Motorcyclists across the state of California know how valuable motorcycle insurance can be. Motorcycle insurance is required in most states, but even if it isn’t required, it can still serve as a powerful risk management tool. Whether motorcycles are used for recreation or for daily transportation, these represent a significant investment on the part of the owner. To protect motorcycles from losses arising from collisions, theft, and natural disasters, motorcycle insurance is an important part of asset protection. For motorcycle riders in California, insurance rates are rising. Here is a look at what you should know about California motorcycle insurance in 2019.
Insurance Costs: Rising Rates for California Motorcycle Owners
According to a leading insurance information resource, which conducted a study to determine average costs of motorcycle insurance, the average cost of a motorcycle insurance policy in the United States was $519. This is far below the cost of the average automobile policy. To determine the average rates, the study used the following factors:
- Male Rider 45 years of age.
- Comparisons of quotes from five major insurance carriers in each state.
- Sample policy of bodily injury protection at $100,000 per person/$300,000 per accident.
- Sample policy of property damage coverage of $50,000.
- Deductible for comprehensive and collision coverage of $500.
California’s motorcycle insurance average using these sample factors was $665, or about $55 per month for a policy like the sample one above. This rate is 28% higher than the national average. California’s average rate is not the highest in the nation, but it ranks in the top 10 of most expensive motorcycle insurance rates.
What Influences Motorcycle Insurance Rates?
There are many factors that can influence the costs of a motorcycle insurance policy. Some of these factors include:
- City in which the motorcycle owner resides.
- The motorcycle owner’s age.
- Driving history.
- Type of motorcycle covered under the insurance policy.
- Safety features of the motorcycle being covered.
- Theft rates of motorcycles.
Age and riding experience play perhaps the biggest role in influencing rates. In general, the older and more experienced the rider, the lower cost a given insurance policy will be. For example, an average insurance policy for an 18-year old rider in the U.S. can be about $2600, while the same policy for a 50-year old rider drops to about $1400. Younger riders simply do not have the experience, and insurers estimate them to be more likely to become involved in a collision than a more experienced rider.
The type of motorcycle and its features also play an important role in determining motorcycle insurance costs. Touring and cruising models generally have lower insurance costs than sport bikes; in fact, sports and supersports bikes averaged about 388% higher rates than their touring/cruising counterparts. Expensive sport bikes are also more likely to be targets of theft, which influences insurance estimates to be higher than in other types of motorcycle. Bikes equipped with safety features, such as anti-lock brakes, adaptive headlights, tire pressure monitoring systems, and automated shifting, are cheaper to insure, as they present less of a risk to insurers.
Getting The Best Rate on Motorcycle Insurance
For motorcycle riders, it is a great idea to get quotes from numerous insurers before settling on an insurance policy. Leading motorcycle insurance providers can help riders gain valuable personal protection while keeping the policy as affordable and comprehensive as possible.