Your motorcycle, other property, and potential injuries are all covered by motorcycle insurance.
Most states mandate motorcycle insurance coverage, and yearly costs can vary from a few hundred to some few thousand dollars depending on the rider, the motorcycle, and the area.
Discover more about the best motorcycle insurance in Australia in the following paragraphs.
List of Motorcycles That Have the Cheapest Insurance
HONDA SHADOW PHANTOM as the driver
A good alternative with adequate power and options for shifting gears to escape rush-hour gridlock.
While having the same quality and dependability as other Honda sportier stablemates, the Shadow is less expensive to insure as a cruiser.
According to sample rider rates we obtained from the enthusiast website hondashadow.net, insurance can range from $114 per year (Progressive, basic policy) for a rider who is 22 years old to $600 per year (Progressive, full coverage) for a rider who is 60 years or older, which is still less than the national average.
OLD SCHOOL BUS: YAMAHA V-STAR
This entry-level cruiser features a 249cc V-twin engine with a top speed of 85 mph and a fuel efficiency rating of 78 mpg, making it an accurate scaled-down cruiser model.
The average annual insurance cost for this bike is close to $400.
CRUISING / LIGHT TOURING: HARLEY-DAVIDSON SOFTAIL STANDARD
While ranked as the priciest model on the list, H-Ds also have a great resale value when they are well-maintained.
This bike can easily handle 500+ mile days for spectacular, unforgettable rides in addition to running errands around town.
While the Softail is more accommodating to novice riders and maintains a low average insurance premium of roughly $200+, the Harley Street has the lowest insurance rate (due to a base price of $8,400).
KAWASAKI NINJA, a sport bike
This bike appeals to younger riders who love the sportbike atmosphere when they want to feel feisty little strikes.
Liability insurance can cost as little as $120-$200 annually, while collision and comprehensive insurance cost about $400-$500 annually.
ROTARY ENFIELD CLASSIC: RETRO CRUISER
The Bullet is a fantastic tribute to the past while embracing new technologies for a great commuting motorcycle if you’re a rider who is a vintage purist at heart.
Despite having the same engine, it rides smoother and more pleasant than its Thunderbird cousin.
Be aware that it is ineligible for ABS discounts provided by some insurance carriers because it lacks ABS.
10 best motorcycle insurances in Australia
- Harley-Davidson is ideal for new riders.
Motorcycle insurance and related goods, such as components, bike loans, and planned maintenance insurance, are Harley-areas Davidson’s expertise.
New motorcyclists can combine these goods and services with the business’s motorcycle safety training discount for even more savings.
The company’s choice of motorbike types insured and discounts offered are among the best on our list – matched only by Progressive.
- Track Riders’ Favorite: Foremost
Foremost, a Farmers Insurance company provides many of the same coverages but with a better online user experience and more favorable pricing for its insurance products.
Three coverage options from the company—Saver, Plus, and Elite—can be combined to meet your needs.
All three policies offer first-accident forgiveness and varying coverage for safety gear like helmets and clothing.
The Plus and Elite programs include track-day coverage, replacement cost coverage, and roadside assistance with towing and journey interruption.
The Elite plan features a declining deductible and improved rental benefits for permissive use (letting others ride your bike).
- Progressive is the best for accident forgiveness.
Progressive policies come with free accessory coverage, choice of replacement parts, accident forgiveness, and lower deductibles the more you go without filing a claim.
Progressive provides other add-ons that aren’t common in the sector.
In contrast to the other insurers on this list, complete loss coverage for new motorcycles covers up to $3,000 in coverage for items you bring with you.
On the other hand, enhanced injury protection ($250 per week for two years) offers coverage if you are hurt and unable to work.
- Markel has the best mechanical breakdown insurance.
Markel stands out for its accident forgiveness and declining deductible programs (receive 25% off each year and pay nothing after four years), which include the option to cover your first at-fault loss after four years accident-free.
Additionally, the organization provides a few special extras in addition to the typical motorcycle coverage choices provided by the majority of larger insurers, including accident, comprehensive, and medical payments.
An agreed-value settlement for custom motorcycles covering technical issues, trailers, and burial costs resulting from a motorcycle accident are additional perks and add-ons.
- Nationally is the best for motorcycle collections.
Nationwide provides free annual policy reviews and some of the highest coverage limits.
Only it and Progressive provide bodily injury liability and uninsured/underinsured motorist coverage of $500,000 per person per accident.
With Nationwide’s collision and comprehensive policies, there is a disappearing or decreasing deductible feature that allows your deductible to decrease by $100 for every year you go without making a claim, up to a maximum of $500.
Other insurance companies provide coverage for customized bikes and trikes (three-wheeled motorcycles),
- Safeco is the best for kit and homemade bikes.
The Liberty Mutual company Safeco offers all the common insurance choices for a variety of motorcycle models, including coverage for custom and kit bikes.
Roadside help and guaranteed manufacturer parts repair are also included in its comprehensive collision coverage plans.
Beyond these benefits, Safeco provides constrained savings and extra coverage choices.
For instance, the Safety Apparel Coverage pays for the cost of replacing your safety gear, and the Harley Davidson Replacement Cost Provision reimburses you for your Harley’s real cash worth in the event of a complete loss incident.
- Dairyland
Although Dairyland’s Physical Damage Plus coverage is excellent, numerous other insurers on this list also provide or include it with their comprehensive and collision plans. Physical Damage Plus pays to restore your damaged bike with OEM replacement parts.
Dairyland offers bike replacement cost coverage in addition to regular coverage and its Physical Damage plus add-on and a discount to Harley Owners Group members.
- Allstate
Allstate provides insurance for bicycles, tricycles, and scooters; however, it is still being determined if it also covers other motorcycles.
Allstate offers loan/lease gap coverage, coverage for damaged motorcycles and off-road transport trailers, extended protection for new motorcycles, and first accident forgiveness for qualified policyholders, in addition to all the discounts and coverage options you would expect from a motorcycle insurer.
- Farmers
Farmers provide the Saver, Plus, and Elite, three pre-packaged yet customizable options.
There are alternatives for specialized, vintage, and slow-moving vehicles like golf carts, and each plan has a different degree of coverage.
Any of these plans are also available through Farmer’s subsidiary Foremost, whose website outlines coverage information better.
- USAA
USAA is renowned for its commitment to serving military personnel and providing excellent customer service ratings.
Only members of the U.S. armed forces or their family members are eligible for insurance via USAA.
Prospective consumers are advised to read our review of Progressive for coverage information but to request a quote from USAA since discounts may vary. USAA sells motorcycle insurance through Progressive.
Read Also: 10 Best Travel Insurance for International Travel
Conclusion
Considering the recent and ongoing increases in petrol prices, purchasing a motorcycle can be an excellent option to reduce your commuting costs.
It’s one of many strategies that can ease the strain on your budget, though.
It might make sense to obtain a high level of coverage for a brand-new two-wheeled motorcycle to reflect the possible cost to you should the bike be destroyed.
Similar to vehicle loans, certain lenders may insist that you obtain comprehensive insurance if you have a motorcycle loan.
However, as your motorcycle ages, you might start comparing the expense of comprehensive insurance against the motorcycle’s value and repair costs.