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Motorcycle Insurance in Colorado: The Cheapest Quotes and Best Companies
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The Cheapest Motorcycle Insurance in Colorado
It may be tempting to opt for minimum coverage because of the low cost, but this policy may prove inadequate financial protection after an accident. Full coverage insurance is more expensive but offers higher liability limits and greater protection after an at-fault accident.
MoneyGeek used quotes for a good rider with a 50/100/25 liability-only coverage policy for the rates below.
Cheapest Liability-Only Motorcycle Insurance Quotes in Colorado
Based on average prices, the cheapest providers for a safe biker with liability-only motorcycle insurance in Colorado are:
- Markel: $58 per year
- Progressive: $76 per year
Markel’s rates are 48.2% cheaper than those charged by the costliest firm, Harley-Davidson.
Average Annual Premium for Liability Coverage
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- CompanyAnnual Premium
- 1.Markel$58
- 2.Progressive$76
- 3.Dairyland$96
- 4.GEICO$100
- 5.Nationwide$101
Cheapest Full Coverage Motorcycle Insurance Quotes in Colorado
MoneyGeek advises Colorado riders to buy a full coverage policy with comprehensive and collision insurance. Keep in mind that most riders who are still making payments on their bikes must have full-coverage insurance. Full-coverage plans also offer better protection against damages caused by collisions and non-collision incidents, such as fire, vandalism or theft.
On average, the least expensive providers in Colorado for a safe biker with a full coverage policy, including 50/100/25 coverage and a $500 deductible, are:
- Dairyland: $230 per year
- Harley-Davidson: $247 per year
Premiums from the most affordable company — Dairyland — are 48.3% lower than those from the costliest carrier — Markel.
Average Annual Premium for Comprehensive and Collision
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- CompanyAnnual Premium
- 1.Dairyland$230
- 2.Harley-Davidson$247
- 3.GEICO$271
- 4.Progressive$312
- 5.Nationwide$421
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What Is the Average Motorcycle Insurance Cost in Colorado?
The average cost of motorcycle insurance in Colorado depends on several factors, including coverage amounts, age, motorcycle model, years of riding experience and riding record. MoneyGeek compared average premiums from insurers across the state for various rider profiles.
On average, a full coverage policy in Colorado costs $321 per year or $27 per month. That’s $43 lower than the national average.
Colorado riders pay an average of $91 per year or $8 per month for liability-only coverage, $51 less than the national average. While minimum coverage is cheaper, it offers scant protection after an at-fault accident.
The average rates provided in this study are for a policy with $50,000/$100,000 of bodily injury liability coverage, $25,000 in property damage liability insurance and a $500 deductible.
Car Insurance Costs by Coverage Type
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- Policy TypeAverage 12-Month Cost in ColoradoAverage 12-Month National CostVariance
- Full Coverage$321$364-$43
- Liability Only$91$141-$51
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The Best Motorcycle Insurance Companies in Colorado
MoneyGeek computed the total scores of motorcycle insurance providers in Colorado based on affordability, financial stability and products and services delivered. According to this data, Dairyland is the best motorcycle insurance company in the state.
MoneyGeek’s research revealed that the three-best motorcycle insurance carriers in Colorado are:
1
Dairyland
Score:88
Pros
- Low down payment fees
- Accepts high-risk riders
- 24/7 phone claims service
Cons
- Liability coverage isn’t the cheapest in the state
- Lacks online claims reporting function
- Coverages and rebates may not be available in all locations
More About Dairyland
Dairyland ranks number one in Colorado with an impressive score of 88.49 out of 100. For liability-only coverage, the company charges $96 per year, on average. Full coverage policies run at a $230 annual premium.
Dairyland provides coverage for all brands and models of bikes, scooters and mopeds, as well as add-on coverage for vintage motorcycles, trikes, accessories and custom bikes. Its standard coverages include uninsured motorist bodily injury, property damage, bodily injury liability and trip interruption coverage. To help customers save on their premiums, Dairyland offers discounts for loyalty, owning multiple motorcycles and taking rider safety courses.
2
Progressive
Score:88
Pros
- Get free quotes and buy bike insurance online
- Handy mobile app
- An array of extra coverage options
Cons
- Discounts are not offered in all states
- Below-average customer satisfaction rating
- Large Accident Forgiveness, which covers the first accident of the year, is only available to policyholders of at least four years with three accident-free years
More About Progressive
Progressive takes a close second in Colorado with a score of 88.46 out of 100. This company charges an average annual rate of $76 for liability-only coverage. A full-coverage plan costs $312 per year, on average.
