The cost of motorcycle insurance varies widely and depends on a number of factors. Generally speaking, motorcycle insurance costs tend to be higher for younger drivers and those who ride sports motorcycles. However, each driver has unique circumstances that can affect the cost of their motorcycle coverage. Read on to learn more about some of the factors that affect motorcycle insurance costs and to find out how those factors might affect you.
Factors that influence the cost of motorcycle insurance
- Vehicle type, year, make, model and engine size (in cubic centimeters) . As you might already guess, insurance for a newer motorcycle with a larger engine will cost more than insurance for a used Cruiser motorcycle with a smaller engine. Learn more about the different types of motorcycles and their uses.
- Main use given to the vehicle. Insurance on a motorcycle used primarily for leisure/recreational activities will be less expensive than insurance on a motorcycle used primarily for commuting or work/delivery.
- Modifications, transformations, customizations. Has the vehicle been converted to a tricycle? Has the chassis been modified, customized, redesigned, refinished or replaced? If so, you will need to inform your insurer to have the correct coverage.
- Coverage options. Are you looking for a basic or state minimum liability insurance policy, or do you need a custom motorcycle insurance package that includes collision coverage, comprehensive coverage, uninsured and underinsured motorcycle coverage, roadside assistance and OEM endorsement?
- Your age. Drivers of different age groups present different risks.
- Your location. Rates differ depending on the geographical location and the space where the vehicle is stored (which is usually the address of the garage). Additionally, you may be eligible for a discount if your vehicle is stored in a locked garage.
- Driving history. Have you had accidents, committed traffic violations or received claims in the last 5 years?
- Policy limits and deductibles. What level of protection do you need? If the limits are too high, you’ll pay for insurance you don’t need; if they are too low, you run the risk of having to cover the difference in out-of-pocket costs in the event of an accident. You’ll also risk having to pay more out of pocket if you choose a high deductible in exchange for a lower rate.
- Features and security programs. A discount may be available if your vehicle has a professionally installed radio or GPS theft recovery system or is equipped with a factory-installed anti-lock brake system (ABS). A discount may also be available if you take a safety course.
Factors that influence the cost of motorcycle insurance
In addition to affordable premiums, Nationwide offers a variety of motorcycle insurance discounts, such as the Multi-Vehicle Discount, Multi-Policy Discount and Partnership Discount. Find out what motorcycle insurance discounts you may be eligible for.
Factors that influence the cost of motorcycle insurance
The best way to find out how much motorcycle insurance will cost you is to get a quote.
Fortunately, getting an online motorcycle insurance quote from Nationwide is easy. To get a quote, visit our motorcycle insurance page and enter your zip code to start the process. You can keep your cost on motorcycle insurance low with our annual On Your Side® Consultation .