Top pick: Progressive motorcycle insurance
- Starting rates from $75 per year
- Accident forgiveness for small claims
- Long list of discounts
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You can save a lot of money on motorcycle insurance by hunting for discounts, lowering your deductible or considering less coverage. But make sure you still have enough coverage to protect yourself and your bike for an accident.
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.
You can buy a cheap insurance policy in several ways. However, 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.
|States served||All 50 states|
|Pay schedule||12 months, 6 months, monthly|
|Claims methods||online, email, phone|
|New car protection||Yes|
|States served||All 50 states & DC|
|Pay schedule||12 months, 6 months|
|Claims methods||online, phone|
|New car protection||Yes|
|States served||Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming|
|Claims methods||online, phone|
|New car protection|
Getting a cheap policy on your bike may work for your wallet, but the lowered rate may mean more out-of-pocket costs later.
You might compromise important coverage to get the cheapest policy or pay a high deductible, leaving you responsible for more damage costs out of pocket. Or you may have to cover your own bike’s damage even when another driver is at fault if you forgo underinsured motorist protection.
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, such as $50,000 bodily injury or $25,000 property damage liability. Start with your state’s minimums in coverage and increase coverage amounts if you can afford it.
Standard insurance coverage for a cheap policy includes:
If you go with cheap liability-only insurance, the cheapest motorcycle insurance policy might not cover certain situations, such as:
Sharon needed to keep her motorcycle premium low, so she opted for liability bike coverage with a lower maximum payout amount. She also raised her deductible for comprehensive and collision coverage, whittling her annual premium from $500 to $300 per year.
When Sharon rear-ended a 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 damage to her motorcycle due to her high collision deductible.
Sharon had enough money in savings to cover the repairs, but she realized that a lower deductible would have saved her money on this claim.
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 that works best for your situation.
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