Best Cheap Motorcycle Insurance Companies

Even the cheapest motorcycle insurance should cover your equipment completely in the event of an accident. That’s why it’s always best to select the level of coverage you want and then shop for the best price.

States require you to carry minimum amounts of liability insurance, which covers bodily injuries and property damage that you cause in an accident. Buying liability insurance isn’t just the law, it also makes sound financial sense to protect your valuable assets. You should also consider other types of coverage, including collision, comprehensive, customization and uninsured and underinsured motorist policies.

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    In this article

      The best cheap motorcycle insurance companies 2020

      We researched every major motorcycle insurance company in the United States to find the ones that offered the best claims handling and coverage options, as well as the deepest discounts and most customizable policies.

      Since insurance rates depend on a range of unique factors, use our quote tool below to find the cheapest policy for your specific needs.

      • Progressive
      • Foremost
      • Nationwide
      • Markel

      Our picks for the best motorcycle insurance companies offer solid coverage and a great selection of discounts to bikers nationwide. They all underwrite their own policies and meet our criteria for financial strength, so you can expect them to be there when you need them, whether it’s years from now or a mile down the road.

      Best overall – Progressive

      Based on most standard motorcycle policies, Progressive’s coverage is miles ahead of its competitors.

      J.D. Power Rating
      3/5
      AM Best Rating
      A+
      Standard & Poor’s
      AA
      SimpleScore
      4.2 / 5.0
      close
      SimpleScore Progressive 4.2
      Discounts 4
      Coverage Options 5
      Customer Satisfaction 3
      Support 5
      Accessibility 4

      If you get into an accident, Progressive will pay the full replacement cost of your bike, regardless of its depreciated value. Progressive also automatically uses original equipment manufacturer parts in your repairs. That’s unique because most insurers require you to pay extra for OEM parts or don’t give you the option at all. Progressive collision and comprehensive policies also include $3,000 in coverage for accessories and custom equipment. If you need more protection, or add new accessories or customizations to your bike, you can up the limit to $30,000.

      Its standard policy includes:

      • Bodily injury and property damage liability coverage
      • Comprehensive and collision coverage
      • Medical payments coverage
      • Uninsured/underinsured motorist coverage

      Progressive’s optional policies include:

      • Total loss coverage: Available only for motorcycles that are one model year old or less, total loss coverage pays the full manufacturer’s retail price to replace a totaled bike.
      • Roadside assistance and trip interruption coverage: When you break down in Canada or the United States, roadside assistance coverage pays for towing. If you add trip interruption coverage, it pays up to $500 in accommodation, food and transportation costs while you wait for the shop to repair your bike.
      • Carried contents coverage: Personal items such as camping gear and smartphones can get lost or stolen on the road. With carried content coverage, you can rest assured Progressive will replace them.
      • Disappearing deductible coverage: When you buy disappearing deductible coverage, Progressive reduces your deductible by 25% every year you don’t file a claim.
      • Enhanced injury protection: Every biker faces the threat of injury. If you get hurt in an accident, enhanced injury protection will pay up to $250 per week, up to two years, while you recuperate. The policy also includes a $25,000 death benefit.

      Progressive’s standard coverages and optional policies are attractive on their own, but Progressive sweetens the deal with a wide range of discounts to lower your rate, including:

      • Association member discounts
      • Automatic bill-pay discounts
      • Motorcycle endorsement discounts
      • Multi-policy discounts
      • Pay in full discounts
      • Pay on time discounts
      • Policy transfer discounts
      • Quote in advance discounts
      • Responsible driver discounts
      • Safety course discounts

      Foremost

      Foremost is a great choice for custom and vintage bike owners. You can choose liability only, insurance packages or individual coverages. Foremost’s Saver package includes $500 in helmet and safety gear coverage, along with optional roadside assistance. The Plus package features $3,500 in optional equipment coverage and the Elite package offers $2,000 in personal effects coverage. For bikes with lots of customization, you can increase optional equipment coverage to $15,000.

      Foremost’s selection of policies include:

      • Collision coverage
      • Comprehensive coverage
      • Medical payments coverage
      • Replacement cost coverage
      • Safety apparel coverage
      • Trailer coverage
      • Uninsured/underinsured motorist coverage

      Foremost also caters to the unique needs of vintage bike owners and people who own motorcycles with more than $30,000 in customizations. If you own a low-speed electric vehicle, Foremost can cover you too.
      Foremost does not advertise any discount programs, which puts it at a disadvantage among some of its competitors. You can purchase Foremost insurance in all states except Hawaii and Massachusetts.

      Best for discounts – Nationwide

      With Nationwide, you can create custom motorcycle insurance packages

      J.D. Power Rating
      3/5
      AM Best Rating
      A+
      Standard & Poor’s
      AA+
      SimpleScore
      4.2 / 5.0
      close
      SimpleScore Nationwide 4.2
      Discounts 4
      Coverage Options 5
      Customer Satisfaction 3
      Support 5
      Accessibility 4

      With Nationwide, you can create custom motorcycle insurance packages for up to 12 bikes on a single policy and up to $50,000 in coverage for each bike. You also have the option to purchase up to $30,000 in custom parts coverage, as well as trailer coverage.

      Nationwide’s basic motorcycle coverages include:

      • Bodily injury coverage
      • Classic motorcycle coverage
      • Collision and comprehensive coverage
      • Medical payments coverage
      • Property damage liability coverage
      • Uninsured/underinsured motorist coverage

      Optional motorbike policies include:

      • Custom equipment coverage
      • OEM endorsement coverage
      • Roadside assistance coverage

      Comprehensive policies come with $3,000 in custom equipment coverage, which you can increase up to $30,000. Nationwide also has a vanishing deductible program, which rewards you for safe driving. Each year you avoid having accidents, you can reduce your deductible by $100, to a maximum of $500.

      Nationwide offers a standard array of discounts to decrease your rate, including:

      • Affinity member discounts
      • Anti-lock brake discounts
      • Homeowner discounts
      • Motorcycle safety course discounts
      • Multi-policy discounts
      • Multi-vehicle discounts
      • Paid in full discounts
      • Riding association discounts

      Markel

      Markel sells custom insurance packages for an impressive range of motorcycles, including big twins, cruisers, custom bikes, dirt bikes, scooters and mopeds, sport bikes, sport-touring bikes, street bikes and touring motorcycles. One of the best features of Markel coverage is the option to choose your collision and comprehensive deductible with options from $250 to $2,000. Collision and comprehensive policies come with $1,000 in accessories coverage, which you can increase to $30,000, in $1,000 increments.

      Other basic policies include:

      • Bodily injury and property damage liability coverage
      • Funeral expense coverage
      • Medical payments coverage
      • Passenger liability coverage
      • Mechanical breakdown coverage
      • Rental vehicle reimbursement coverage
      • Uninsured/underinsured motorist bodily injury coverage

      Markel’s roadside assistance option comes packed with benefits at a low price. For $25 per year, you get 24-hour roadside assistance and emergency battery, locksmith and tire services. The coverage also includes customized road mapping service and parts delivery.

      Markel’s discount programs allow you to save up to 35% on motorcycle insurance. Discounts include:

      • Anti-theft alarm discounts
      • Multi-motorcycle discounts
      • Renewal discounts
      • Safe driver discounts
      • Safety course discounts
      • Transfer discounts

      Compare Affordable Motorcycle Insurance Rates

      Save money on motorcycle coverage with our simple comparison tool.

      Matching you with providers.
      We found results in
      Click at least 2-3 companies to find the very best rate.

        Choosing the right amount of coverage

        There is no formula for determining how much insurance you need. If you own an older bike, you may want to carry minimum coverage to protect against liability claims. However, if you own a new motorcycle, or a customized or vintage bike, you probably need maximum coverage. The most common types of motorcycle insurance policies include:

        • Liability insurance: This insurance pays for bodily injury and property damage when you are at fault in an accident.
        • Collision insurance: This pays for damage to your motorcycle when you are at fault in an accident.
        • Comprehensive insurance: Comprehensive insurance pays for damage to your bike not caused in an accident, such as fire, storm or vandalism damage.
        • Comprehensive insurance can also replace your bike if someone steals it.
        • Customized parts insurance: This pays to replace customized parts. Many collision and comprehensive policies will not cover customizations that you add to your bike, such as sound systems, custom seating, custom tires or heated grips.
        • Uninsured/underinsured motorist coverage: This pays your bodily injury and property damage expenses when an uninsured or underinsured driver causes an accident.

        All states require liability insurance, and some states require uninsured/underinsured coverage. If you finance your motorcycle, the lender will require you to carry collision and comprehensive insurance.

        State minimum liability insurance requirements vary. Many states require certain levels of liability insurance, including:

        • $25,000 in bodily injury coverage to pay the medical expenses of one person in a single accident.
        • $50,000 in bodily injury coverage to pay the medical expenses of more than one person in a single accident.
        • $25,000 in coverage to pay for property damage in a single accident.

        Required liability ratios vary by state. Check the website of your state’s insurance commissioner to find out how much coverage your state requires.

        How to save on your motorcycle insurance

        You do not have to pay a fortune for motorcycle insurance. Who has the cheapest motorcycle insurance may depend on your specific circumstance and what discounts are available to you. Apply these easy tips for maximum savings:

        • Get quotes from several companies: Before committing to an insurance provider, compare rates and coverages to make sure you’re getting the best combination of value and protection.
        • Take advantage of discounts: Find out what types of discount programs each insurer offers. Insurance companies often offer discounts for maintaining a good driving record, buying multiple policies and consistently paying your bill on time. In many cases, you can qualify for more than one discount.
        • Take a safe driving course: Most motorcycle insurance providers will give you a break on your premium if you complete an approved motorcycle safety course.
        • Choose a higher deductible: By increasing your deductible, you will pay more upfront if you have an accident, but you can often substantially reduce your annual premium rate.
        • Bundle your policy: If you’re choosing a provider that offers multiple lines of insurance, consider bundling your motorcycle insurance with your home or auto policy. Many insurance companies offer bundled pricing and some apply discounts to every policy you purchase.
        • Join a riding club: Many insurers offer discounts to members of motorcycle riding associations.

        Cheap motorcycle insurance FAQs

        Minimum motorcycle insurance requirements vary by state. Many states follow the 25/50/25 rule; $25,000 in bodily injury coverage to cover one injured person in an accident, $50,000 in bodily injury coverage to cover more than one person’s injuries in a single accident, and $25,000 in property damage coverage to cover one accident. These minimum coverages only apply to liability. If you finance your bike, your lender will require you to purchase collision and comprehensive insurance, and if you customize your motorcycle you may need additional protection.

        Numerous factors play a role in your premium rate, including your age, driving experience, driving record, mileage and the type of bike you ride. In many states, your credit score can also affect your insurance rate.

        Insurance companies offer all types of discounts to reduce your rate, including deals for good drivers, people with multiple policies and bikers who complete safe driving courses. You can often qualify for the best rates simply by maintaining a good driving record and credit score. When shopping for motorcycle insurance, it pays to shop around for the best combination of value and coverage.

        While motorcycles usually cost less than cars, they can cost just as much to insure. Customizing a bike can cost loads of money and protecting it with adequate insurance can drive up your annual premium.

        Methodology

        We chose these four companies based on their customer service, financial stability, market availability, policy offerings, special features and underwriting practices.

        CompanyAM Best RatingBBB Rating
        ProgressiveA+ (Superior)B-
        ForemostA (Excellent)A+
        NationwideA+ (Superior)A+
        MarkelA (Excellent)A+

        Methodology

        SimpleScore

        The SimpleScore makes it easy to compare products and services featured here on The Simple Dollar in a transparent, open and honest way. We rate these products and services using five factors and average them to calculate a single SimpleScore. For auto insurance, we compare:

        • Discounts
        • Coverage options
        • Support
        • Customer satisfaction
        • Accessibility

        You can read more about each factor and the details of each score in our auto insurance methodology. Use our ratings and editorial recommendations as you shop for the best auto insurance that fits your coverage needs.

        Car insurance rates: We used insurance rates from Quadrant Information Services. This includes analyzing thousands of rates from all 50 states that were publicly sourced from 2019 insurer filings. Rates are based on a 30-year-old male or female that had a clean driving record. Full Coverage premiums assumed a $500 collision and comprehensive deductible, and we looked at those who had both good and poor credit. These rates should be used to inform your car insurance shopping process, but your own quote may differ.

        Why do some brands have different SimpleScores on different pages?

        To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
        However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.

        Discounts

        We looked at the number of discounts each company offers — more discounts mean a higher score.

        Coverage Options

        We awarded higher scores to the companies that have the most coverage options.

        Support

        We awarded higher scores to lenders with the most channels for customer support.

        Customer Satisfaction

        We leveraged the J.D. Power 2019 Auto Insurance Satisfaction Study℠ to see how customers rated their experience with each company. (If a company wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

        Accessibility

        We looked at the level of accessibility of each company –– the more resources they have the higher their score.