How much can I save on my insurance by buying a used motorcycle instead of a brand new one?
The answer depends on several factors. For example, buying a used bike that’s say, five years old, would save you less than buying a bike that’s 10 years old. Also, the type of bike you’re interested in makes a difference: at Progressive, a five-year old sportbike can be more than 50% cheaper to insure than a new sportbike of the same model, whereas a five-year old cruiser will be more like 30-40% lower than the same model, brand new.
What’s important to remember here is these amounts vary by the type of coverage you choose to purchase, so each individual case will be different. Once you know what kind of bike you’re interested in, you can consult with an agent who can work up the rates for different model years or you can go to www.progressive.com on your computer or mobile device to quote the rates for different model years.
Motorcycle Product Manager at Progressive