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You can save a lot on motorcycle insurance by hunting for discounts and lowering your deductible — but make sure you still have the coverage you need to protect yourself and your bike.
Enjoy some of the widest coverage with the lowest price thanks to add-ons and freebies like replacement cost coverage.
You can acquire a cheap insurance policy in several ways. However, keep in mind that these methods may not protect you from paying out of pocket after an accident:
Unfortunately, insurance companies see young motorcycle riders as higher risk than seasoned pros. Try some of these tactics to get a more affordable deal as a young rider.
Getting a cheap policy on your bike can be good for your wallet, but the lowered rate could mean more out-of-pocket costs later.
You might have to compromise important coverage to get the cheapest motorcycle insurance. With a cheap insurance policy, you may have to pay a high deductible or cover out-of-pocket damages that exceed the coverage you chose. You may have to cover your own bike’s damages even when another driver is at fault if you forgo underinsured motorist protection.
You may get the coverage you need if you simply choose to find discounts or maintain a clean driving record instead of dropping coverage. For example, instead of going with the absolute cheapest rate with bare minimum coverage, you could receive multiple safety discounts at a top-rated company while balancing the coverage you need with a little extra protection for you and your savings.
The average cost of motorcycle insurance is $519 per year, or $43 per month, depending on your location. You can consider anything less than this to be cheap insurance.
Cheap motorcycle insurance works best for drivers who:
Cheap motorcycle insurance can include a variety of coverage. However, the more optional coverage you add, the higher your policy will be. In addition, most states require a minimum amount of liability coverage.
Standard insurance coverage for a cheap policy includes:
Sharon needed to keep her motorcycle premium low but knew she couldn’t sacrifice quality service to do so. She opted for a standard policy that balances cost with coverage from a top-rated motorcycle insurance brand.
Her policy includes liability coverage with a lower limit that would still cover moderate accident damage. She also opted to raise her deductible for add-ons like comprehensive and collision coverage. Sharon was able to get her annual premium to $300 per year, saving $200 from the average annual cost.
When Sharon rear-ended another car on the highway, she had enough liability to cover the minor damage to the other driver’s bumper. However, she had to pay all the damages to her motorcycle due to her high collision deductible. Sharon had enough money in savings to cover the repairs, but realized that a lower deductible would have saved her money throughout the claim.
If you go with cheap liability-only insurance, the cheapest motorcycle insurance policy might not cover certain situations, such as:
Getting a cheap motorcycle policy works well if you understand the risk you’re taking with reduced coverage. A cheap policy may not protect you from paying expenses out of pocket after an accident. However, you can also obtain a lowered rate through discounts and a clean driving history.
Compare motorcycle insurance options that work best for your situation.
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