Accidents involving motorcycles can be very serious which is why it is highly recommended to get financial protection against physical damages, theft, and other damages that may arise from accidents.
If you’re looking for a company that will offer affordable and great coverage while getting maximum satisfaction, we have helped you by tailoring your search to the best cheap motorcycle insurance companies which you can select from.
Check Out: How to Get Cheap Car Insurance in 2022
What is Motorcycle Insurance?
Motorcycle Insurance is insurance against physical damages resulting from traffic collisions. It is generally financial protection that covers the cost of injuries to others or their properties especially when it’s your fault.
They can also insure your motorcycles against future or unexpected occurrences like theft, fire, etc. It provides you with financial coverage for injuries or damages gotten while driving your vehicle.
Why Is Motorcycle Insurance Important?
In the USA, most states always require motorcycle owners or riders to get insurance. Motorcyclists without any form of insurance coverage might pay heavy fines or even lose their licenses.
Motorcycle Insurance also gives you financial security against any form of liability if you ever get involved in an accident.
Before getting motorcycle insurance, make sure you find out which laws apply in your states and the coverages available to suit your need. Here are some motorcycle coverage policies:
Motorcycle Collision Insurance
This insurance policy covers any damages to your motorcycle gotten as a result of a collision with another vehicle.
The insurance company pays for the damages which is usually the book value of your motorcycle before the accident minus your deductibles.
This policy covers any physical damages and property damages you may have caused to other people involved in an accident. It doesn’t cover any injury sustained by you or damages to your motorcycle.
There’s also a Guest Passenger Liability which covers any damages or injuries sustained by a passenger on your motorcycle, it could also apply to you but this depends on the state laws and the insurance company handling your insurance.
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Coverage For Customized Motorcycle Parts.
Most collision policies will only provide insurance coverage for factory standard parts of your motorcycle or they’ll limit the coverage.
If you’re interested in adding optional like chrome parts, trailers, a custom paint job, you can check with your insurance provider to understand the limits of the coverage.
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Covers other damages other than collisions, such as theft, fire, or vandalism.
The insurance company will also pay for the damages minus your deductibles, it will insure only the book value of the motorcycle.
Uninsured/Underinsured Motorist Coverage
This covers damages to you or your property caused by another motorist who doesn’t have insurance (uninsured) or doesn’t have enough insurance (underinsured). This insurance policy normally covers medical bills, property damages, or lost wages.
Factors that affect your motorcycle insurance costs
- Age of your motorcycle
- Storage facility for your motorcycle
- Number of miles you ride per year
- Your age, driving record, and location.
- Kind or style of motorcycle you ride for instance sports bike
Are There Any Motorcycle Insurance Discounts?
Yes, there are motorcycle insurance discounts that’s why you should put them into consideration when looking for a motorcycle insurance company.
These discounts will get you cheap motorcycle insurance discounts like:
Motorcycle Safety Discount
Lots of motorcycle insurance companies provide discounts to their customers for finishing motorcycle safety courses. To get more information about this discount, contact the Motorcycle Safety Foundation for courses available in your state.
If your motorcycle came with an antitheft or tracking device, you can also get a discount on the comprehensive part of your motorcycle.
Safe Rider Discount
If you’re a good driver with a neat driving record, you can also get a safety rider insurance discount.
Insurance Payment Discount
If you pay your insurance coverage in full, you can also get a small discount, sign up for automatic payment or go paperless.
Belonging to a riding association like the American Motorcycle Association, BMW Motorcycle Owners of American, etc., can also get you an insurance discount.
Which Insurance Companies Provide Cheap Motorcycle Insurance?
These are the best insurance companies that offer cheap motorcycle insurance policies in the USA:
- Farmers Insurance
- Harvey Davidson
- State Farm
- America Family Insurance
- The General
- Amica Mutual Insurance
Progressive Corporation was founded in 1937, and headquartered in Ohio, USA. It is the third-largest insurance company and the number one commercial auto insurer that provides cheap motorcycle insurance policies to its customers.
Progressive offers insurance coverage at cheap rates and several coverage options. The company’s insurance policy is available in 50 states. The insurance company offers full replacement cost and no depreciation for parts in the event of a covered accident.
The company also offers various insurance discounts like motorcycle safety course discounts as well as insurance payment discounts.
You can also add coverage for any of your belongings on the motorcycle in the event of theft or damages, including your cell phone, helmets, safety gear, etc. The company offers add-on coverage for newer motorcycles that are totaled, you can also get a multipolicy discount.
Progressive however receives an average rating compared to other insurance companies. Policies cost $625 annually.
Nationwide Mutual Insurance Company and the affiliated company is a group of large insurance and financial service companies based in Ohio, USA. It was founded in 1926.
The company is one of the best cheapest motorcycle insurance companies that offer insurance coverage at low rates.
The company also offers multiple insurance discounts like the multipolicy discount where you can bundle your motorcycle insurance with your car or home insurance, multiple vehicle discount that gives you a lower discount if you insure more than one motorcycle, motorcycle safety course discount, etc.
Homeowners are also eligible for discounts just by owning a home, you can also get insurance payment discounts, antilock brake discounts, riding association discounts, and more.
The company also offers vanishing deductibles which means for every accident-free year your deductible is lessened by $100. Policies are customized. The insurance policy costs only $593 annually.
Geico stands for The Government Employees Insurance Company. It is a private Auto insurance company based in Chevy, Maryland, USA, founded in 1936.
Basically, Geico insurance offers low insurance rates for collision policies, comprehensive coverage, physical damages or liability coverage, property damages, personal injuries, and uninsured or underinsured motorist coverage.
Geico has an A++ rating from AM Best.
It is the best cheap motorcycle insurance company for young riders. New motorists usually pay higher rates but Geico offers affordable rates to riders ages 18_21. Young riders can also pay insurance premiums in installments but it comes with a little fee attached.
The company also offers special coverage like accessories coverage, helmet coverage, and emergency roadside services including lots of wonderful discounts. The average Geico insurance coverage is $610 annually but it could also be cheaper in some states.
4. Allstate Insurance
Allstate Corporation is an American insurance company headquartered in Northfield Township, Illinois. It was founded in 1931 as part of Sears, Roebuck, and Co.
Basically, Allstate offers one of the best affordable motorcycle insurance coverages. The company also offers the largest bundling discount for auto and motorcycles, you get 10% when combining your motorcycle with your car or home insurance.
The company has a good customer service rating of 0.63 in the National Association Of Insurance Commissioners (NAIC) compliant index.
Allstate offers discounts such as Motorcycle policy transfer discount, motorcycle safety course discount, good rider discount, riders association discount, insurance payment discount, and good rider discount. You also get a lot of agents for personal service.
The insurance company’s coverage includes liability, physical damages, collision, roadside assistance, uninsured motorist, and more. Allstate is available in every state in the USA. The average insurance cost for Allstate is $785 annually.
Markel Corporation is a holding company for insurance, reinsurance, and investment operations around the world. The insurance company was founded in 1930 and headquartered in Virginia, USA.
Markel has insurance coverage for almost any type of motorcycle like cruisers, sports bikes, big twins, dirt bikes, street bikes, and so many others. You can get insurance policies as low as $50 per year.
Markel offers motorcycle insurance coverages like collision, accessories coverage, comprehensive, medical payment, uninsured or underinsured motorist, mechanical breakdown, liability, roadside assistance, emergency roadside services, and lots more.
The company also offers various discounts like motorcycle safety courses, antitheft, antilock brake, renewal, safe rider, and more. You can get a free motorcycle insurance quote and save up to 35% with the company’s discount.
Safeco Insurance is proudly a part of Liberty Mutual Group, an American insurance company headquartered in Seattle, Washington. Safeco was acquired in 2008. The company offers cheap and affordable motorcycle insurance for any type of motorcycle including scooters, sportbikes, cruisers, dirt bikes, street bikes, touring bikes, and mopeds.
Safeco Insurance offers coverages for collision, medical bills, liability coverage, comprehensive, new vehicle replacement, emergency roadside services, and Original Equipment Manufacturers (OEM) parts.
