Cheap Motorcycle Insurance (2020)

Cheap Motorcycle Insurance (2020)

You can find cheap motorcycle insurance by comparing rates and checking for discounts.

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Nearly every state requires you to get motorcycle insurance before taking to the roads. To help you find cheap motorcycle insurance, we compared the costs charged by some of the country's most well-known providers. We found that GEICO tends to have the most affordable motorcycle insurance.

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Along with an insurer's affordability, we also checked which companies offered the most ways to lower rates with discounts. Below, we call out the top cheap motorcycle insurance companies in the country and highlight the perks that come with each insurer.

Cheapest motorcycle insurance: GEICO

GEICO is most likely to offer cheap motorcycle insurance.
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What you get:

  • The cheapest rates on average
  • A discount for bundling, among others
  • A range of coverage limits

Read the full review

GEICO has the cheapest motorcycle insurance of any company we surveyed. On average, the price of a policy with GEICO is only $534 per year — that's nearly $200 less than the national average cost of $702.

There are a few ways you can reduce the cost of a GEICO motorcycle insurance policy even further. If you bundle your motorcycle coverage with a car insurance policy, or if you insure more than one bike, you could significantly lower your rates. Additionally, you could see discounts for each year you renew your policy safety course.

While GEICO consistently offers cheap motorcycle insurance, policyholders still receive great coverage. In addition to its highly adjustable liability coverage, GEICO also offers accessories coverage for your bike's equipment, along with roadside assistance if you get stranded while on a trip.

Cheapest full-coverage motorcycle insurance: Progressive

Progressive's long list of discounts could help you get a bargain.
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What you get:

  • Cheap prices available throughout the country
  • Many ways to save money on a policy
  • Great extra forms of coverage

Read the full review

Progressive motorcycle insurance is the insurer with the cheapest full-coverage motorcycle insurance. Policies from Progressive typically cost $825 per year, come with a number of features and can be customized.

Progressive policyholders may be able to score a bargain on motorcycle insurance through the company's many discounts. Some are easy to get. For example, you can sign up for electronic payments, prove you have a motorcycle license and pay on time.

The coverage included in the price of a standard Progressive policy is unrivaled. Riders automatically receive replacement-cost coverage, original equipment manufacturer (OEM) parts coverage, and $3,000 of custom parts protection when you have comprehensive and collision coverage.

Cheap motorcycle insurance for young riders: Nationwide

Nationwide's cheap rates and endorsements could make it a better option than GEICO for many people.
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What you get:

  • Great prices for young riders
  • Affordable option for older riders
  • Convenient mobile app

Read the full review

Inexperienced riders typically pay higher premiums, but Nationwide consistently offers affordable rates for riders aged 18 to 21 years old.

For older riders, Nationwide continues to offer cheap motorcycle insurance. The average price of a Nationwide policy is $552 per year, about $200 cheaper than the national average, and in some parts of the country it can be even cheaper. Plus, Nationwide's average is only $9 more expensive per year than GEICO.

Driver ageNationwide's costDifference from age group's average
18-year-old$685-31%
20-year-old$462-49%
21-year-old$381-47%
Rates calculated with rider profiles in New York, Los Angeles and Chicago.

While even budget-conscious young riders who just want to satisfy their state's insurance requirements can find great coverage at Nationwide, older riders with more financial freedom can increase their protection with Nationwide's many extra policy features, including coverage for custom equipment and roadside assistance.

Cheap motorcycle insurance for touring and travelers: Allstate

Allstate's discounts could enable policyholders to purchase more coverage for long-distance traveling.
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What you get:

  • Towing, labor and roadside assistance services
  • Coverage for vehicle transportation
  • Lots of robust discounts

Read the full review

Allstate's motorcycle insurance is perfect for protecting riders against perils that could arise on road trips, like lost keys, dead batteries and bikes that get stuck off the road. The insurer's varied upgrades will appeal to riders who frequently travel long distances with their motorcycles.

Riders can purchase coverage that will reimburse expenses for towing and labor in case of a breakdown during a long trip. Additionally, Allstate may cover the cost of a rental if you can't operate your bike or it gets stolen. Finally, Allstate motorcycle insurance can extend to any trailer you use to transport your bike before a tour.

There are many ways that Allstate's policyholders can save money. You can reduce your rates by as much as 30% if you bundle a motorcycle insurance policy with another of Allstate's products. Also, insuring more than one bike and driving safely can both lower your cost of coverage by 10%.

Who has the cheapest motorcycle insurance?

Riders looking for cheap motorcycle insurance should start by comparing GEICO's quotes with other providers. Usually, GEICO's policies are cheaper than the average costs of its competitors. However, Nationwide is also often among the cheapest companies — and its extra features are better than GEICO's.

GEICO's low rates are the cheapest in the country, while Dairyland tends to offer more expensive policies to most riders.

A bar graph showing the cost of cheap motorcycle insurance
A bar graph showing the cost of cheap motorcycle insurance

We compared the average cost of motorcycle insurance in the 15 states that have the most registered motorcycles, according to the Federal Highway Administration. In these states, GEICO overwhelmingly had the cheapest rates — which were usually cheaper than a state's average price by more than 25%.

StateCheapest providerDifference from statewide average
CaliforniaGEICO-45%
FloridaGEICO-38%
OhioGEICO-46%
New YorkGEICO-44%
PennsylvaniaGEICO-17%
TexasProgressive-32%
WisconsinGEICO-28%
IllinoisNationwide-35%
MontanaNationwide-23%
MichiganProgressive-19%
IndianaGEICO-29%
MinnesotaGEICO-34%
WashingtonNationwide-23%
GeorgiaGEICO-31%
VirginiaNationwide-20%

How to get affordable motorcycle insurance

Comparing quotes, searching for discounts and adjusting your deductibles could help you find cheap motorcycle insurance.

If you live in an area where it's uncommon to find cheap motorcycle insurance, you might still be able to find a bargain. We recommend comparing the costs of motorcycle insurance from as many companies as you can before settling on an insurer, as the difference between the cheapest and most expensive insurer could be hundreds of dollars.

Once you get a sense of the prices in your area, check out each insurer's discounts. These will vary with each company. For smaller providers, the discounts could even differ based on your local office's guidelines. In most places, it's common for discounts to be available for:

  • Renewing coverage with a company
  • Transferring from another provider
  • Remaining accident-free for multiple years
  • Taking an approved safety course
  • Bundling policies
  • Insuring multiple bikes

Finally, riders can find cheap motorcycle insurance by adjusting their deductibles, especially with comprehensive and collision endorsements. We found that raising a deductible from $250 to $500 on a Progressive motorcycle insurance policy reduced the overall cost of the policy by more than $100.

Methodology

To find which companies offer cheap motorcycle insurance, we collected more than 3,000 quotes from across the United States. Our quotes aligned with the profile of a 45-year-old married homeowner who drove a 2019 Harley-Davidson FLHX Street Glide. Our rates reflect the following limits:

  • Bodily injury liability coverage: $100,000 per person/$300,000 per accident
  • Property damage liability coverage: $50,000 per accident
  • Collision coverage: Included/$500 deductible
  • Comprehensive coverage: Included/$500 deductible
  • All other coverages: Not included
Andrew Hurst

Andrew Hurst is a Technical Writer at ValuePenguin who writes about insurance. His analysis has been featured in Forbes, MSN and USA News, among others. He's also appeared in interviews broadcast by ABC and the CW. He previously taught composition and research at Wright State University.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.