"The global motorcycle insurance market is predicted to reach $40,301.3 million by 2027."

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Statistic 5

"The annual growth of the motorcycle insurance industry from 2016 to 2021 was 1.1%."

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Statistic 6

"In 2017, U.S. motorcycle owners spent an average of $519 per year on insurance premiums."

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Statistic 7

"Motorcyclists in Ontario, Canada pay among the highest rates for motorcycle insurance, averaging between $1,000 and $2,500 per year."

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Statistic 8

"In Australia, Comprehensive motorcycle insurance accounted for 38.7% of the policies in 2021."

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Statistic 9

"Custom motorcycles are typically 40-50% more expensive to insure than standard motorcycles."

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Statistic 10

"In the US, motorcycle insurance is the most expensive in Louisiana, with average annual rates reaching $896."

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Statistic 11

"In the UK, motorcycle insurance claims increased by 10% between 2018 and 2019."

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Statistic 12

"In 2020, Geico underwrote over 1.5 billion dollars’ worth of motorcycle insurance premiums."

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Statistic 13

"Around 51% of motorcycle insurance claims came from Europe in 2020."

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Statistic 14

"More than 50% of UK motorcyclists carried comprehensive insurance in 2020."

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Statistic 15

"The share of uninsured motorcyclists in Florida was estimated to be 26.7% in 2015."

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Statistic 16

"The number of paid motorcycle insurance claims in South Korea increased by 3.9% year over year in 2018."

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Statistic 17

"Motorcycle insurance claims in Spain amounted to around 500,000 in 2020."

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Statistic 18

"Japan's motorcycle insurance market is expected to grow at a CAGR of 5% by 2025."

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Interpretation

The motorcycle insurance industry is a significant market worldwide, with steady growth projected in the coming years. With diverse trends observed across different regions, such as varying premium costs and claim rates, there is a clear need for tailored insurance solutions. The statistics outlined highlight the importance of understanding the market dynamics to effectively navigate this industry and provide optimal coverage to motorcyclists.

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