Find the Best Rates On Motorcycle Insurance
Motorcycle insurance covers many different areas. Find out what to look for with coverage as well as some of the top motorcycle insurance providers.
If you ride a motorcycle, it is important to get some form of insurance. Motorcycle riders are at a higher risk of accidents compared to drivers in a car. In some states, you are also required to have motorcycle insurance before you can legally ride. If you are caught without insurance, you risk getting fined or even having your license revoked. Motorcycle insurance is not only for your safety. If you are involved in an accident and the other party is hurt, your insurance will help cover the damages. Motorcycle insurance also offers coverage for any damage to your motorcycle, as well as theft.
There are no shortage of insurance companies to choose from. Many companies that provide auto insurance also have motorcycle coverage available. Some providers offer a discount if you bundle your car and motorcycle insurance. When selecting a plan, make sure you understand all the available benefits and requirements.
Selecting Motorcycle Insurance
Each state has different requirements for motorcycle insurance. Typically, your insurance must provide a minimum liability coverage. Liability coverage is used to pay out for any damages, either to yourself or another party, in the case of an accident. The minimum for motorcycle liability insurance is the same as auto insurance. Some states also require your motorcycle insurance to carry a certain amount in medical benefits. Depending on your state, you may also need passenger liability insurance to have another rider.
In addition to liability insurance, there are a few other considerations for your plan. Collision is a common component of motorcycle insurance. This pays out for any damage to your motorcycle after an accident. Comprehensive coverage is used if your motorcycle is stolen or damaged outside of being ridden. Personal injury protection covers your medical bills if you are injured. In some states, personal injury protection is not available.
Some insurance providers offer smaller coverage, commonly referred to as add-on options. This can include trip interruption coverage, which pays for any lodging or transportation if your bike breaks down and you are unable to get home. If your motorcycle has custom parts, you can get additional equipment coverage. There is also general roadside assistance, to cover the costs of towing and labor to recover your bike after an accident.
As with auto insurance, the cost of motorcycle coverage greatly varies depending on where you live, your driving history and what discounts are available. Motorcycle insurance is typically not as expensive as auto insurance, with standard policies ranging between $50 to $150 a month. Additional discounts may be available the longer you are with a provider. There may also be safety discounts or similar savings based on the provider.
Markel offers extensive motorcycle coverage. While they are not one of the largest insurance providers, they have plenty of perks and discounts to entice customers. All of their insurance policies are customizable, allowing you to get either the bare minimum or a unique insurance plan. Some examples of what you can add to your insurance through Markel include passenger liability, bodily injury and property damage, accessory coverage and mechanical breakdown coverage.
Markel also has a broad range of what classifies as a motorcycle. Your insurance applies to cruisers, sport bikes, scooters and trikes. It is also one of only a few insurance providers to offer accident forgiveness. There are several discounts available, including a 10 percent transfer discount if you are switching from another provider to Markel. You also get small discounts for having anti-lock brakes and an anti-theft alarm in your vehicle. Additional discounts are available if you insure more than one vehicle or own your insurance for over a year. You can use the Markel website to get an estimate for your insurance, with most policies costing around $50 to $100 month.
Nationwide has some of the most affordable motorcycle insurance on the market. Plans typically cost between $50 to $100, depending on the level of coverage. The company has also been praised for their customer service, leading to some of the highest records of customer satisfaction. Nationwide uses a vanishing deductible. For every year you go without getting in an accident, your deductible goes down by $100. Nationwide has a host of discounts available, including reduced rates if you have other Nationwide insurance. You can also receive small discounts by attending motorcycle safety courses or joining an official riding association, such as the Harley Owners Group.
Nationwide does not have as much customization as other insurance providers, but there are still a fair number of options. You can get both custom and original equipment coverage as well as roadside assistance.
Geico is most known for car insurance, but they also have excellent motorcycle coverage. Like Markel, Geico provides a discount if you switch from another insurance provider. There are also loyalty discounts if you already have Geico auto insurance. While Geico may not have the lowest prices, they offer flexible payment plans. This allows you to pay your insurance in smaller installments without facing any late fees or other penalties. Geico also offers collision, comprehensive and medical payments for your motorcycle insurance. There are limited options to get custom parts covered as well. Most plans start around $60 to $70 a month.
Progressive is another insurance provider with flexible plans. All plans include full replacement cost, with no depreciation for older motorcycles. Original equipment is covered up to $3,000, but you must get additional coverage for custom parts. Progressive does not have as many discounts as other providers, but they will forgive your first accident if you were previously accident free for at least four years. Most plans begin around $75 each month. However, currently Progressive has one of the best deals available on the market for motorcycle insurance. They are offering rates for select plans that are as low as $75 a year. While this deal is not available in all states, its worth looking into. Compared to normal rates of $50-$75 a month, this offer is too good to pass up.
Harley-Davidson is not only a motorcycle manufacturer, but they also provide insurance. In terms of customer service, it is hard to beat Harley-Davidson. Customers appreciate how much experience the agents have with motorcycles. This makes selecting a plan much easier, since you speak with an experienced agent who knows exactly what matters to riders. They also provide a generous accident forgiveness policy. Their base insurance includes a number of additional perks, such as free 24/7 roadside assistance. This covers towing, battery and tire replacement. As of writing, you cannot get Harley-Davidson coverage in Alaska, Hawaii or Washington D.C. Because their basic plans offer extra coverage, they are one of the pricier options, with premiums typically starting around $70 to $80.