Is Monthly Motorcycle Insurance a Cost-Effective Choice for Infrequent Riders?

It can be fun to check the mail each day. You never know what you’re going to get! Additional bills start arriving as you become older and responsible for things like motorcycle payments.

One of them is the monthly motorcycle insurance premium.

Although the monthly insurance bill doesn’t apply to those who pay in full or take a more short-term approach, it is a way to obtain coverage while managing your finances.

When you know how to get the most savings from a motorcycle insurance quote, you’ll find that the monthly payments don’t have to make you dread checking your mailbox or inbox for invoices.

Can I Buy Motorcycle Insurance for a Month Only?

It is possible to purchase 30 days of motorcycle insurance coverage. Many insurers offer customizable short-term policies to meet the policyholder’s specific needs. This option can cover many situations, including liability, collision, and comprehensive coverage.

While short-term motorcycle insurance policies may be convenient for specific situations, they can often be more expensive than longer-term policies.

Most riders find that paying a monthly premium for an annual policy is cheaper than purchasing month-to-month motorcycle insurance renewals.

Benefits of Getting Monthly Motorcycle Insurance

Most motorcyclists choose to purchase monthly motorcycle insurance, even if they plan to keep coverage on their bikes all year. This popular option comes with four specific benefits to consider.

1. It Offers More Affordability

When the annual premium is broken into monthly payments, the cost of obtaining motorcycle insurance becomes more manageable. You’re spreading the expense across a longer time, making it easier to budget.

Although paying in full saves you more overall, sending that much money at once might not be possible. By taking the monthly approach, the pool of funds from one’s income can stretch further.

2. No Upfront Payment

Motorcyclists choosing monthly payments typically have no upfront payment required to secure their insurance. This benefit is helpful when there isn’t enough cash to pay for a six- or 12-month policy at once.

After receiving your motorcycle insurance quote, you’ll be asked to pay for the first month to activate the policy. The insurer will set a due date for future payments. As long as these are met, riders don’t need to worry about their coverage being canceled.

3. Additional Flexibility

Riders with a monthly payment setup for motorcycle insurance have an excellent balance between value and affordability. If changes occur to your income, the insurance levels can be adjusted to meet those needs.

You can raise or lower your maximum insurance payouts, deductibles, and other features to change the payment profile when necessary.

This flexibility provides more control over what you pay each month without disrupting the necessary coverage needed to be on the road.

4. Simple Cancelations

If you decide your motorcycle insurance is no longer needed, you can choose not to renew a month-to-month policy. The coverage ends at the documented contract date.

When you purchase a six- or 12-month policy that gets paid monthly, your coverage cancels when you stop making payments. In this scenario, you’d lose protection when the current payment cycle ends.

When Is Monthly Motorcycle Insurance Required?

All 50 states require some financial protection, such as an insurance policy, for motorcyclists to ride legally on public roads.

You can file a financial responsibility certificate in Florida instead of obtaining an insurance policy. This documentation says you have the money or a surety bond available to cover the minimum costs if you cause an accident or are responsible for property damage.

Monthly motorcycle insurance is typically necessary when riders want continuous insurance coverage for their motorcycle without paying the entire premium upfront. It provides the liability minimums for where they live while outlining specific benefits, such as roadside assistance, that can be tapped as a resource when required.

If a motorcyclist doesn’t renew their policy or switch to a new one before the end of their term, their coverage will expire.

This option allows each monthly payment to go toward the overall policy instead of paying the entire premium in a lump sum at the beginning of the coverage.

How Much Is Monthly Insurance for a Motorcycle?

The average annual cost for motorcycle insurance in the United States is about $700, according to 2021 data (the last released at the time of writing). That means most riders pay between $60 to $70 per month for their required coverage.

Average Yearly Motorcycle Insurance Cost	$700
Average Monthly Motorcycle Insurance Cost	$65

Riders with less than three years of motorcycle experience typically pay more, as do teens and those above 65.

Seasonal riders can find affordable policies that offer year-round protection but limit the liability costs when you’re not on the road because of ice and snow.

Individual premiums can be higher or lower than the national average based on your unique circumstances.

For a state-by-state motorcycle insurance cost comparison, check out our chart here.

How Much Should I Be Paying for Motorcycle Insurance?

The average liability-only policy for motorcyclists in the United States is $141 annually. If you want full coverage (comprehensive and collision), expect to pay about four times that amount.

 Several factors play a role in the motorcycle insurance quote you receive. If you’re over 40 without at least three years of riding experience, a full-coverage policy for a high-performance sports bike could be more than $4,000 annually. 

If you’re under 20 and drive a touring motorcycle, you’ll likely receive a quote of approximately $1,100 per year. Good grades can reduce that amount by 15%, but a poor driving record could increase it by 30%.

Local laws can also play a factor in the eventual quote you receive. 

What Scenarios Influence Motorcycle Insurance Costs?

The motorcycle type you ride can significantly impact how much you’ll pay monthly or annually for an insurance policy. Additional factors include a bike’s safety features, crash rate, and theft risk.

Here are the most common scenarios to review that could influence the quote you receive from each insurer. 

• Insuring a brand-new bike is usually more expensive than a used motorcycle, although vintage and classic models are often an exception as not many companies offer such specialty insurance.
• If you ride a trike with multiple accessories or a sidecar, you’ll typically pay more when insuring passengers than having a single-seat model.
• Off-road and dirt bikes are typically less to insure than touring models, although adventure motorcycles that can go anywhere may get charged at a higher rate.

When you present all the information to an insurance company, you’ll receive the most accurate quote.

Monthly vs. Annual Premiums Cost Comparison

After evaluating the motorcyclist’s unique risk factors, most insurers offer an annual policy quote and a separate one with monthly payments.

Let me tell you something:

If you pay monthly, you’ll notice that the actual price for a 12-month plan is up to 15% more than paying everything in full at the start. Some insurers add administrative fees to cover billing and payment processing costs, increasing the total due even more.

Paying in full can reduce long-term costs. If you request monthly premiums, the insurance coverage is easier to manage financially because of the lower amount due.

Should Young Riders Explore Monthly Motorcycle Insurance?

Young riders may want to explore monthly motorcycle insurance as an option for managing the cost of their insurance premiums.

Monthly insurance payments can make it easier for those under 25, especially teens, who may need more financial wherewithal to pay an entire year’s insurance premiums upfront.

How to Save on Monthly Motorcycle Insurance

Since motorcycle insurance can be expensive for some riders, especially teens and young adults, it is essential to take steps to talk with insurers about any available discounts. Several options are available, although individual companies set their own policies, procedures, and qualifiers.

The most common savings options on monthly motorcycle insurance include taking a safety course, maintaining a clean driving record, and operating a bike with a smaller engine size.

Is It Worth Getting Monthly Motorcycle Insurance?

Obtaining monthly motorcycle insurance is helpful for most riders. You can break an annual policy into affordable payments or structure your coverage to meet seasonal needs by taking an as-needed approach.

Choosing a six- or 12-month policy that requires a monthly payment is usually more affordable. If you take the month-to-month approach with 30-day renewals, you’ll have a higher per-day cost to manage.

Motorcycle insurance is typically required to operate on public roads. By taking the monthly approach, you’ll have a budget-friendly way to meet your goals.