Best Cheap Motorcycle Insurance Companies

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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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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.

The best cheap motorcycle insurance companies 2020

  • 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.

Progressive

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

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

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.

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.

Nationwide

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

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.

Methodology

When choosing motorcycle insurance, it’s important to find a company that fits your specific needs. Price is not the only factor to consider, especially when insuring a motorcycle. One-size-fits-all policies simply don’t apply to motorcycles. For example, vintage bike owners and bikers who like to customize their motorcycles need customizable insurance plans that provide OEM and replacement value options. We chose these four companies based on their customer service, financial stability, market availability, policy offerings, special features and underwriting practices.

Company AM Best Rating BBB Rating
Progressive A+ (Superior) B-
Foremost A (Excellent) A+
Nationwide A+ (Superior) A+
Markel A (Excellent) A+

Frequently asked questions

How much coverage do I need?

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.

What factors affect my premiums?

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.

How can I get the best deal on motorcycle insurance?

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.

Is owning a motorcycle cheaper than owning a car?

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.