Are you ready to purchase motorcycle insurance? Take into account the following factors prior to obtaining an insurance quote from your provider.

So you've decided to ensure your motorcycle with the best insurance. Whether you're an adventure seeker or simply looking for a convenient way to travel, riding a motorcycle offers unparalleled freedom.

Similar to a car, it's important to have comprehensive motorcycle insurance that suits your budget and requirements. This insurance should protect you, your passengers, and your investment.

Finding the right insurance quotes is not a straightforward task. It requires shopping around and comparing different options to get the best possible deal. It can be overwhelming if you're unfamiliar with the process. In this guide, we outline the essential steps and provide recommendations for motorcycle insurance coverage.

Do I need motorcycle insurance?

Motorcycle owners are required to buy liability insurance for their motorcycles in most states. Some states make it a mandatory requirement in order to register your motorcycle. And since you are required to register your motorcycle to get a license plate, it goes without saying that motorcycle insurance is a must-have. 

The average motorcycle insurance rates vary with states. Depending on the state you live in, the average motorcycle insurance costs may be above or below the national average. Despite 49 states (except Florida) out of the 50 states requiring that you are covered not all have the same amount of coverage.

The minimum requirements for coverage including bodily injury and property damage vary from state to state. On average, motorcyclists will have at least $25000 bodily injury protection for individuals and up to $50,000 per accident and $10,000 in property damage.

Where can you purchase motorcycle insurance?

Many auto insurance companies also sell motorcycle insurance. However, choosing the company to buy motorcycle insurance from can be a daunting task as there are many options available. Getting the right motorcycle insurance coverage requires an in-depth research of the different types of coverage available before picking the right one for you.

When shopping, make sure to look for motorcycle insurance comparison to find the one that offers features and coverages that align with your needs. Keep in mind that not all providers will have the features and coverages that you mostly need. For this reason, ensure you understand your riding needs and go for a company that matches your requirements.

Motorcycle Insurance coverage recommendations

There are different types of coverage options for motorcycle insurance most of which are similar to the standard coverage you will find with auto insurance. Besides liability and uninsured/underinsured coverage options, most insurance companies also offer the following:

• Comprehensive-this type of insurance coverage is paid out if your motorcycle is stolen or damaged by something else other than a collision with a vehicle. Animal collisions fall under comprehensive coverage. In this case a deductible applies.
• Collision- this covers damages to your motorcycle caused by collision by another object including car, another motorcycle, building or tree. The collision coverage pays out the coverage minus the deductible amount.
• Personal injury protection-If you are hurt in an accident, this type of coverage reimburses you for medical expenses, lost income, funeral costs, childcare and more. Regardless of who’s at fault, this type of coverage pays medical bills for you, your passengers and pedestrians. However, personal injury protection rules vary from state to state and in some states, this type of coverage may not be allowed. This is owing to the high rates of accidents in a particular state.
• Medical payments (MedPay) – this type of coverage is not available in all states. Medical payments coverage pays for medical bills incurred by you and your passenger in case of an accident. However, it is different from personal injury protection in that it does not cover lost income, wages and other expenses as a result of the accident. This type of coverage is highly recommended as riding a motorcycle comes with high risks. MedPay comes in handy if you don’t have health insurance or do not have enough health insurance.
• Property damage liability coverage – this type of coverage covers damage to another person’s property when you are responsible for causing the damage. If you are at fault, you may be liable for private residences, vehicles, storefronts and other structures.
• Bodily injury liability coverage – this coverage covers expenses for things like lost wages or income resulting from the death or injury of another driver when you were at fault. In some states, this may extend to your passengers on your motorcycle.
• Uninsured/underinsured motorist bodily injury – this covers your injuries as well as your passenger’s injuries if you get into an accident and the uninsured/underinsured was at fault. Though different states have different requirements for this kind of coverage.
• Rental reimbursement – this helps cover the cost of a rental if your motorcycle is stolen or being repaired at the shop.
• Lease/loan gap – this coverage pays the difference (gap) between the worth of your motorcycle and what you still owe on your loan/lease. But this coverage is only applicable if you already have comprehensive and collision covers on the same policy.

How to get cheap motorcycle insurance or discounts?

We all want a price break to save that extra dime and minimize costs. Different insurance companies offer their customers insurance discounts depending on a number of factors. If you want to increase your chances of getting a discount on your insurance, consider the following ways which many insurance providers look as indicators to reduce the average cost of insurance.

• Complete a motorcycle riders training course
• Maintain a clean driving record
• Join a motorcycle riders organization
• Consider asking for a mature rider discount if you are over 55 or a longtime rider.
• Buy another insurance policy from the same provider e.g. homeowners insurance or auto insurance. 
• Install an anti-theft device 
• Change the type of coverage to storage in winter
• Consider dropping comprehensive coverage
• Raise your deductible

What is motorcycle insurance lay-up?

