How much is motorcycle insurance on average in the USA?
Because there are so many variables to how much is motorcycle insurance, it is safe to say that there are no real averages. Because of the many different factors involved, only general determinations can be made when it comes to the cost you will pay for your motorcycle insurance. The factors that go into determining your motorcycle insurance includes, but is not limited to the following;
- Age
- Gender
- Driving Record
- State Where You Live
- Community Where You Live
- Engine Size of Your Motorcycle
- How Often You Drive Your Motorcycle
- How You Store Your Motorcycle
- The Insurance Company
All factors play a significant role in determining the monthly premiums you will pay, so what applies to one person with similar characteristics to you does not mean that you will pay anywhere near the same rates. Let’s split all into three age group and try to figure out an average motorcycle insurance, although you never know the price unless you apply multiple quotes from different providers.
What can be stated is that three age groups have similarities that determine what they pay for their insurance.
Teenagers and Young Adult - 16 to 24 Years
Riders in this category pay the highest regarding their motorcycle insurance costs. This is because they tend to be in more accidents because they lack the driving experience of their older counterparts.
For example, a 20-year old with a good driving record, receiving full coverage, and driving a sporty motorcycle will pay upwards of $1,500 to $3,000 per year depending on other factors. Driving a bike with a smaller engine and less coverage will bring the rates down to $900 or so. However, you can expect to pay considerably more until you reach the age of 25.
Adults and Middle Age - 25 to 60 Year
People in this age range can expect to pay the lowest rates because they are the safest drivers on the road. Statistics demonstrate that those from 25 to 60 have fewer accidents than those who are younger or older.
For example, a 30-year old with a good driving record, liability and uninsured coverage, and driving a touring bike may pay as little as $200 per year. They may pay even less if they take the bike out on warm, summer weekends. Full coverage for the same type of motorcycle will double the rates to $400 and more.
Senior Citizen - 60 Years and Above
You can expect to pay higher rates than your 25 to 60 counterparts, but not much higher depending on your age. Seniors tend to have slower reflexes and are involved in more accidents, but they also tend to drive slower and take more precautions which mean their monthly rates may only be 10% or less high compared to their younger counterparts. Plus, if you had a sterling driving record in the past, your rates may not be affected by much at all until you are well into your 70s.
Again, there is no average motorcycle insurance rate, only what is average for the factors that apply to you. When you are shopping around for motorcycle insurance, be sure to consider all the factors, including things you can do like take a motorcycle safety course, limit your driving time, and storing your bike in a protected area so you can lower your rates even further.