Whether you are an experienced rider or just getting started, motorcycle insurance is a must-have for protecting yourself and your bike. But balancing adequate coverage with affordable premiums can be a challenge. In this guide, we’ll break down the top eight motorcycle insurance companies offering affordable options, with an analysis of their pros, cons, and customer feedback. We’ll also answer common questions to help simplify your search. If youre ready to ride with peace of mind, read on to find out which insurers can save you the most without sacrificing coverage.
The Best Cheap Motorcycle Insurance Companies
1. GEICO
GEICO is widely recognized for its budget-friendly motorcycle insurance, offering low premiums alongside an array of discounts. They reward safe riders, provide savings when bundling policies, and give discounts to experienced riders. Additionally, their online tools make policy management simple.
GEICO’s advantages include its competitive pricing, easy online access to manage policies, and various discount opportunities. However, some riders report slower claim processing times compared to other companies. Additionally, their specialized motorcycle coverage is somewhat limited, which may not be ideal for those with custom or rare bikes.
2. Progressive
Progressive is another major player in motorcycle insurance, known for its wide-ranging coverage options and reasonable pricing. They offer coverage for custom equipment, along with discounts for safe driving, bundling, and paying upfront. Progressive’s “Name Your Price” tool helps riders find a policy that suits their budget.
Progressive’s strengths include their flexible coverage options, strong claims processing reputation, and unique add-ons like trip interruption coverage. However, some riders have noticed that their rates may rise significantly after a claim, making it a point to consider for long-term affordability.
3. State Farm
State Farm is known for its personalized service through its network of agents. They offer a range of customizable motorcycle insurance options, from liability coverage to comprehensive and collision insurance. This makes State Farm an appealing choice for those who value face-to-face interactions with their agents.
The upsides to State Farm include their well-regarded customer service and extensive coverage options. On the downside, they tend to be more expensive than other providers like GEICO, and some customers have found their digital tools less intuitive, preferring other companies online platforms for managing policies.
4. Allstate
Allstate is another prominent name in the insurance world, offering motorcycle coverage designed to protect both your bike and its accessories. They offer new motorcycle replacement and accident forgiveness as part of their unique policy options, which can be a big draw for some riders.
Allstate’s biggest strengths lie in its broad range of coverage options and availability of numerous discounts. However, their premiums tend to be higher than those of other insurance companies, and some users have noted occasional frustrations with the claims process, especially for more complex claims.
5. Dairyland
Dairyland specializes in motorcycle insurance, offering affordable policies with a focus on riders who may be considered high-risk or who own custom bikes. Their policies often include coverage for custom parts and equipment, making them a good choice for those who have invested heavily in bike modifications.
Dairyland’s pros include competitive pricing for high-risk riders and the flexibility to cover custom equipment. However, they are not available in all states, and some customers have reported slow customer service response times when filing claims or making inquiries.
6. Harley-Davidson Insurance
Harley-Davidson Insurance provides policies specifically tailored for owners of the iconic Harley-Davidson brand. These policies offer comprehensive coverage for custom parts, gear, and accessories, making it a popular choice among Harley enthusiasts. Members of the Harley Owners Group (H.O.G.) are also eligible for additional discounts.
The benefits of Harley-Davidson Insurance include excellent coverage for Harley parts and gear, along with exclusive discounts for H.O.G. members. On the flip side, these policies can be more expensive than standard motorcycle insurance providers, and they mainly cater to Harley-Davidson riders, limiting their appeal to owners of other motorcycle brands.
7. USAA
USAA provides motorcycle insurance exclusively to military personnel and their families. Their policies offer great value, with comprehensive coverage and attractive discounts, especially for bundling policies with other USAA insurance products. USAA’s customer service is also highly rated.
The key advantages of USAA include excellent customer support and strong discounts for active military members and veterans. However, eligibility is restricted to those with a military connection, and they may not offer as many motorcycle-specific coverage options as other providers.
8. Markel
Markel may not be as well-known as some of the larger providers, but they specialize in motorcycle insurance with policies that can be customized to suit individual needs. They offer coverage for mechanical breakdowns, uninsured motorists, and more, all at competitive rates.
Markel’s pros include flexible, customizable policy options and competitive rates for various types of riders. Their downsides include inconsistent customer service experiences and fewer available discounts than what larger companies like GEICO or Progressive offer.
Top 20 Motorcycle Brands to Keep in Mind for Insurance
The brand of your motorcycle plays an essential role in determining your insurance premiums. Some of the most popular brands among riders include Harley-Davidson, Yamaha, Honda, and Kawasaki, all known for their reliable bikes and parts availability, which can help keep insurance costs down. Ducati, BMW, and Triumph tend to have higher premiums due to their performance capabilities and expensive components. If youre an adventure rider, KTM and Husqvarna are popular choices, while brands like Royal Enfield and Aprilia cater to those looking for a more unique experience. Electric bikes like Zero Motorcycles and Energica are growing in popularity but may come with higher premiums due to their newer technology. American brands like Indian and Victory, along with smaller niche brands like Moto Guzzi and Can-Am, are also worth considering, especially for custom or performance-focused bikes.
13 Frequently Asked Questions About Motorcycle Insurance
1. Is motorcycle insurance required by law? Yes, most states require motorcycle insurance to cover damages or injuries caused in an accident. At a minimum, liability insurance is typically mandatory.
2. How much does motorcycle insurance typically cost? Rates can vary depending on the rider, the motorcycle, and where you live. Average costs range from $200 to $1,000 per year.
3. What factors influence my motorcycle insurance premiums? Premiums depend on factors such as your age, driving history, location, bike model, and usage. High-performance or custom motorcycles tend to have higher premiums.
4. What kind of coverage should I have? At a minimum, liability insurance is required, but adding collision, comprehensive, and uninsured motorist coverage is highly recommended for full protection.
5. Can I bundle motorcycle insurance with other types of insurance? Yes, most insurance companies offer discounts when you bundle multiple policies, such as combining motorcycle and auto insurance.
6. Are there discounts available for motorcycle insurance? Yes, most companies offer discounts for safe riders, completing a safety course, installing anti-theft devices, and bundling policies.
7. How can I lower my motorcycle insurance premiums? You can reduce premiums by maintaining a clean driving record, taking a safety course, bundling policies, and opting for a higher deductible.
8. Does motorcycle insurance cover custom parts and equipment? Some policies include or offer optional coverage for custom parts and equipment. Always check to see if this coverage is included or requires an endorsement.
9. Am I covered if I ride someone else’s motorcycle? Generally, insurance follows the bike, not the rider, so the owner’s policy would cover you in case of an accident, as long as you have permission to ride.
10. What happens if I cancel my motorcycle insurance? Riding without insurance can lead to legal penalties, and if your motorcycle is financed, your lender may require continuous coverage.
11. Does motorcycle insurance cover passengers? Some policies include passenger liability coverage, but others may require this as an add-on. Check your policy for details.
12. Can I get roadside assistance for my motorcycle near me? Yes, many insurers offer optional roadside assistance coverage, which includes towing, fuel delivery, and flat tire repair services.
13. Do I need year-round motorcycle insurance? While you might not ride year-round, keeping coverage in place can protect your bike from theft, weather damage, or other incidents during the off-season.