Many people think it costs considerably more to insure their vehicle than is actually the case.
It’s that time of year again, when riders head back onto the road and have to make sure they have all the motorcycle insurance they require wherever they intend to go.
It’s always a good idea to review your policy each year to be sure you still have the right coverage.
Motorcycle insurance is required by law in most states across the country. While many riders will bristle at that news, what’s important to know is that it’s cheaper than insuring a car. The average rates in the United States are about $60 per month. That said, the individual premium any given rider will pay depends on several factors, including driving history, age, location, and others.
A rider’s state of residence plays a large role in the amount it will cost to insure a motorcycle. For instance, it’s five times less expensive for someone to have coverage in North Dakota than it is in California.
Age is also an important factor, with an average 35-year-old rider facing notably lower premiums – just over half – those faced by someone riding for the first time at 16 years old. In fact, even the difference between what a 16-year-old pays and what an 18-year-old faces is considerably different. Those two years lead rates to fall meaningfully, provided the driver doesn’t have any infractions on their record.
There are several large motorcycle insurance companies in the United States.
The top provider of this coverage in the country is Progressive, according to a recent Investopedia report. That said, policies are also sold by Geico, State Farm, All State, Farmers, as well as several smaller insurers.
The age and type of bike will also help to decide just how much a rider pays every month for coverage. Still, there are a number of options most insurers offer to help save money. These include reduced rates for existing customers who already have other policies with the insurer such as home or auto. These bundles can provide savings that can rapidly add up.
Taking a safety course, such as the MSF Basic RiderCourse from the Motorcycle Safety Foundation can also help you to benefit from a discount on a rider’s motorcycle insurance premiums with many insurers.
