Motorcycle insurance rates

SHOW LOW — This city is among the five most affordable cities in Arizona to insure a motorbike, according to ValuePenguin. A study by the firm found that costs here are 16 percent below the state average.

The analysis showed the average annual rate in Show Low was $568, 15.7 percent lower than the state average.

“Arizona is a state in the Southwest and one with some of the most breathtaking geography in the U.S. It has mountainous regions, deep canyons, ski resorts and world-renowned national parks,” said ValuePenguin, a free source for information and tools to help consumers make spending decisions.

“The state is one of the best for motorcycle riding so we gathered motorcycle insurance quotes from four major carriers for a 45-year-old male rider. The policy quoted included bodily injury protection of $100,000 per person/$300,000 per accident and $50,000 in property damage coverage. Our study showed the most expensive place for the sample policy was 76.2 percent higher than the cost of the cheapest in Arizona.”

Like other states, such as Nevada, many of Arizona’s municipalities and census-designated places with the best motorcycle insurance rates have similar or identical rates for its sample policy. To better visualize the places with the most affordable premiums in the state, Value Penguin broke the cheapest places into three tiers.

The first tier includes the 12 cheapest places in the study — all with motorcycle insurance rates at least 13 percent or lower than the Arizona average. Show Low came under Tier 1.

The second tier of rates includes another 14 places with premiums between 5.3 percent and 11.1 percent lower than the state average. The third and final tier includes the remaining places with motorcycle insurance rates below the state average.

Premiums quoted in the Arizona market fall within a small price range because the insurance companies quantified rating factors used to price policies very similarly. Motorcycle insurance policies are rated with comparable factors to auto insurance policies, including the age of the driver, their driver’s license, driving record and the type of vehicle (or motorcycle) they drive.

Geography, or where a policyholder lives, also impacts in the cost of motorcycle insurance rates. Based on claims history in an area, insurers designate territory codes across each state that dictate rates. Other motorcycle insurance factors include whether a policyholder is a member of some riding clubs or has completed certain motorcycle safety courses.

The five places with the most expensive motorcycle insurance rates in Arizona are all suburbs of Phoenix. They range in size but even the smallest place, Goodyear, has more than 75,000 residents. The place with the most expensive rates was Tempe, where premiums quoted for the sample policy were 47.7 percent higher than the state average.

This comparative study of motorcycle insurance premiums in Arizona was done by gathering and analyzing quotes from five major carriers across 51 municipalities and census-designated places. The analysis showed premiums quoted for the most expensive place were 76.2 percent more than the cheapest.

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