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How Much Is Motorcycle Insurance?

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Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency...

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Reviewed byJoel Ohman
Founder, CFP®

UPDATED: Mar 13, 2020

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Insurance Q&A: “How much is motorcycle insurance?”

Motorcycle insurance premiums, similar to car insurance, can vary greatly from driver to driver.

There isn’t an insurance professional in the world that is capable of simply throwing a number at you.

You would likely hear something like, “We’d have to just quote it and see.”

However, we can give you some pointers on how to make sure you’re getting the best deal no matter who you are or what kind of bike(s) you ride.

Knowing how insurance rates are determined is a great starting point for achieving the lowest motorcycle insurance premiums.

Good Credit: Having good (or great) credit can be a huge factor in how much you pay. Insurers may discount a motorcycle insurance policy by as much as 35% based on credit history alone.

Clean Record: Bikes are dangerous, but you know that…that’s part of the allure. So if bikes are inherently dangerous, there is nothing more obvious than higher premiums for bikers who have a track record of overdoing it.

Type of Bike: Your 500cc road bike is going to be less than half the cost to insure your 1500cc motorcycle…for the same driver. And since a 500cc bike is also much cheaper, you may be able to drop the physical damage coverage, which will significantly reduce the premium as well.

[Comprehensive vs collision]

Liability Coverage: You can get away without purchasing personal injury protection (PIP) or medical payments coverage if you have a comprehensive health insurance policy. This might save you as much as 25%-30% on your policy. But talk to your health insurance administrator to determine you benefits…don’t just drop the coverage!

[PIP vs Med Pay]

Package Policies: Significant premium reductions can be realized by having one insurer cover your bike, car, boat and home (or whatever combo is available). Don’t assume this is the best option.

Many carriers may insure bikes…but not do you any favors on the premium. They consider it an “accommodation” line of insurance. They accommodate your needs but make you pay through the nose for it.

Shop ‘Til You Drop: Whatever you do, be certain to contact a local independent insurance agent to compare prices with multiple carriers. Getting stuck with one motorcycle insurance quote typically means getting stuck with a higher premium than you deserve.

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