Average Insurance Cost For New Motorcycle Rider
Whether you're a first-time motorcycle rider or an experienced rider, insurance is a necessary expense to protect yourself and your bike in the event of an accident. However, the cost of motorcycle insurance can vary depending on several factors. In this article, we'll take a closer look at the average insurance cost for new motorcycle riders and what factors impact insurance rates.
Factors That Affect Motorcycle Insurance Cost
The cost of motorcycle insurance can vary depending on several factors, including:
- Age: Younger riders are typically charged higher rates due to their lack of experience and increased risk of accidents.
- Location: Insurance rates can vary based on where you live due to differences in traffic patterns, weather, and crime rates.
- Type of motorcycle: Sport bikes and high-performance motorcycles are typically more expensive to insure due to their increased risk of accidents.
- Driving record: Riders with a clean driving record typically pay lower insurance rates than those with a history of accidents or traffic violations.
- Deductible: Choosing a higher deductible can help lower your monthly insurance premiums, but it will also increase your out-of-pocket expenses in the event of an accident.
Average Insurance Cost For New Motorcycle Riders
On average, new motorcycle riders can expect to pay between $200 and $500 per year for insurance coverage. However, this can vary depending on the factors mentioned above. For example, a 20-year-old rider with a sport bike and a history of accidents may be charged significantly more than a 40-year-old rider with a cruiser and a clean driving record.
It's important to shop around and compare insurance rates from different providers to ensure you're getting the best coverage at a reasonable price. Many insurance companies offer discounts for completing a motorcycle safety course or for bundling multiple policies (such as home and auto insurance) with the same provider.
Tips For Lowering Motorcycle Insurance Costs
There are several steps you can take to help lower your motorcycle insurance costs, including:
- Choose a lower-risk bike: Opting for a cruiser or touring bike can help lower your insurance rates compared to a sport bike or high-performance motorcycle.
- Bundle your policies: Many insurance providers offer discounts for bundling multiple policies, such as home and auto insurance.
- Complete a motorcycle safety course: Some insurance providers offer discounts for completing a motorcycle safety course, which can also help improve your riding skills and reduce your risk of accidents.
- Increase your deductible: Choosing a higher deductible can help lower your monthly insurance premiums, but it will also increase your out-of-pocket expenses in the event of an accident.
- Shop around: Be sure to compare insurance rates from multiple providers to ensure you're getting the best coverage at a reasonable price.
Conclusion
If you're a new motorcycle rider, it's important to understand the factors that can impact the cost of your insurance coverage. While rates can vary depending on several factors, on average, new riders can expect to pay between $200 and $500 per year for coverage. By taking steps to reduce your risk and shop around for the best rates, you can help ensure you're getting the coverage you need at a price you can afford.