If you are looking to buy a new or used motorcycle, or if you have a bike and want to make certain that you have the right insurance, you might be wondering if you should research affordable motorcycle insurance.
Taking the time to learn about which bikes are the cheapest to insure, what factors go into a motorcycle insurance quote, and if there are any considerations you might want to take into account before choosing a bike is a good idea—and it will help you to avoid any surprises in premium rates. If you already own a motorcycle, there might be ways to lower your insurance cost by making adjustments to your policy.
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Which motorcycles are cheapest to insure in 2024?
The type of bike you have matters a great deal when it comes to finding cheap motorcycle insurance. Just like with cars, a number of factors go into determining your motorcycle insurance premium.
Some of these criteria have to do with you, such as where you live and your driving history. Other factors, such as how much you paid for the bike, features, cost to repair, and size all have to do with the bike. These bike-related features are key to finding the motorcycles that are cheapest to insure.
Inexpensive bikes that cost less to repair and are lightweight and easy to handle, such as the Honda Rebel 300 and the Suzuki SV650, are some of the cheapest to insure motorcycles. American icon Harley-Davidson also has a bike that is inexpensive to insure. The Harley-Davidson Street 500 has a low seat height and is simple to maneuver, making it a popular bike. You might have to find one used, however, as the model was discontinued in 2021.
Are bigger bikes or smaller bikes easier to insure?
Generally speaking, larger bikes are going to have more horsepower than smaller bikes. The motorcycle’s power has a big impact on your rates—the more powerful the motor, the more expensive your motorcycle will be to insure.
Sport bikes, which are also sometimes referred to as “supersports,” are generally more expensive to insure. These powerful bikes are considered more dangerous and with that higher risk comes higher premium costs.
What do insurance companies consider when quoting motorcycle insurance?
Many different factors go into a quote for motorcycle insurance. Where you live, your age, driving record, and claims history are all considered. If you live in a state that permits insurers to use your credit score, that may contribute to your premium costs as well. These are criteria that relate to you directly.
Where you live matters to motorcycle insurance because if the climate is mild and sunny, your motorcycle will get more use than it would in a climate that has snow on the ground for several months out of the year. Although people in some areas of the US live in climates that allow for motorcycle riding year-round, in the northern portions of the country, summer is when the bikes come out of storage. More potential time on the road translates to higher rates.
Also considered are features of your motorcycle, such as purchase price, where and how you store your bike, how much repairs typically cost, availability of parts, accident ratings and the accident history of a particular style and model of bike. These aspects are of interest to an insurer because they provide an indicator of how much a claim might cost if you are ever in an accident. A brand-new, expensive bike that is also a new model design will most likely be more costly to insure than a brand-new bike of a style that has been around for a number of years—simply because there are fewer replacement parts available, and less accident data to determine risk.
And, of course the amount of coverage you select will impact your quote, along with the amount you select for your deductible.
What kind of insurance does a motorcycle require?
Motorcycle insurance! Motorcycles are a specific mode of transportation and present a different set of risks than other vehicles such as cars or trucks, so you’ll need insurance that is designed specifically for motorcycles. Not every insurance carrier offers motorcycle insurance, so it’s important to check with your insurance company if you are thinking of buying a new bike. If your insurance company does offer motorcycle insurance, you might be able to save some money by bundling your policies.
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Where can I get a motorcycle insurance quote?
Get a free motorcycle insurance quote from Guaranteed Rate Insurance today. If you are looking for cheap motorcycle insurance quotes, it’s important to make sure that you provide the same information to each carrier you are gathering a quote from, so that you can make an even comparison.
Reach out to the experts at Guaranteed Rate Insurance. They’ll help you to find the right policy for your motorcycle at the right price.
Disclaimer:
Savings, if any, vary based on the consumer’s profile and other factors. Contact your insurance agent for more information. Restrictions apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate Insurance does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate Insurance. Guaranteed Rate Insurance, its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
