Florida's motor vehicle bureau requires every motorcyclist who lives within the state's borders to obtain motorcycle insurance. Like regular drivers, riders must carry certain "minimum coverages" that offer financial protection for reasonable expenses related to property damage, medical bills, injuries to uninsured motorists, and post-accident lawsuits and arbitration proceedings. In practice, this sets a "floor" for motorcycle insurance prices in Florida.
Unless you're very lucky, it's unlikely that you'll be able to obtain Florida-based motorcycle insurance at an annual cost of less than $300 per year. In fact, it's likely that your total annual premiums will be significantly higher than this amount. Ultimately, your insurance costs will depend upon a wide range of factors. Geography is incredibly important: For a number of reasons, motorcycle insurance is relatively expensive in the Sunshine State.
In general, states with relatively high property-crime and accident rates are pricier than "safe" states. Since this is often a function of population density, it follows that motorcyclists who live in heavily-populated states like Florida must pay a "risk premium" to insure their bikes. Weather is a corollary to the so-called "geography factor." In northern states, it's not feasible to ride a motorcycle during the winter months.
As such, riders who live in places like Minnesota and Vermont may receive substantial breaks on their year-round insurance costs. In these places, insurance companies explicitly prohibit riders from using their bikes during the winter. Those who fail to adhere to these rules are liable to be dropped from coverage. Of course, winter-riding restrictions aren't an issue in Florida. As such, your motorcycle insurance policy will permit you to use your bike during every month of the year.
Unfortunately, this will raise your insurance costs: As you might expect, a six-month Minnesota policy might cost half as much as a 12-month Florida policy. In addition, your demographic profile and driving history will pay a major role in determining your insurance costs. If you're a relatively young, inexperienced rider, you may need to pay a "risk premium" of 100 to 200 percent on your policy. As you age, your premiums will slowly drop towards the statewide median.
Likewise, any traffic citations or accident reports will contribute to a sharp rise in your premiums. Unlike some auto insurance providers, motorcycle insurance companies tend to levy stiff financial penalties on "risky" riders. If you receive multiple traffic citations, your policy might quickly become unaffordable. More On This TopicSee Also: Barney’s Motorcycle Brandon
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Motorcycle insurance is required in most states in the U.S. but regardless of local laws, riders should purchase a policy to protect their bike and financial well-being. The average annual cost of motorcycle insurance in the U.S. is $519. That’s well below the average cost of auto insurance. Average Cost of Motorcycle Insurance We performed a study in all 50 states to see what the average motorcycle insurance quotes was in each one.
We then took the aggregate of those premiums and found that the average annual motorcycle insurance rate in the U.S. was $519. The District of Columbia was not included in our study. State Monthly Insurance Rate Annual Motorcycle Insurance Rate % Change vs Avg Alabama $42 $502 -3% Alaska 32 389 -25% Arizona 56 673 30% Arkansas 51 615 18% California 55 665 28% Colorado 45 534 3% Connecticut 32 389 -25% Delaware 61 734 41% Florida 57 689 33% Georgia 46 556 7% Hawaii 38 458 -12% Idaho 42 509 -2% Illinois 44 533 3% Indiana 42 499 -4% Iowa 27 323 -38% Kansas 36 432 -17% Kentucky 43 515 -1% Louisiana 75 896 73% Maine 32 380 -27% Maryland 44 529 2% Massachusetts 50 605 17% Michigan 62 746 44% Minnesota 31 371 -29% Mississippi 43 521 0% Missouri 49 589 13% Montana 31 367 -29% Nebraska 34 404 -22% Nevada 40 480 -8% New Hampshire 29 352 -32% New Jersey 48 573 10% New Mexico 50 597 15% New York 45 537 3% North Carolina 46 551 6% North Dakota 24 283 -45% Ohio 38 457 -12% Oklahoma 28 341 -34% Oregon 42 501 -3% Pennsylvania 43 512 -1% Rhode Island 45 537 3% South Carolina 53 639 23% South Dakota 32 387 -25% Tennessee 52 620 19% Texas 62 749 44% Utah 46 554 7% Vermont 34 408 -21% Virginia 39 470 -9% Washington 41 488 -6% West Virginia 52 618 19% Wisconsin 41 496 -4% Wyoming 30 354 -32% U.
