So, you finally bought your dream vehicle: a motorcycle. Whether you’re riding a Harley-Davidson, Yamaha, or street bike, you’re probably ready to cruise on your sleek, two-wheel motorcycle to experience the freedom of the open road. 

But before you hop on your new ride, there’s one thing you need to have: motorcycle insurance.

Most U.S. states require you to have motorcycle insurance, but every rider can benefit from having coverage. Research suggests that the average rate for motorcycle insurance in the U.S. is $702. That price is for one full year of coverage. 

But the cost of motorcycle insurance ultimately comes down to your location. For example, if you live in California, your monthly rate will be around $113. If you live in Arkansas, however, that price drops to approximately 64 bucks. 

Of course, plenty of states fall somewhere in between that range. Motorcycle insurance in states like Arizona, Missouri, Florida, Rhode Island, and Georgia costs anywhere between $74 – $78. And motorcycle insurance in Louisiana, Michigan, and New York cost $81 – $98. 

Your motorcycle insurance price will depend on the state you call home, so you can’t base your rate on what your friend or family member is paying in another city. But what’s also important to consider is that other factors — excluding your location — can determine how much your motorcycle insurance cost. 

Like car insurance, the price of your motorcycle insurance will also depend on factors that have nothing to do with the state you live in. The good news is that most of the factors are pretty common and unsurprising.

It’s not uncommon for insurance providers to demand higher premiums for younger riders. The average cost for motorcycle insurance for an 18-year-old is $1,428. For a 21-year-old, the cost decreases to $1,365. For a 35 or 50-year-old, the price drops to about $1,083.

However, those numbers are just an average. A motorcycle insurance provider will also look at the type of motorcycle you have, and then use your age to determine your rate. 

For example, if you’re an 18-year-old with a 2019 Yamaha V Star 250, the average cost for motorcycle insurance is $987. But that price drops to around $753 if you’re a 35 or 50-year-old riding the same motorcycle.

This factor might seem obvious, but motorcycle insurance providers put enormous thought into this component. Insurance companies want to refer to as much risk and safety information as possible to determine your rate. So, the type of motorcycle you have will play a significant role. Most providers will consider four key components: 

• Theft rate: If a specific type of motorcycle is frequently stolen, insurance providers will charge a higher price to cover it. The high cost is a result of the likelihood that providers will have to pay out for a comprehensive claim. 
• Motorcycle value: Expensive motorcycles cost more money to replace and repair. Consequently, providers require more money to insure them if you want collision and comprehensive insurance. 
• Crash rate: Unfortunately, some motorcycles models are in more accidents than other bikes. If your motorcycle typically gets into accidents, insurance providers will assume you’ll need to file a claim at some point and charge a higher price for insurance. 
• Bike safety: Unlike crash rate, if your motorcycle has an abundance of safety features, providers will assume you’re less likely to get into an accident. Because of this, your cost will be cheaper. 
• Engine capacity: If you have a large displacement engine, you might notice a higher rate for your motorcycle insurance. A larger displacement engine signals an increased likelihood of a crash and more claims or tickets, so providers like to charge for those risks.  

Certain motorcycles require you to pay higher prices for your motorcycle insurance. Street bikes like sport and supersport bikes typically cost more money to insure. 

In fact, sportbikes cost 362% more for insurance than cruiser style motorcycles. Touring bikes, on the other hand, are 47% cheaper to insure than sportbikes. 

How much your motorcycle insurance costs will depend on a wide variety of factors. But the type of insurance you get is something you have a bit more control over. 

Most U.S. states only require you to get liability insurance. This type of insurance pays out for someone else’s injuries or damages if you cause an accident. The lowest amount of liability insurance that you need will be the same as your state’s car insurance minimum requirements, so be sure to research that information. 

However, it’s always a good rule of thumb to consider buying extra liability. If you get sued because of an accident, additional liability can protect your assets. Creditors can easily come for your assets if someone sues you, and minimum liability might not be enough to safeguard you and pay for your claims and legal costs. 

You’ll also want to make sure that your bodily injury liability insurance covers passengers, as this is a requirement in several states. Some states even want you to have underinsured and uninsured motorist coverage. This type of insurance pays for injuries that a driver — without insurance or enough insurance — caused during an accident. 

There are various coverage options for motorcycle insurance. And the options are similar to the ones that you see for auto insurance. You can choose from a list of coverage options, including: 

• Comprehensive Coverage: Providers will pay out if your motorcycle is damaged or stolen. There’s only one caveat. Comprehensive insurance does not cover anything if you get into a collision with another vehicle. 
• Collision Coverage: This option guarantees that providers pay out damage to your motorcycle minus your deductible.
• Personal injury protection: This policy pays out for medical bills that you obtain because of injuries to you, your passengers, or pedestrians who were hurt during an accident. Providers will pay out regardless of who’s at fault for the accident. However, some states do not provide this insurance. 
• Medical payments: This insurance is not available in every state. But it covers medical bills if you or another passenger gets hurt in an accident. However, it’s unlike personal injury protection because it doesn’t cover lost wages or other expenses. 

Once you choose the type of coverage that you want, you might be eligible for a discount. Not every insurance provider will offer them, but there’s no harm in checking with an insurance company to see if there are any price breaks. 

There are several ways that you can get a discount:

• Purchase another type of policy from the same insurance provider
• Finish a motorcycle rider training course
• Have a clean driving record
• Find another motorcycle to insure under the same policy
• Join a motorcycle riders group
• Ask if the insurance provider offers a mature rider discount if you’re over 55-years-old or a longtime motorcycle rider

Getting a discount isn’t impossible if your insurance provider offers them. All you need to do is find a great provider and do a bit of research to see if any discounts are available. 

It should be obvious — the cost of your motorcycle insurance will depend on a variety of factors. The type of coverage you want, the discounts available, the bike you have, the risks involved, and your age will all play a significant role in determining your price. 

To get a reasonable rate, you need to find a great insurance provider who will take everything into consideration but still try to provide a great deal. Fortunately, Barry Risk Management, Inc. offers the best motorcycle insurance for your new ride. Just contact one of their representatives, and they’ll give you a quote that’s better than any of its competitors. 

To learn more about Barry Risk Management, Inc.’s motorcycle insurance, go here to contact one of their representatives for motorcycle insurance quotes.