Affordable Motorcycle Insurance Policies: Finding the Best Option
When it comes to choosing a motorcycle insurance policy, affordability is often at the top of the list. However, the cheapest plan available may not always be the best option. While liability-only coverage is less expensive, comprehensive coverage with comprehensive and collision insurance offers better protection and higher liability limits. Although the premiums for full coverage insurance may be higher, it provides comprehensive protection for both you and your bike. It safeguards you against accidents and events like vandalism, fire, or theft. To help you find the best insurance policy, MoneyGeek gathered quotes for a good driver with a 50/100/25 liability-only coverage policy in California and compared rates from various providers.
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The Most Affordable Motorcycle Insurance Companies in California
Based on average prices, the most affordable companies for good motorcyclists with liability-only motorcycle insurance in California are:
- Geico: $79 per year
- Dairy: $102 per year
Geico’s premiums are an impressive 79.7% lower than the most expensive provider, Harley-Davidson.
Choosing Full Coverage for Complete Protection
While liability-only is the minimum requirement, MoneyGeek strongly recommends California drivers to purchase full coverage motorcycle insurance for complete protection. Full coverage insurance provides financial protection in the event of an at-fault accident. This type of insurance is particularly necessary if you are still paying for your motorcycle. The cheapest motorcycle insurance companies for good riders with a full coverage policy, including 50/100/25 coverage and a $500 deductible, are:
- Geico: $210 per year
- Progressive: $301 per year
Geico’s full coverage premiums are a remarkable 58.6% cheaper than the most expensive company, Dairyland.
Factors Affecting Motorcycle Insurance Costs in California
Several factors determine the average cost of motorcycle insurance in California, including age, driving history, motorcycle model, coverage amounts, and years of driving experience. To provide a comprehensive overview of rates, MoneyGeek collected average rates from providers in the state based on different passenger profiles.
On average, California riders pay approximately $380 per year for a full coverage policy, which amounts to about $32 per month. This cost is $17 higher than the national average. In comparison, an in-state liability insurance plan costs $179 per year or $15 per month, which is $38 more than the national average. The minimum coverage may seem cheaper, but it won’t cover your injuries or damage to the bike if you’re at fault. For the study, MoneyGeek used average rates for a policy with $50,000/$100,000 bodily injury liability coverage, $25,000 property damage liability insurance, and a $500 deductible.
Determining the Best Motorcycle Insurance Providers in California
MoneyGeek assessed the best motorcycle insurance providers in California based on affordability, products and services offered, and financial stability. After thorough analysis, Progressive emerged as the top-ranked motorcycle insurance company in the state.
The top three companies recognized by MoneyGeek as the best motorcycle insurers in California are:
Shop Around and Compare Quotes for the Best Deal
To find the cheapest motorcycle insurance in California, it’s essential to shop around and compare quotes from several companies. By doing so, you can ensure that you’re getting the best value for your money. To obtain an online quote, you will need to provide the following details:
- Address and zip code in California
- Date of birth
- Year, make, and model of your motorcycle
- Riding record
- Insurance coverage elections
In California, all riders are required to purchase at least minimum motorcycle liability insurance coverage. The state’s minimum coverage requirements are:
- $15,000 bodily injury liability per person (BI)
- $30,000 bodily injury liability per accident
- $5,000 property damage liability (PD)
It’s essential to note that in California, motorcyclists are not required to have personal injury protection (PIP), underinsured motorist coverage, or uninsured motorist coverage. Only bodily injury and property damage coverage are mandated. However, for added security, you can purchase additional coverage such as PIP, Underinsured Motorist, and Uninsured Motorist coverage.
To help you navigate the process of finding the cheapest motorcycle insurance in California, MoneyGeek has answered some common questions about providers, their coverages, and rates.