The company also offers various discounts like bundling with other Safeco insurance products, safe rider, motorcycle safety course discounts, claims-free cashback, and diminishing deductibles. Coverage also varies by state.
7. Farmers Insurance
Farmers Insurance Group is an American insurer group of homes, life insurance, automobiles, small businesses, as well as providers of other financial services. The company was founded in 1928 in California.
The company provides cheap motorcycle insurance coverage. Farmer’s insurance offers discounts to customers who buy the home, life, auto, and motorcycle insurance all from them.
Apart from the multipolicy discount, you also get a motorcycle safety course, antilock brakes, airbags, and more.
The company offers various insurance coverage like liability for property damages or bodily injuries, comprehensive, collision, medical payments, optional equipment coverage up to $15,000, trailer transport coverage up to $7,500, and total loss liability coverage for 5 years. The company is one of the best insurance companies for policy bundling.
The USAA or United Service Automobile Association is a Fortune 500 diversified financial services group of companies located in San Antonio, founded in 1922.
Basically, the insurance company provides the best insurance policy for military members and their families.
The company offers cheap motorcycle insurance to US military members of various types like reverse, veterans, national guard, pre-commissioned members, and their families.
USAA offers so many benefits to its members which you can only know when you become a member. Insurance coverage offered by the company is collision, comprehensive, liability for property damages or bodily injuries, emergency roadside services, medical payments, and uninsured or underinsured motorists.
Discounts offered include defensive driving discount, multivehicle discount, and safe driver discount.
9. Harley Davidson
Harley Davidson, Inc., or Harley is one of the popular American motorcycle manufacturers founded in 1903 in Milwaukee, Wisconsin. Apart from manufacturing motorcycles, the automobile company also provides financial protection for your motorcycle.
Harley offers the best cheap motorcycle insurance coverage to its customers. It provides industry-leading services, coverage, and support along with great motorcycle insurance discounts.
The company offers basic liability coverage as well as full coverage. Financial protection is based on your preference but coverages include collision, uninsured or underinsured motorist, comprehensive, liability coverage for property damages or bodily injuries, roadside services, replacement cost, rental reimbursement, and lots more.
The company also offers various insurance discounts like accident forgiveness, motorcycle safety course, loyalty discount, membership discount, accessories coverage, and lots more.
The beautiful thing about the insurance company is that they cover not just Harley Davidson motorcycles but any model like cruisers, sportbikes, touring bikes, and more. You can get instant motorcycle insurance quotes from the company’s website.
10. Dairyland Insurance
Dairyland Insurance , which is a subsidiary of Sentry Insurance which was founded in 1953 in Wisconsin, USA. Dairyland was acquired in 1966. The company offers cheap motorcycle insurance policies as well as car insurance.
It also offers industry-leading insurance as well as customized motorcycle insurance policy. It also specializes in non-standard motorcycle insurance in 49 states.
The insurance company is best for high-risk motorcycle riders.
Dairyland offers insurance coverage to various types of motorcycles including scooters, Hondas, Harley Davidson, Indian, Yamaha, and more. Insurance covered include comprehensive, collision, liability coverage for property damages or bodily injuries, uninsured motorist, roadside services, rental reimbursement, and replacement cost.
However, they offer discounts to homeowners.
The company also offers discounts for motorcycle safety courses, multiple bikes, rider membership, and loyalty. You also get access to OEM parts for repairs to your motorcycle.
If you’re looking for the best cheap motorcycle insurance coverage, check the coverages available in your state before deciding.
You can find cheap motorcycle insurance coverage as low as $5/month but then factors such as the state you reside in, your riding history, and your selected coverage influence the cost of motorcycle insurance.
Progressive offers the cheapest motorcycle insurance both for full coverage and liability-only insurance. Dairyland also offers affordable rates.
Yes, you can get instant online quotes online for some motorcycle insurance while you’ll have to directly contact an agent for others.
With many motorcycle insurance companies out there, it is quite alright for you to get confused about which insurance company to use.
If you’re looking for the best cheap motorcycle insurance coverage, there are factors you should consider like your state of residence and what coverage you want.
This article however will help you in choosing the best cheap motorcycle insurance coverage.