Progressive offers several unique coverages and add-ons that make it stand out. If you’re incapacitated due to a covered incident, the company’s enhanced injury protection policy pays you up to $250 per week for two years. Their disappearing deductible plan decreases your deductible by 25% for every claim-free policy term. Another notable add-on is the accident forgiveness feature, which ensures your premiums won’t increase for claims less than $500. Additionally, Progressive offers automatic coverage for original equipment manufacturers (OEM) and custom parts.
3
Harley-Davidson
Score:86
Pros
- Several loyalty discounts and rewards programs
- 24/7 phone and online claims filing
- Coverage offered for specific bike types
Cons
- Doesn’t provide a mobile app
- Cannot bundle with car insurance
- Pricier than competitors
More About Harley-Davidson
Harley-Davidson is the third-best motorcycle insurance company in Colorado, with a score of 86.10 out of 100. This carrier’s rates for liability-only coverage average at $112 per year, while a full-coverage plan costs $247.
Harley-Davidson is notable for its many discounts, including one for current customers who want to add a new motorcycle to their plan. Customers can qualify for additional savings if they buy add-ons, such as planned maintenance. Harley-Davidson offers a range of coverages for various kinds of bikes and additional coverage options that cover any modifications. Its rental reimbursement feature will also pay for a rental bike's costs if your motorcycle becomes unusable after a covered accident.
How to Get a Motorcycle Insurance Quote in Colorado
To get the cheapest motorcycle insurance in Colorado, be sure to shop around and compare quotes. You can effortlessly get an online quote with the following information:
- Your ZIP code and Colorado address
- Your birthdate
- Vehicle year, make and model
- Riding record
- Insurance coverage elections (view below for more information)
Compare Motorcycle Insurance Rates
Ensure you're getting the best rate for your motorcycle insurance. Compare quotes from the top insurance companies.
How Much Motorcycle Insurance Coverage Do You Need in Colorado?
Most states mandate bikers to have at least minimum coverage while riding their vehicle. Colorado’s minimum coverage requirements include:
- $25,000 bodily injury liability per person (BI)
- $50,000 bodily injury liability per accident
- $15,000 property damage liability (PD)
How Much Insurance Coverage Is Required in Colorado?
The minimum coverage requirement for all motor vehicles in Colorado is 25/50/15. That means your motorcycle insurance in Colorado should have liability limits of at least $25,000 for bodily injury per person, with a total of $50,000 per accident and $15,000 for property damage liability coverage. If you buy this policy, your insurer would need to meet these coverage limits and pay for damages in an at-fault accident.
Do You Need Uninsured Motorist, Underinsured Motorist or PIP Coverage in Colorado?
In Colorado, riders don’t have to buy underinsured motorist, uninsured motorist or personal injury protection (PIP) coverage. Only property damage and bodily injury coverage are required. To increase your protection levels, you can add additional features to your insurance plan.
MONEYGEEK EXPERT TIP
MoneyGeek suggests that Colorado bikers buy at least 50/100/25 coverage. We recommend you consider increasing your coverage to 100/300/100 to receive substantial extra protections at a small additional cost.
Frequently Asked Questions About Motorcycle Insurance in Colorado
MoneyGeek replies to frequently asked queries on motorcycle insurance in Colorado to help bikers make the right choice.
Compare Motorcycle Insurance Rates
Ensure you're getting the best rate for your motorcycle insurance. Compare quotes from the top insurance companies.
Methodology
To help users find the best motorcycle insurance in Colorado, MoneyGeek captured prices from insurance companies based on different coverage amounts and driver profiles. We ranked the best providers in the state based on a unique scoring system that gave 10% weighting to financial stability, 60% weighting to affordability and 30% weighting to products and services offered. Our information is accurate, as we collected the most recent insurance coverage requirements and license laws from trustworthy government sources.
About Mark Fitzpatrick
sources
- Colorado.gov. "Mandatory automobile insurance in Colorado." Accessed May 9, 2021.
- Insurance Information Institute. "2020 Insurance Fact Book." Accessed May 9, 2021.
- J.D. Power. "2020 U.S. Auto Claims Satisfaction Study." Accessed May 9, 2021.