When buying a motorcycle, most riders think about the thrill, the freedom, and the open road—but few stop to consider the ongoing costs that come with ownership. One of the most important (and often overlooked) expenses is motorcycle insurance. Whether you ride a lightweight scooter or a high-performance sportbike, insurance is not just a legal requirement in most states—it’s also essential for financial protection. But what exactly is the average insurance on a motorcycle cost per month, and what factors influence how much you pay?
Let’s break it all down so you can better understand how motorcycle insurance works, what determines your monthly premiums, and how you can get the best possible rate.
Understanding Motorcycle Insurance Basics
Motorcycle insurance functions similarly to car insurance—it’s designed to protect you, your bike, and others in the event of an accident, theft, or other unexpected events. A standard policy may include several types of coverage:
Liability coverage: Covers bodily injury and property damage to others if you’re at fault in an accident.
Collision coverage: Pays for repairs or replacement of your motorcycle after a collision, regardless of fault.
Comprehensive coverage: Covers non-collision incidents like theft, vandalism, or damage from fire, hail, or animals.
Uninsured/underinsured motorist coverage: Protects you if you’re in an accident with someone who doesn’t have enough insurance.
Medical payments or personal injury protection (PIP): Helps pay for your medical expenses after an accident.
Each of these coverage types impacts your insurance on a motorcycle cost, and your choices can dramatically affect your monthly premium.
The Average Monthly Cost of Motorcycle Insurance
So, how much does motorcycle insurance actually cost per month?
On average, motorcycle insurance costs between $60 and $150 per month, depending on the rider and the bike. That means annual premiums usually fall between $700 and $1,800. However, these are broad averages—the actual insurance on a motorcycle cost can vary widely based on multiple personal and regional factors.
Here’s a rough breakdown by type of motorcycle:
Motorcycle Type Average Monthly Cost Average Annual Cost Cruiser (e.g., Harley-Davidson) $70 – $100 $850 – $1,200 Sportbike (e.g., Yamaha R6, Kawasaki Ninja) $120 – $250 $1,400 – $3,000 Touring Bike $90 – $130 $1,100 – $1,500 Standard / Naked Bike $50 – $90 $600 – $1,000 Scooter / Moped $25 – $60 $300 – $700
As you can see, the insurance on a motorcycle cost varies dramatically depending on the type of motorcycle. Sportbikes are usually the most expensive to insure because they’re faster and statistically more likely to be involved in accidents. Cruisers and touring bikes, on the other hand, tend to cost less because they’re often used for more relaxed, long-distance riding.
What Affects the Cost of Motorcycle Insurance?
Several key factors determine how much you’ll pay each month for motorcycle insurance:
Your Age and Riding Experience
Younger riders and new motorcyclists generally face higher premiums. Insurance companies view them as higher risk due to less experience on the road. Riders over 30 with a clean driving record usually get better rates.
Location
Where you live can have a major impact on your insurance on a motorcycle cost. Urban areas with more traffic, higher theft rates, and more accidents tend to have higher insurance premiums. Rural or suburban areas often have lower rates.
Type and Value of Motorcycle
High-performance bikes, new models, or expensive brands like Ducati or BMW will cost more to insure. Older bikes or smaller-engine models typically have cheaper premiums.
Coverage Level and Deductible
Choosing full coverage with low deductibles means you’ll pay more each month. Opting for liability-only coverage or a higher deductible can significantly reduce your premium—but it also means more out-of-pocket costs if you’re in an accident.
Driving Record
If you’ve had accidents, speeding tickets, or violations, your insurer will likely charge more. A clean driving record can lower your insurance on a motorcycle cost substantially over time.
Annual Mileage
The less you ride, the lower your risk of an accident. Riders who only use their motorcycles occasionally may qualify for lower premiums.
Credit Score
In many states, insurance companies use your credit history to determine risk. A higher credit score can mean a lower monthly cost.
How to Lower Your Motorcycle Insurance Cost
Even though motorcycle insurance can seem expensive, there are many ways to reduce your monthly payments:
Take a motorcycle safety course: Many insurers offer discounts of 10–15% if you complete an approved rider training course.
Bundle your policies: Combine your motorcycle insurance with your auto or home insurance to get multi-policy discounts.
Install anti-theft devices: Adding alarms, locks, or GPS trackers can reduce theft risk and earn discounts.
Choose the right bike: If you’re concerned about cost, opt for a standard or cruiser bike instead of a high-powered sportbike.
Maintain a clean record: Safe riding and avoiding traffic violations can lower your rates over time.
Pay annually instead of monthly: Some insurers charge additional fees for monthly payments, so paying annually can save money.
Taking these steps can make a big difference in your insurance on a motorcycle cost and help you stay within your budget.
Site:https://theaim.ca/motorcycle-insurance-costs-in-ontario-2024/