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Motorcycle Insurance in Iowa: The Cheapest Quotes and Best Companies
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The Cheapest Motorcycle Insurance in Iowa
The cheapest motorcycle insurance in Iowa is the minimum liability-only policy. This policy only provides the state’s minimum motorcycle insurance requirements. Although it is the cheapest, it is not the best and you may need to consider purchasing a full coverage policy if you need more protection. A comprehensive and collision insurance policy costs more but features higher limits, meaning that you will receive more money for your claims. To determine the cheapest motorcycle insurance in Iowa, MoneyGeek used a good rider with a 50/100/25 liability-only policy.
Cheapest Liability-Only Motorcycle Insurance Quotes in Iowa
From the MoneyGeek study, the average costs for the cheapest liability-only motorcycle insurance for a good rider in Iowa are:
- Markel: $50 per year
- Progressive: $75 per year
The most expensive liability-only motorcycle insurance in Iowa comes from Dairyland, at $121 per year on average. This cost is higher than the cheapest provider by 58.6%.
Average Annual Premium for Liability Coverage
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- CompanyAnnual Premium
- 1.Markel$50
- 2.Progressive$75
- 3.GEICO$99
- 4.Nationwide$100
- 5.Harley-Davidson$101
Cheapest Full Coverage Motorcycle Insurance Quotes in Iowa
While shopping for motorcycle insurance in Iowa, you might need to purchase a full coverage policy if you want more protection and higher limits, especially if you are still making payments for your bike. Full coverage motorcycle insurance covers damage from collisions with other vehicles and structures and damage caused by fire, vandalism and theft.
Based on MoneyGeek’s research, the most affordable insurance companies for a full coverage policy in Iowa are:
- GEICO: $132 per year
- Progressive: $147 per year
The company with the highest rates for full coverage motorcycle insurance in the state is Nationwide, at $322 per year, which is 59% more than what customers pay for similar coverage at GEICO.
For this analysis, MoneyGeek used a sample profile of a good rider with 50/100/25 coverage limits and a deductible of $500.
Average Annual Premium for Comprehensive and Collision
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- CompanyAnnual Premium
- 1.GEICO$132
- 2.Progressive$147
- 3.Dairyland$213
- 4.Markel$295
- 5.Harley-Davidson$319
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What Is the Average Motorcycle Insurance Cost in Iowa?
Motorcycle insurance rates in Iowa vary depending on your riding record, age, model of your bike, coverage level and riding experience. MoneyGeek compared quotes across multiple insurers in the state using varying rider profiles and coverage amounts.
The average cost for a full coverage policy in the state is $238 per year, which is about $20 per month. This cost is higher than the national average by $126 per year.
Meanwhile, a liability-only policy costs an average of $91 per year or about $8 per month. That is $50 lower than the national average for this policy. Liability-only policies may be cheaper, but they do not protect you or your bike in case of an at-fault accident.
To come up with the costs above, MoneyGeek collected quotes for a sample policy with $50,000/$100,000 bodily injury coverage limits, $25,000 property damage limits and $500 as the deductible.
Car Insurance Costs by Coverage Type
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- Policy TypeAverage 12-Month Cost in IowaAverage 12-Month National CostVariance
- Full Coverage$238$364-$126
- Liability Only$91$141-$50
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The Best Motorcycle Insurance Companies in Iowa
If you want to purchase affordable and quality insurance for your bike, MoneyGeek’s recommendation of the best motorcycle insurance in Iowa can help you select the right option for your needs. The scoring system considered factors such as affordability, financial stability and product offerings. From the scores, Progressive is the best within the state. The top three providers in the state are:
1
Progressive
Score:92
Pros
- Convenient mobile app
- Enhanced injury protection for riders who are unable to work
- Variable deductibles for comprehensive and collision coverage
Cons
- Discounts do not cover all states
- OEM parts coverage only available with comprehensive and collision coverage
- Total loss coverage limited to two model years
More About Progressive
Progressive scored highly in most categories, becoming the best carrier for motorcycle insurance in Iowa. The company has a MoneyGeek score of 91.79 out of 100. Progressive charges an average of $75 for liability-only insurance in Iowa or $147 for full coverage.
Progressive offers a wide array of specialized coverage options, including full replacement, accessories and OEM parts coverages that get added to your standard policy automatically. Additionally, you also get road assistance in case your bike breaks down, as well as trip interruption insurance that covers transport, food and accommodation expenses with a limit of $500. Riders may also add total loss coverage to their policy for complete reimbursement of a damaged new motorcycle and carried contents coverage to pay for any damaged items due to an accident. The company has deductible coverage, subtracting 25% of your deductible from your policy each year.