Insurance lay-up periods refers to an offer by many insurers to offer coverage during a period when many drivers put their motorcycles away during winter. During the lay-up period, the insurance still covers against theft and any risk events that can happen while your bike is in storage. Motorcycle lay-up coverage however does not cover any accident/event that may happen if you take your motorcycle out during this period. It helps save on your annual insurance costs.

What are the different types of settlement for stolen or destroyed bikes?

It is important to keep in mind the different types of settlements that you can get from your motorcycle policy. Usually, there are different ways that an insurance provider will pay out depending on whether your bike was stolen or destroyed. These three types of settlement are as follows:

• Stated amount –this type of settlement reimburses the amount you selected when you bought the policy.
• Actual cash value –this settlement pays you the cash value of your motorcycle’s worth, minus depreciation and your deductible.
• Agreed value –pays the amount you agreed on between you and the insurance company when you bought the policy. The agreed amount does not change and no deductible is taken away from the claim check. This type of coverage is suitable for owners of classic or custom bikes which are generally covered with agreed value or stated amount coverage.

Motorcycle insurance comparison

When it comes to the motorcycle insurance market, there are many options to choose from depending on a number of factors like affordability, coverage, how accident-prone and so on. To get the best deal, it is important for you to make a motorcycle insurance comparison to find the best moto insurance for your needs. Below, we breakdown the best insurance companies for various needs that you may have.

Best motorcycle insurance for affordability: Geico

From expert analysis and numerous BBB ratings reports, Geico is one of the best insurance companies for a low budget beginner, as well as one of the biggest names in auto insurance. It offers a wide range of incentives and discounts coupled with an average annual rate of 19.11%, which is far below the national average. However, their customer service is not all that great and they do not provide bundling coverage.

Best insurance for drivers with good credit/history: State Farm

If you have a clean driving record and a robust credit, then State Farm is you go-to choice for your coverage needs. State Farm is also one of the most popular insurance providers in the country. They have rates that are below the national average in most states. Bundling accommodations as well as financial stability are some of the key selling points of this insurance company.

Best insurance company for customized bikes: Foremost

Foremost is one of the big names when it comes to protecting your customized equipment, and vintage or custom bikes. They offer up to $3500 worth of coverage for after-market equipment. This includes custom paint jobs, and additional custom items. They also offer coverage for safety apparel such as helmets, and goggles, living up to their commitment to protect your bike as well as your body.

Best insurance for military members: USAA

USAA provides insurance policies for military members and their families. Qualified USAA members are eligible for a 5% discount on motorcycle policy, along with additional discounts for a claims-free record and taking a safety course.

Best insurance for accident-prone: Farmers Insurance

Farmers Insurance is a well-known brand in the auto insurance industry. Their Collision insurance covers up to $1500 of motorcycle protective gear and comprehensive insurance provides coverage amounting to $3,500 of equipment. There are several options available including up to $7,500 in coverage for a transport trailer.

Best motorcycle insurance for young riders: Allstate

Allstate insurance is a big brand that you’ve probably heard of many times. If your motorcycle is less than 2 years old, and is destroyed in an accident, the company reimburses you for the cost of a brand new bike. Also, your insurance costs stays the same if your policy is at least 4 years old.

Best Overall: Progressive Insurance

Progressive Insurance takes the spot for the best insurance company overall. The company is able to keep the average motorcycle insurance costs low with its direct-to-consumer approach and convenient online services. Progressive’s standard motorcycle coverage caters to repair costs for your damaged motorcycle by buying new parts with no deduction for depreciation. 

If you’ve not had an accident for four consecutive years, a first accident doesn’t count against you. The company’s collision and comprehensive coverage also provides an automatic addition of $3000 for custom and safety accessories.

As part of the coverage, Progressive gives you OEM (Original Equipment Manufacturer) guarantee at no extra cost. This means that your motorcycle will be repaired with original parts from the manufacturer. For example, your Harley is repaired with genuine parts from Harley. If you are looking for a customizable insurance quote, then Progressive is the best of the lot with one of the easiest quote processes done online. You will be able to make adjustments and customization to your quote and see how it affects your premiums.

Best Cheap motorcycle insurance: Nationwide

If you are looking for cheap motorcycle insurance then Nationwide is a top contender for affordability and coverage. With only Progressive beating it for overall convenience and average motorcycle insurance cost. Nationwide has an attractive package that includes coverage for all types of standard motorcycles plus custom equipment insurance coverage that amounts to $3000 if you opt for the comprehensive coverage. Nationwide however, does require you to purchase OEM coverage as an add-on, and which is only applicable if the motorcycle is less than 10 years old. Their bundling coverage comes with discounts which can save you the extra dime.