Full coverage motorcycle insurance covers repairs or replacement if your bike is damaged or stolen, as well as any damage you may cause in an accident. typically includes comprehensive and collision insurance, plus any state-mandated liability coverage.
A full coverage policy is the best way to protect your bike. however, these policies are often much more expensive than those that include only the state-mandated liability coverages.
how much does full coverage motorcycle insurance cost?
While your rates will depend on a variety of factors, including your driving history, age, and make and model of motorcycle, full coverage motorcycle insurance is typically much more expensive than a basic policy with only liability insurance . Based on the quotes we gathered, buying a full coverage motorcycle insurance policy that includes the minimum required liability insurance plus comprehensive and collision insurance is on average 10 times more expensive than buying the insurance minimum state liability and pip (when necessary).
what does a full coverage motorcycle insurance policy include?
The defining characteristic of a full coverage motorcycle policy is that it includes comprehensive and collision insurance, although these policies also include the coverages required by your state.
State-mandated coverages for riders often include:
collision and comprehensive coverage
Comprehensive and collision coverage are proprietary coverages that pay to repair or replace your motorcycle in the event of a covered loss. Collision coverage pays for damage resulting from an accident with another vehicle or object, including incidents such as hit-and-runs, while comprehensive coverage covers theft as well as “act of god” incidents. this includes damage to your bike from floods, fires, hail, and falling objects.
Comprehensive coverage can be particularly helpful for seasonal riders, protecting your bike while it’s in storage. so when it’s not riding season, which can be a significant amount of time for some, or you don’t take your bike out very often, you’re still protected from potential damage.
Motorcycle accessories, including fairings, saddlebags, windshields and luggage racks, may not be covered by full coverage motorcycle insurance. Some insurers automatically include a certain amount of additional coverage, such as progressive, which includes $3,000 in additional coverage. others have it available as an optional add-on coverage when you purchase collision and comprehensive coverage, and some may not offer it at all.
bodily injury and property damage liability
Bodily injury and property damage liability insurance covers damage you may cause to other motorists and their property in the event of an accident. For example, if you crash your motorcycle into someone’s car and cause $10,000 in damage to their vehicle and injure the other driver, resulting in medical bills, that would be covered by liability insurance. these coverages are mandatory for passengers in many states. however, even if it is not required, we recommend that you purchase a policy that includes liability coverage to protect your assets if you are at fault in an accident.
uninsured/underinsured motorist coverage
Uninsured/Underinsured Motorist (UM/UIM) coverage covers losses you may experience in an accident caused by a driver who does not have enough liability insurance or is not insured at all. There are two types of um/uim coverage, bodily injury and property damage, which work the same way as the liability insurance we discussed in the previous section.
um/uim bodily injury coverage will pay medical bills if you are injured by a motorist who is uninsured or has insufficient bodily injury liability limits to cover your bills. Similarly, um/uim property damage insurance covers damage to your bike caused by a motorist without sufficient property damage liability limits.
personal injury protection
Personal Injury Protection (PIP) is insurance that pays for your own medical expenses and lost wages due to an injury that occurs in an accident, regardless of who is at fault. pip is required in a third of states, but is available in nearly half. Because PIP is no-fault coverage, you can expect your medical bills to be paid faster than with liability insurance, where an insurer will only pay when one party is found to be at fault.
frequently asked questions
should i get full coverage motorcycle insurance?
Whether you should opt for full coverage insurance instead of the required liability coverage will depend on two factors: the value of your bike and whether your motorcycle is your primary mode of transportation.
If your motorcycle is worth over $5,000, or is a classic or custom ride, you should seriously consider getting comprehensive motorcycle coverage. for bikes of this value, the increased premiums for comprehensive and collision coverage are justified when considering the potential loss.
For bikes less than $5,000 in value, the increase in insurance costs will likely exceed what you can expect to get from the coverage. therefore, the most economical option may be to purchase a no-collision or comprehensive coverage, save the money you would have otherwise spent, and simply pay for necessary repairs out of pocket.
You should also consider a comprehensive coverage policy if you rely on your motorcycle for daily transportation. If you’re in an accident and have collision coverage, you won’t have to wait for another driver’s insurance to pay for repairs. that means your bike will be back on the road sooner than if you only had liability coverage. Likewise, with comprehensive coverage, you won’t be left without a vehicle if your bike is stolen and you don’t have the cash to replace it.
We collected thousands of quotes from six of the top insurance companies across the country to determine the national average annual cost of motorcycle insurance.
To calculate the difference between the annual cost of state minimum and full coverage motorcycle insurance, we compared the quotes of a 35-year-old single man with a clean driving record who has been riding a motorcycle for 10 years. We analyzed quotes for a 2021 yamaha v star 250, kawasaki ninja 400 abs and bmw r 1250 rs. We use the following limits for full coverage policy quotes: