It’s time to buy a new bike. You’ve got some cash burning a hole in your pocket, the weather is getting warm, and your neighbour just wheeled his sweet 1971 Triumph Tiger out to the street with a for sale sign. You’ve got the money to buy it…But can you actually afford the motorcycle insurance?
The answer? Maybe…. Depends.
It’s not very helpful, we know, but honestly, it depends on a handful of factors ranging from your driving record to the bike itself. Below, we break down all the variables that make or break the bank when insuring a motorcycle. And as for that vintage Triumph Tiger? Don’t say we didn’t warn you. Here are four factors that can balloon your bike insurance premiums.
Your Age: Riding Experience Matters
Insurance companies know the difference between taking a risk on a brand-new rider and betting on someone who’s been at it for a few decades. Generally, riders in their teens pay the highest rates but see rates fall as they reach certain ages.
A 40 year old rider that just got their license pays more for motorcycle insurance than someone who’s been riding since they were 20.
Most companies will lower your rates when you turn 21, then lower them again if you manage to survive into your 30s. According to Statista.com, rates flatten out after that but feel free to try to talk someone into a senior discount when you reach that milestone. In addition to your actual age, the length of time you’ve been riding will also impact your score.
A 40-year-old rider who just got their license pays more for motorcycle insurance than someone who’s been riding since they were 20.
Where You Live: Location Can Increase Motorcycle Costs
There doesn’t really seem to be any cut-and-dry rule here, but for whatever reason, insurance companies charge more in certain states. California is consistently the most expensive place to insure a motorcycle, for instance, and charges almost double the nationwide average of about $700 a year.
When you give an insurance company your address, they factor in the crime statistics in your area.
Whether that’s because they’ve got a year-round riding season, terrible traffic, or higher crash rates is anybody’s guess, but know location plays a part.
Speaking of location, your zip code also impacts your cost. When you give an insurance company your address, they factor in the crime statistics in your area. If you live in a part of town with higher crime rates (especially vehicle theft), you’ll pay more than folks on the other side of the tracks.
Your Motorcycle: Expect to Pay More for Sportbikes & Replicas
As far as the motorcycle goes, a few different factors impact the overall cost of insurance regardless of your age, location, or driving history. The most impactful, in this case, is the type of motorcycle you ride. Sportbikes like 600cc and 1000cc racing replicas are by far the most expensive. You’ll have to pay a premium for bikes like Yamaha’s R1 or Honda’s CBR600RR because they are (a) very fast, (b) very likely to be crashed, (c) very likely to be stolen, and (d) very expensive to repair.
Bikes with modern safety features, for instance, often get preferable rates to those without.
Regardless of the size of the engine, sportbike owners can expect to pay upwards of three times the rate they might pay on a standard or cruiser-style bike with a similar displacement. While the type of motorcycle you choose will have the most significant impact on your overall cost, a few other variables could save you some money regardless of what you ride.
Bikes with modern safety features, for instance, often get preferable rates to those without. Which is to say if you opt for the ABS package on a new bike, you should save a couple of bucks a month compared to the base model.
The overall value of the motorcycle you’re insuring also affects your monthly premium. An old 1971 Suzuki Stinger, for instance, is worth around $3,000 and costs next to nothing to insure. It’s about $200 a year for most people.
Your neighbor’s Ducati, on the other hand (remember that one?), is worth somewhere between $15,000 and $30,000 and will likely cost $100 or more a month for coverage.
Your Driving Record: Mind Those Infractions
Insurance companies already view motorcycles (especially the fast ones) as a sizable liability. If you give them any reason to believe you are also a sizable liability, expect to see that reflected in your quote. Citations for unsafe behaviours like speeding, running red lights, or at-fault accidents significantly increase your monthly premiums.
Minor infractions like a parking ticket or a missing tail light shouldn’t affect your quote at all…
Even worse, your premium stays higher for as long as that ticket remains on your record. Most insurance companies reference your driving history dating back two or three years. If you’ve got too many, some companies won’t sell you insurance. Minor infractions like a parking ticket or a missing tail light shouldn’t affect your quote, so don’t sweat it if you’ve had a few of those recently.
Takeaway: Make Sure to Shop Around for Your Motorcycle Insurance
Clearly, there are more than a few variables to consider when shopping for motorcycle insurance. You can expect to pay a premium if you’re young, unsafe (or unlucky), want to ride something fast, or any combination of the three. The more coverage you buy, the more you can expect to pay.
Our main recommendation? Shop around. Whether you’re looking at making payments on your first new bike or paying cash to a private motorcycle seller or dealership, don’t take the first quote you get as gospel. Different companies calculate risk in different ways, and some seem to offer drastically discounted rates for no clear reason at all. Gather three or more quotes and go with whoever has the best deal. You can always switch it up later if things change.