2
Markel
Score:84
Pros
- 24-hour customer claims support
- Comprehensive roadside assistance coverage
- Riders can request quotes and process claims online
Cons
- Coverage excludes dirt bikes and ATVs
- No multi-policy discounts
- Safe driver discount limited to three years of clean riding
More About Markel
Markel is the second-best insurance provider in Iowa, with a MoneyGeek score of 83.69. Customers pay an average of $50 for a liability-only policy and $295 for a full coverage policy per year.
Markel also provides several additional coverage options and discounts. For instance, if you have an alarm installed on your bike, complete a safety course or bundle several motorcycles on your policy, you will receive discounts.
Riders may also add mechanical breakdown coverage to their policy to cover the cost of specific parts in the event of damage. They also get rental reimbursement coverage to meet the costs of renting a vehicle while the insurer is still processing claims for their motorbike. Roadside assistance coverage is also available for about $25 per year.
3
GEICO
Score:82
Pros
- Excellent mobile app
- Low full coverage costs and high financial stability scores
- Online quote tool
Cons
- Discounts not available in all states
- Accessories coverage restricted to comprehensive and collision insurance
- Liability-only insurance is costly
More About GEICO
GEICO has a MoneyGeek score of 81.68 out of 100 and charges $99 per year for a liability-only policy or $132 for full coverage. It has the highest financial stability score and great rates for full coverage, but its liability-only costs are relatively high.
GEICO offers riders up to a 20% discount if they renew their policy with the company. Rates are also significantly lower for individuals with auto policies from the insurer. Riders can access most services through the company’s mobile app. Those who transfer their motorcycle insurance from another company to GEICO receive up to a 10% waiver on their premiums. If you complete a safety course, your rates reduce as well.
GEICO also offers accessories and roadside assistance coverages to its customers.
How to Get a Motorcycle Insurance Quote in Iowa
The cost of motorcycle insurance in Iowa depends on various factors. To secure the lowest rates, you may need to compare quotes across multiple companies. You can request a quote online from each company’s website. You will need to provide the following information:
- Your date of birth
- Riding experience and history
- ZIP code and address where the bike will be located
- Insurance coverage elections (see below)
- Year, model and make of your bike
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 Iowa?
While purchasing a motorcycle insurance policy in Iowa, ensure you understand the minimum requirements of the state. Iowa’s laws and requirements for motorcycle insurance are:
- $20,000 per-person bodily injury liability
- $40,000 per-accident bodily injury liability
- $15,000 property damage liability
How Much Insurance Coverage Is Required in Iowa?
Iowa’s minimum liability-only insurance coverage limit is 20/40/15. That means your liability-only policy should have at least $20,000 of bodily injury coverage per person, $40,000 per accident and $15,000 as property damage liability coverage. These limits indicate the highest amounts that your insurance company will pay against your claims if you cause an at-fault accident.
Do You Need Uninsured Motorist, Underinsured Motorist or PIP Coverage in Iowa?
Unlike other states, uninsured motorist insurance is not a requirement in Iowa and drivers can reject it in writing.
MONEYGEEK EXPERT TIP
Riders in Iowa may need to purchase a full coverage of 50/100/25 instead of a liability-only policy if they need higher limits and expanded coverage on their policy. A 100/300/100 coverage limit may be more ideal because it offers significantly higher limits for a small additional fee.
Frequently Asked Questions About Motorcycle Insurance in Iowa
Insurance companies in Iowa consider several factors when determining the cost of motorcycle insurance in the state. Here are some questions that you will come across about motorcycle insurance:
The cheapest insurer for a minimum liability-only policy in Iowa is Markel, at $50 per year on average. The cheapest company for a full coverage policy is GEICO, at $132 per year.
For most riders, the average cost of liability-only motorcycle insurance in Iowa is $91 per year, which is less than the national average by $50.
Based on the analysis from MoneyGeek, the best insurer in the state is Progressive, with a MoneyGeek score of 91.79.
Yes, motorcycle insurance is compulsory for every rider in Iowa.
Compare Motorcycle Insurance Rates
Ensure you're getting the best rate for your motorcycle insurance. Compare quotes from the top insurance companies.
Methodology
To ensure that you compare motorcycle insurance prices across Iowa effectively, MoneyGeek collected quotes from different insurers at varying coverage levels to determine the average rates for each insurer. The factors used in this study include policy pricing (60% weighting), financial stability scores from AM Best (10%) and product offerings and service (30%). MoneyGeek obtained motorcycle insurance requirements from the state DMV.
About Mark Fitzpatrick
sources
- GEICO. "You could save money on motorcycle insurance." Accessed May 9, 2021.
- Insurance Information Institute. "2020 Insurance Fact Book." Accessed May 9, 2021.
- Iowa.gov. "Automobile Insurance." Accessed May 9, 2021.
- Markel. "Motorcycle Insurance." Accessed May 9, 2021.
- Progressive. "Motorcycle Insurance." Accessed May 9, 2021.