How Much is Motorcycle Insurance?

Motorcycle enthusiasts relish the freedom of the open road, but responsible riding demands adequate insurance coverage. In New Mexico, basic policies start at around $30 a month, with more substantial policies costing closer to $100. Here’s what you need to know about motorcycle insurance costs so that you can make informed decisions and protect yourself financially.

Factors That Affect the Cost of Motorcycle Insurance

Several key elements determine the price of motorcycle insurance:

• Purchaser’s Age and Experience: Younger, less experienced riders typically pay higher premiums due to increased risk. Insurance companies view seasoned riders more favorably, often resulting in lower rates.
• Driving Record: A clean driving history demonstrates a good investment for insurance companies. Accidents, traffic violations, and claims can significantly increase premiums.
• Type of Motorcycle: Your bike’s make, model, and engine size significantly affect insurance costs. High-performance sport bikes generally cost more to insure than cruisers or touring motorcycles due to their increased accident risk and higher theft rates.
• Coverage Limits: Choosing higher coverage limits or adding types of coverage (such as comprehensive or collision) increases premiums but offers greater financial protection.
• Location: Where you live and ride affects your insurance rates. Urban areas with higher traffic density and crime rates typically cost more premiums than rural locations.
• Annual Mileage: Riders who cover more miles annually are at a higher risk of accidents, which can lead to increased insurance costs.
• Credit Score: In many states, insurers base premiums on credit-based insurance scores. A strong credit score can help you secure lower rates.
• Safety Features: Motorcycles with anti-lock brakes, anti-theft devices, or other safety features often qualify for discounts, which can lower your overall insurance costs.

How To Lower Motorcycle Insurance Costs

While several factors influence insurance premiums, riders can take proactive steps to reduce their costs:

• Shop Around: Compare quotes from insurance providers to discover the best rates. Companies use different formulas to calculate premiums, so prices vary significantly.
• Bundle Policies: Combining motorcycle insurance with other policies (such as auto or home insurance) often results in multi-policy discounts.
• Increase Your Deductible: Opting for a higher deductible lowers your monthly premiums but requires you to pay more out-of-pocket in case of a claim. Carefully consider your financial situation before making this choice.
• Take a Motorcycle Safety Course: Completing an approved safety course demonstrates your commitment to responsible riding and often qualifies you for insurance discounts.
• Join a Motorcycle Association: Many insurers offer recognized motorcycle clubs or association members discounts.
• Maintain a Clean Driving Record: Avoid traffic violations and practice safe riding habits to keep your premiums low.
• Choose Your Bike Wisely: Consider models with lower insurance costs if you’re looking for a new motorcycle. Sport bikes and high-performance machines typically cost more to insure than standard or cruiser-style motorcycles.
• Adjust Your Coverage: Review your policy annually and adjust coverage as needed.
• Pay Annually: Many insurers offer discounts for paying your entire premium upfront rather than monthly installments.

Injured in a Motorcycle Accident?

If you’ve been hurt in a motorcycle accident, give Law Tigers a call before you get in touch with your insurer. Our attorneys can review your policies and other facts of the case in order to seek the maximum compensation possible.