S. Average 43 519 0% *The Average Annual Rate is rounded to the nearest whole dollar amount. The study used a male, 45-year-old sample rider and gathered quotes from as many as five major motorcycle insurance carriers in each state. The sample insurance policy included bodily injury protection $100,000 per person/$300,000 per accident and $50,000 in property damage coverage. The deductibles for both Comprehensive and Collision coverage were $500.
States With The Lowest Average Motorcycle Insurance Cost The five states with the most affordable motorcycle insurance quotes all had rates that were at least 32% lower than the average in the U.S. With the exception of New Hampshire, all of the states with the cheapest were also located in the Midwest and Great Plains regions of the U.S. Interestingly, the cheapest states also have some of the highest number of registered motorcycles per resident.
New Hampshire has one motorcycle for every 17 people in the state, which is second in the U.S. only to South Dakota, which had the ninth cheapest rates but led the country with one bike for every 12 people. *The Average Annual Rate is rounded to the nearest whole dollar amount. States With The Highest Average Cost of Motorcycle Insurance Unlike the states with the cheapest motorcycle insurance, those with the most expensive rates were more separated from one another.
The number of residents per bike seems to correlate with the most expensive states as well. Out of the five states with the most expensive premiums, Louisiana has one bike per 67 people, Texas has 58, Florida has 33, Michigan has 32 and Delaware has 30. All ranked well down the list of states in terms of residents per motorcycle registered in the state. *The Average Annual Rate is rounded to the nearest whole dollar amount.
The Most Frequent Motorcycle Insurance Claims Motorcycles share the road with personal automobiles but they file different insurance claims most frequently. Single vehicle accidents accounted for the most motorcycle insurance claims, while rear-end collisions accounted for the highest number of auto insurance claims, according to a study by Progressive in 2014. A motorcyclist's greatest adversary when it comes to insurance is him or herself and their claims amount to a sizeable losses.
The Government Accountability Office (GAO) estimated that direct losses due to motorcycle crashes in the U.S. amounted to $16 billion. That estimate included the obvious: emergency services, medical costs including rehabilitation and property damage. It also accounted for things such as loss of market productivity or lost wages, household productivity and insurance costs such as claims and the cost of defense attorneys.
Since 2010, the number of motorcycle injuries has increased to 88,000 from 82,000 and the cost of medical care has increased. Taking those factors into consideration, it’s safe to assume that a more current study would result in a higher direct loss. Long-term medical costs were not included in the GAO estimate, either. The table below of Progressive's claims also shows the prevalence of motorcycle theft claims in comparison to other types of claims.
Stolen and unrecovered motorcycles accounted for the fourth most motorcycle claims, but theft claims weren't even in the top five of personal auto claims. Rank Top Motorcycle Claims By Type Top Personal Auto Claims By Type 1 Single vehicle Rear-end 2 Rear-end Single vehicle 3 Intersection Parked 4 Stolen and unrecovered Object coming from the road 5 Parked Intersection Motorcycles are just more likely to be stolen that cars and trucks.
The most common way thieves take them is simply by hoisting the motorcycle into a van and driving away. The tactic doesn't damage the bike and it makes for a stealthy getaway. It would be extremely difficult to steal a car the same way. Reported motorcycle thefts in the U.S. increased 6% to 45,555 in 2015, according to the National Crime Information Center of the FBI. The good news is that since 2006, motorcycle thefts are actually down 32% from 66,774.
California had the highest number of thefts in 2015 (7,221), but it also has the highest number of registered motorcycles -- more than 800,000. Florida had the second highest number of motorcycle thefts but was far behind Cailfornia, with 4,758 bikes reported stolen. Sources: I.I.I., NHTSA, Progresive, The National Insurance Crime Bureau (NICB), National Crime Information Center of the FBI, Motorcycle Industry Council (MIC).