Motorcycles are notoriously dangerous. On top of protecting yourself with the right gear, it’s crucial to have the right motorcycle insurance policy in case of an accident. Motorcycle insurance is usually affordable, but there are certain factors that could be influencing the cost of your premiums. One of these factors is your age.
Riders below the age of 25 generally pay more for insurance, since they’re seen as inexperienced and more likely to have an accident. Once riders reach 25, they see a drop in motorcycle insurance rates. For men, this drop can be as much as 20%. Women see a drop of up to 15%. This difference is due to the fact that men pay higher premiums for insurance in general, due to the statistical likelihood of men crashing over women.
How Much Does Motorcycle Insurance Cost?
Besides age and gender, factors that influence the cost of your motorcycle insurance include:
- Motorcycle make, model and value
- Credit score
- Claims history
- Driving record
- Location
- Coverage limits
Obviously, it’s not recommended that you sacrifice important coverage to save money on motorcycle insurance, but there are other ways to save. Your credit score and driving record are two huge influences that you have control over. Building your credit, driving defensively and taking driving lessons can all help in lowering your monthly premiums. Also consider damages before filing a claim. If the cost of repairing the bike costs less than your deductible, it may be best to simply pay for the repairs out of damage. You’ll be spending less and avoiding the risk of a claim raising your rates.
On average, the cost of motorcycle insurance is $702 a year. California has the most expensive motorcycle insurance rates at $1,360 a year ($113 a month.) North Dakota has the cheapest motorcycle insurance at $382 a year on average ($32 a month.)
If you’re looking to lower your premiums, you should also consider the type of motorcycle you purchase. Newer vehicles with expensive add-ons will cost more to insure—especially for riders under 25. The difference in premiums between an 18-year-old and a 50-year-old for the same policy can be almost $400 a year. In some instances, this gap may be more. Motorcycle insurance is most expensive for men below the age of 25. This can be compounded with a bad driving record or low credit score.