So you got yourself a motorbike, what now? Before you take to open road with your Hog or Honda, it's important to consider insurance. Motorbike insurance is mandatory in most of the U.S. and will help you keep your mind on the road instead of on your finances. As with car insurance, you'll pay more if you're a new driver or have a record of accidents. The cost also depends on the type of bike. An expensive Harley or Ducati will command higher premiums than a Scrambler.
Property damage liability and bodily injury coverage will cover injuries, death or destruction of property for other people involved in an accident you cause. The minimum insurance coverage required changes from state to state, and covers damages up to different levels. It is represented by 3 numbers, each number refers to a dollar amount in thousands. For example: 15/30/10 represents $15,000/$30,000/$10,000. The first number stands for the maximum coverage for bodily injury to one person. The second number stands for the maximum coverage for total bodily injury of all people involved. And the third number represents the maximum coverage for damage to property. Note that this required coverage does not cover your own bodily injuries or damage to your motorcycle.
Additional coverage is required in some states, but even if it isn't, you may still want to protect your assets by getting at least some additional insurance like collision and comprehensive coverage. Comprehensive insurance protects your bike from theft, hail, fire and other non-collision damages. Collision insurance covers your bike repair if you're involved in an accident involving collision. Medical payments insurance pays your medical expenses in the event of bodily injury. Biking is pretty risky business, which is what makes it such a rush. So make sure you have the right insurance to avoid getting into a tricky financial situation.
Nationwide. This motorcycle insurance is a good option for bargain hunters and collectors. It lets you insure up to 12 motorcycles on one policy, with coverage of up to $50,000 per bike. You can get as much as $30,000 of coverage for custom parts. Liability insurance, uninsured or underinsured motorist coverage, collision coverage, and comprehensive coverage can be added to a policy. You get a discount of up to 14% for multiple policies (homeowners, car, etc.). Up to 35% off when you insure several vehicles like a car, boat, and motorbike on the same policy. If you are part of a bikers association you could get another 10% discount. There are also discounts for farm bureau members and nationwide partner associations. If your bike has anti-lock brakes or a theft recovery device you can get discounts for these. Home owners get as much as 19% off. If you are looking for good coverage and think you may be eligible for some of these discounts, this may be the right insurer for your bike.
Farmers offers you as a biker a lot of benefits. You get first accident forgiveness (rates won't go up) and can get additional medical payments in case of an accident just by wearing a DOT-approved helmet. This insurer provides a long list of discounts for safety features installed in your bike. And you can also get discounts for taking safety courses and getting multiple policies with them. Convenient features include online claims reporting and online payment of bills.
GEICO gives you real time insurance quotes and lets you report claims online. Another nice feature is that you can manage your claims online and sign documents electronically. You can save up to 10% every time you renew your insurance. You can also save up to 10% if you insure more than one motorcycle, if you are a mature driver, or if you complete a course from the Motorcycle Safety Foundation. You can also get a 5% discount on your total premium if you insure your car with GEICO too.
Read our review of GEICO here.
State Farm provides some of the cheapest motorcycle coverage available in some parts of the US, especially when you purchase multiple insurance policies with them. Coverage includes liability, collision, medical expenses and damage to your bike. You can also get comprehensive coverage to insure your bike against fire, theft and other non-collision damage. Other pros include online claims reporting and a good overall customer service rating.
USAA has an excellent reputation for customer service. It provides insurance to U.S. military service members, veterans who have honorably served, and their eligible family members. If you serve in the military this is a good choice of insurer as it also offers additional life insurance coverage for active servicemen. As a biker, you can benefit from liability insurance, collision coverage, up to $10,000 optional coverage for your transport trailer, and up to $30,000 optional coverage for custom bike parts and equipment. If you take an eligible safe driving course, you could save an additional 5% on premiums.
Read our review of USAA.
Allstate offers replacement coverage for your bike. So if it is totaled or stolen you can get it replaced with an identical motorcycle. If you get more than one Allstate policy (for example a life or homeowners insurance), you can save up to 30%. Attending a motorcycle safe driving course can get you a 5% discount, and joining an eligible motorbike club could give you a 10% discount. If you have more than one bike to insure, you can get discounts of up to 35% for multiple bike policies.
Read our review of Allstate here.
Esurance offers policies that are almost custom made to fit any bike. Quick online insurance quotes can help you find the best policy to match your motorcycle's value and power. You get discounts if you get more than one policy (homeowners, renters, etc.), get more than one vehicle insured (car and motorbike), or pay your premiums in a lump sum up front. Installing a theft recovery device or anti-lock brakes will also get you discounts.
Read our review of Esurance here.
AARP offers motorcycle insurance issued by Foremost. If you are a member of AARP and own a motorbike, you could take advantage of the motorcycle insurance features they offer. These include first accident waiver, towing and roadside assistance, trip interruption coverage, trailer coverage of up to $7,500, and savings of up to 25% if you insure more than one motorcycle with them. You get up to $3,500 in coverage for additional equipment and up to $1,500 in safety apparel coverage.
Read our review of AARP here.
Progressive motorcycle insurance provides total loss coverage for totaled or stolen motorcycles. This means you can get compensated for replacing your lost bike with a new identical one. You get coverage of up to $30,000 ($3,000 standard) for accessories and customized parts. Progressive is a very good choice if you own a custom bike, or have done a lot of custom work on your motorcycle, as you can get an agreed-on benefit. That means you agree with the insurer on the value and the benefit that will be paid out - because you're the only one that knows your custom bike's real value. This provider also makes it easy to get a lot of discounts. For example, paying your premiums on time or remaining claim-free will get you discounts when you renew your policy.