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Motorcycle Insurance in Minnesota: The Cheapest Quotes and Best Companies
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The Cheapest Motorcycle Insurance in Minnesota
For Minnesota riders looking for the cheapest motorcycle insurance, a liability-only policy is usually the least expensive. However, liability-only policies are limited to covering claims resulting from injuries and damage to third parties or property. For riders in Minnesota who want motorcycle insurance coverage that includes collision coverage and coverage for losses due to damage, theft or fire, full coverage is a better option.
To identify the cheapest motorcycle insurance providers in Minnesota, we used a 50/100/25 liability-only coverage for an average rider in Minnesota.
Cheapest Liability-Only Motorcycle Insurance Quotes in Minnesota
On average, the cheapest motorcycle insurance companies in Minnesota for liability-only coverage are:
- Markel: $50 per year
- GEICO: $70 per year
The most expensive company for liability-only coverage in Minnesota is Harley-Davidson, at $111 yearly. Markel, the cheapest option, is 54.9% cheaper.
Average Annual Premium for Liability Coverage
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- CompanyAnnual Premium
- 1.Markel$50
- 2.GEICO$70
- 3.Progressive$75
- 4.Nationwide$101
- 5.Dairyland$101
Cheapest Full Coverage Motorcycle Insurance Quotes in Minnesota
Apart from accidents, riders in Minnesota also face other risks that could lead to losses. This means that for the average rider in Minnesota, a full coverage policy with collision coverage and additional protection against damage and loss is the best option. Insuring your motorcycle on a full coverage policy offers better protection since you will be compensated for personal injuries to yourself or damage to your motorcycle. This enhanced protection is why riders who are still making payments on their motorcycle are required to take out a full coverage policy.
MoneyGeek used a 50/100/25 coverage for a good rider with a $500 deductible for comprehensive and collision coverage to determine the least expensive provider in Minnesota.
For the average rider in Minnesota, the cheapest motorcycle insurance companies for a full coverage policy are:
- Progressive: $146 per year
- GEICO: $174 per year
Compared to Nationwide, the most expensive option, which costs $335 per year, Progressive is 56.4% cheaper.
Average Annual Premium for Comprehensive and Collision
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- CompanyAnnual Premium
- 1.Progressive$146
- 2.GEICO$174
- 3.Dairyland$188
- 4.Markel$242
- 5.Harley-Davidson$258
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What Is the Average Motorcycle Insurance Cost in Minnesota?
The cost of motorcycle insurance in Minnesota depends on several factors. Your age, riding experience and history, the make and model of your bike as well as the coverage limits all impact the amount of premium you pay for your motorcycle insurance in Minnesota. To find the average costs for riders in the state, we compared motorcycle insurance rates from different companies.
Riders in Minnesota pay an average of $224 yearly or approximately $18 monthly for a full coverage policy. This rate is 38% cheaper than the national average rate of $364 per year.
The average cost of a liability-only policy in Minnesota is much cheaper at $85 per year or $7 monthly. This is $57 cheaper than the national average. However, it is important to note that a liability-only policy only covers damages that you cause to others and does not cover damage to your motorcycle or injury to yourself.
The policy coverage limits used to determine Minnesota averages were $50,000/$100,000 bodily injury coverage with $25,000 property damage, a $500 deductible for full coverage policies, PIP, uninsured motorist and underinsured motorist coverage.
Car Insurance Costs by Coverage Type
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- Policy TypeAverage 12-Month Cost in MinnesotaAverage 12-Month National CostVariance
- Full Coverage$224$364-$140
- Liability Only$85$141-$57
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The Best Motorcycle Insurance Companies in Minnesota
Based on MoneyGeek’s rating system, the best motorcycle insurance in Minnesota is Progressive. The scoring system incorporated the insurer’s pricing in Minnesota, their financial stability and the range of products and services offered. More information about the criteria used to evaluate insurer rankings can be seen in our methodology.
Using this scoring system, we found that the top three best motorcycle insurance providers in Minnesota include:
1
Progressive
Score:92
Pros:
- Many discount opportunities available
- Customizable coverage options
- Online quotes and support offered
Cons:
- Discounts may not be available in all states
- Not the cheapest option for liability-only coverage
- Coverages may vary by state
More About Progressive
With a score of 92.08 out of 100, Progressive ranks highest on MoneyGeek’s scoring system compared to other providers in Minnesota. This insurer scored high in affordability, product offerings and financial stability. Progressive offers riders in Minnesota a full coverage policy at $146 per year on average, while a liability-only policy costs roughly $75 yearly.
Apart from being the cheapest option for a full-coverage policy in Minnesota, Progressive also has a wide range of customizable coverages. For riders in Minnesota who want the personal property that they carry on their bikes insured, Progressive offers optional coverage for personal belongings such as phones and safety gear. This provider also offers full replacement cost coverage, meaning you get your bike restored to the same state it was in before the accident with no depreciation for parts. Discounts are available as well, including multi-policy, responsible driver and paying on-time discounts.
2
Markel
Score:88
Pros:
- Many discounts for policyholders
- Rewards safe drivers
- Multiple coverage options to fit any motorcycle or budget
Cons:
- Cannot be bundled with other types of insurance
- Coverage is not available in all states
- No mobile app
More About Markel
With a score of 87.91 on MoneyGeek’s rating system, Markel ranked higher than most insurers in Minnesota for product offerings and services, financial stability and affordability. For a liability-only policy with Markel, riders in Minnesota pay roughly $50 yearly. This is the cheapest rate in the state. A full-coverage policy from Markel costs an average of $242 per year.
