As a motorcyclist, a number of things may come to mind when you get on your bike (helmet, leather, boots, gas, tires), but insurance coverage may not be among them.
it should be.
“Insurance is an absolute when it comes to motorcycles,” says ben galbreath, an independent insurance agent with wallace & safe turner in springfield, ohio. “I recommend the maximum medical payment amount and advise clients to at least match the bodily injury and uninsured/underinsured motorist coverage of their auto insurance.”
Just like car insurance, motorcycle insurance limits your liability if you’re in an accident. It is required in all states except Florida, Washington, Montana, and New Hampshire. but it is separate from auto insurance and tends to cost less; The average motorcycle insurance policy is $519 in the US. uu., according to data from j.d. guides nothing from power. Due to several factors that go into the cost of motorcycle insurance, your actual cost can be in the thousands, depending on the state you live in, your gender, your driving history, and the insurer.
our picks for the best motorcycle insurance companies
The company you choose to insure you and your motorcycle will make a big difference in your cost. that’s why every motorcyclist should compare rates before deciding on a policy. Whether you’re looking for your first motorcycle insurance or just shopping around, we think these companies are worth considering for motorcycle insurance.
For average prices, we use data from j.d. Power Nadaguides, based on an 18-year-old cyclist in New York. rates can vary significantly depending on your personal needs and budget.
geico stands out for its affordability when it comes to motorcycle coverage. Geico not only offers cheap coverage if you’re a daily motorcyclist, they also offer mobile tools to manage your policy. Geico has standard coverage options for motorcycles, as well as optional add-ons like accessory coverage and emergency roadside service. also has an excellent rating of a.m. best, which measures the financial strength of an insurer and therefore its ability to pay claims.
plus, geico has seven different discounts you can take advantage of. For example, you can get a 10% discount on your premium if you switch companies or a discount if you insure more than one motorcycle with Geico.
average annual premium: $345
a. m. best rate: a++
number of motorcycle insurance discounts: 7
nationwide has a wide range of coverage options and many discounts. Founded in 1926, Nationwide has been insuring motorcycles for a long time. their rates are based on year-round coverage. With Nationwide, you also have the option to customize your policy and protect up to 12 bikes in one policy with coverage of up to $50,000 per bike, custom parts (up to $30,000), custom bikes and trikes (up to $50,000), and motorcycle trailers . also offers up to eight different discounts for motorcycle insurance.
average annual premium: $367*
a. m. best rate: a+
number of motorcycle insurance discounts: 8
Progressive’s coverage add-ons and discounts, many of which are included at no additional cost, make it a great option for people who ride their motorcycles frequently. all degressive motorcycle insurance policies automatically include full replacement cost and have no depreciation for parts; $3,000 of comprehensive and collision coverage to pay for upgrades, customizations, equipment and accessories; and original equipment manufacturer (oem) parts during repairs.
progressive also writes policies for a wide range of bikes, including regular motorcycles and mopeds, off-road bikes, sport bikes, performance bikes, autocycles, enduro bikes, touring bikes, trikes, collectibles, scooters, ATVs and ATVs.
average annual premium: $704*
a. m. best rate: a+
number of motorcycle insurance discounts: 10
markel may be the most expensive on the list, but it claims to specialize in motorcycle insurance, and that is reflected in its policy options. In addition to the standard offerings, Markel also has a variety of additional coverage options. In particular, Markel’s Mechanical Breakdown Coverage, Rental Reimbursement, and Accident Forgiveness Program could be of great help to frequent riders and are not as commonly available from other insurance companies. This company also makes it easy to reduce the cost of motorcycle insurance with its many discounts.
average annual premium: $861*
a. m. best rate: a
number of motorcycle insurance discounts: 7
types of motorcycle insurance
Motorcyclists in most states are required to purchase liability coverage, as that type of insurance compensates others for injuries and damages should you cause an accident. Outside of your state’s minimum requirements, motorcycle insurance coverage can be as broad or as small as you like.
“The roadblock you may run into is each insurance company underwriting motorcycle coverage differently,” Galbreath says. “restrict certain coverages to a maximum that they will make available, ie, medical payment, liability coverage, or even possible deductibles.”
galbreath says passengers should also consider coverage for people traveling with them, also known as guest passenger liability coverage. the coverage that comes into play is medical payments and possibly bodily injury and/or uninsured or underinsured motorist coverage, depending on the state and insurer. Some insurers automatically include guest passenger liability coverage in their policies and others sell it as a separate add-on.
It’s important to understand the different types of motorcycle insurance, so you can shop for the best coverage for your budget and needs. The most common types of coverage for motorcycles are:
- Bodily Injury Liability: Standard coverage that financially protects you against the cost of damage to other vehicles and injuries to others and lawsuits if you are at fault in a motorcycle accident.
- motorcycle collision: If your bike is damaged in an accident, this type of coverage pays to repair or replace it.
- Comprehensive Coverage: This type of coverage pays to repair or replace your motorcycle for damage caused by theft, vandalism, collision with an animal, or fire.
- Coverage for custom parts: Most comprehensive and collision policies only cover original factory parts. custom parts coverage takes into account sidecars, chrome parts, and custom paint jobs and other items.
- Uninsured/Underinsured Motorist Coverage: Standard coverage that protects you and your property if you are in an accident with someone who is underinsured or uninsured.
- Medical payment coverage for motorcycles. This coverage can help pay your medical bills and those of your passengers if you are in an accident, regardless of who is at fault.
- Roadside Assistance Coverage: If your bike stalls or breaks down somewhere, a roadside assistance program can provide minor mechanical repairs and services to get your motorcycle back in working order after a breakdown. for example, progressive will tow your bike to the nearest repair shop for free.
- age and driving experience
- frequency of use
- speeding and traffic tickets
- history of accidents and claims
- type of bike
- your credit score
- coverage selection
- deductible amount
What factors influence the cost of motorcycle insurance?
When purchasing coverage, you will need to provide full transparency about your bike and how you ride it. Your insurer will want to know where you usually go, how far you tend to ride, if you have other cyclists, the value of your bike, and where you park your bike.
Most motorcycle policies come with a “reserve credit,” which allows you to pause your coverage for part of the year. most cyclists take advantage of this in the winter when they store their bikes or store them in the garage. Reserve credit can help build longevity and trust with an insurance company, and could lower your rate over time.
While some states have different rate requirements, here are some of the factors that may come into play when determining a premium: