Best and Cheapest Motorcycle Insurance: Companies, Coverage Options and Cost in 2020
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Motorcycle insurance requirements
Whether you drive your motorcycle for pleasure or it’s your primary means of transportation, motorcycle insurance is critical to protecting you and your precious ride. Motorcycle insurance is required in most states across the United States. It can protect you and your passengers from the expense of an injury while riding your bike as well as the cost of damage to your motorcycle.
Do I need motorcycle insurance?
If you live in one of the many states that require motorcycle insurance, you need to have motorcycle insurance in order to legally drive your bike. The only states that don’t require you to have motorcycle insurance are Michigan, Montana, New Hampshire and Washington. Motorcycle insurance is still offered in these states and it’s important to consider purchasing it if you’re a bike owner.
Typically, states that require bikers to have insurance require them to have liability coverage and some require uninsured/underinsured motorist coverage. You’ll need to have at least the minimum amount of insurance coverage required in your state. Motorcycle insurance limits vary by state.
It’s up to you to decide if you want higher coverage limits and additional coverage like collision or comprehensive, but it’s encouraged that all bikers consider these insurance coverages. Additional liability motorcycle insurance coverage would offer you more protection to you and your assets if you’re found at fault for an accident.
If you get into an accident with your motorcycle and you don’t have collision coverage, you’d be on your own to pay for the damages to your bike. Likewise, if your bike is damaged by a fire or severe weather and you don’t have comprehensive motorcycle insurance coverage, you wouldn’t be covered for the damages.
How much is motorcycle insurance?
The cost of motorcycle insurance varies greatly based on the bike you have, your age and other factors. If you’re an experienced rider, you may pay around $500 per year for motorcycle insurance, but the price can vary based on where you live. If you’re a young driver, you should expect to pay a high price for motorcycle insurance. Likewise, if you have a luxury motorcycle of high value, your premium could be more than $1,000 per year.
There are many factors that affect the cost of motorcycle insurance including:
- Your age
- Your driving record
- Where you live
- Where you store your bike
- Your motorcycle - type of bike and age
- If your motorcycle has any modifications
- How much you drive each year (seasonal or full time)
- Your deductible
- The company you choose
Motorcycle insurance coverage options
Many motorcycle insurance coverage options work in the same way that car insurance coverages do. If you’re leasing or financing your bike, you’ll likely be required by your lender to purchase collision and comprehensive protection in addition to any other coverages required by your state.
Most motorcycle insurance companies offer the following coverages:
- Liability: Liability coverage is a required motorcycle insurance coverage in most states. There are two forms of liability coverage: bodily injury liability and property damage liability. Bodily injury liability covers injury or death to other people in an accident that you caused while on your motorcycle. Property damage liability covers damage you caused to another person’s property, such as their car. Motorcycle insurance liability also covers legal expenses if you are sued. Liability doesn’t cover injury to you or damage to your motorcycle. This coverage doesn’t have a deductible
- Collision: Motorcycle insurance collision coverage protects your bike if it’s damaged in a collision with