With policy options for almost any type of bike, Markel is a good option for riders in Minnesota who want to customize their policy to fit their budget and specific needs. Markel offers unique coverages, including optional mechanical breakdown coverage and accessories coverage for your helmet and other riding gear. The insurer also offers discount opportunities such as renewal discounts, savings for driving safely and discounts for transferring from another insurer. They also offer an online resource center.
3
GEICO
Score:84
Pros:
- Can be bundled with car insurance
- Flexible payment options
- Wide range of discounts
Cons:
- Coverage options and discounts are not available in all states
- Limited add-on coverages
- Few local agents
More About GEICO
GEICO ranked third in Minnesota with a score of 84.26 out of 100, making it one of the best motorcycle insurers for riders in Minnesota. A full-coverage policy from GEICO costs $174 per year on average. A liability-only policy costs roughly $70 each year.
For riders in Minnesota looking for an affordable insurer with flexible payment options, GEICO is a good choice. GEICO provides riders in Minnesota with customizable coverage, including optional gap coverage, rental reimbursement and accident forgiveness for policyholders who have been insured with GEICO for two years or more. The insurer also provides discount opportunities to further lower annual premiums. New customers can save up to 20% just for switching to GEICO, while current policyholders can save up to 20% for renewing their policy with GEICO.
How to Get a Motorcycle Insurance Quote in Minnesota
If you want to find out how much motorcycle insurance costs in Minnesota, getting a quote online is convenient and easy. All you need to do is provide the insurer with the following information to get your quote.
- Your location or address in Minnesota
- The particulars of your motorcycle, including make and model
- Personal details including age, riding experience and any past driving record
- Optional add-on coverages required (see below for more information)
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How Much Motorcycle Insurance Coverage Do You Need in Minnesota?
Minnesota motorcycle insurance laws and requirements require riders in the state to have minimum liability coverages. This means it is important to check whether your policy meets the stipulated minimums mandated by Minnesota law as follows:
- $30,000 per-person bodily injury liability
- $60,000 per-accident bodily injury liability
- $10,000 property damage liability
- Uninsured motorist coverage
- Underinsured motorist coverage
- Personal injury protection (PIP)
How Much Insurance Coverage Is Required in Minnesota?
The liability coverage for bodily injury and property damage for Minnesota is 30/60/10. This means that you need a minimum coverage limit of $30,000 per person bodily injury liability, a minimum $60,000 per accident limit and at least $10,000 property damage coverage. Liability coverage covers any claims for third-party bodily injury or property damage when you are at fault for the accident.
Do You Need Uninsured Motorist, Underinsured Motorist or PIP Coverage in Minnesota?
In addition to liability coverage, Minnesota motorcycle insurance laws and requirements require riders in the state to have uninsured motorist coverage of at least $25,000 per person and $50,000 for two or more people in addition to underinsured motorist coverage of $25,000 and $50,000 for two or more people. Personal injury protection (PIP) is also required with at least $40,000 per person per accident.
MONEYGEEK EXPERT TIP
For Minnesota riders, MoneyGeek recommends a full coverage policy of at least 50/100/25. That said, a better option is 100/300/100 coverage which comes with higher coverage at a marginal incremental cost. Since Minnesota also requires uninsured motorist coverage and underinsured motorist coverage, we recommend that this coverage be equivalent to the policy coverage mentioned above. For PIP coverage which is required by Minnesota law, we recommend the state minimum of $40,000 or more if you can afford it.
Frequently Asked Questions About Motorcycle Insurance in Minnesota
Most insurers in Minnesota have user-friendly online platforms where you can get more information on motorcycle insurance in the state. You can also find answers to some of the most frequently asked questions here.
The cheapest motorcycle insurance company in Minnesota for a full-coverage policy is Progressive at $146 per year on average, while the cheapest company for a liability-only policy is Markel which costs roughly $50 per year.
For most riders in Minnesota, the average cost of motorcycle insurance is $224 per year for a full-coverage policy and an average of $85 yearly for a liability-only policy.
The best motorcycle insurance company in Minnesota is Progressive based on its scores in affordability, product and service offerings and financial stability.
Yes, Minnesota has minimum liability coverage requirements for motorcycle insurance that riders need to have to operate a motorcycle legally in the state. Uninsured motorist, underinsured motorist and PIP coverage is also required.
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Methodology
The least expensive company for motorcycle insurance in Minnesota was determined by obtaining quotes from different providers using varying driver profiles and coverage amounts. MoneyGeek also rated the best motorcycle insurance companies in Minnesota using three factors, including policy cost in Minnesota (60% weighting), product offerings and service (30% weighting) and financial stability metrics from AM Best (10% weighting). We used the most recent Minnesota license laws and insurance coverage requirements gathered from the state DMVs to ensure the accuracy of the data.
About Mark Fitzpatrick
sources
- GEICO Insurance. "Motorcycle Insurance." Accessed May 10, 2021.
- Markel Insurance. "Motorcycle Insurance." Accessed May 10, 2021.
- Minnesota Government. "Auto Insurance Info." Accessed May 10, 2021.
- Progressive Insurance. "Motorcycle insurance." Accessed May 10, 2021.