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Motorcycle Insurance in New York: The Cheapest Quotes and Best Companies
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The Cheapest Motorcycle Insurance in New York
The cheapest motorcycle insurance may not always be the best choice for riders. In New York, a minimum coverage policy may only come with liability insurance, which doesn’t cover your motorcycle or your injuries if you cause an accident. A liability-only motorcycle insurance policy can be significantly cheaper to insure since it only covers injuries and damage to other property or people. However, a policy offering comprehensive and collision coverage is a better choice for most riders because it offers more coverage and higher liability limits.
MoneyGeek analyzed rates using the profile of a good rider in the state with a good driving record and a 50/100/25 liability-only coverage policy.
Cheapest Liability-Only Motorcycle Insurance Quotes in New York
When researching the cheapest motorcycle insurance plans in New York for liability-only coverage, the following companies were found to offer the lowest average rates for a rider with a good record:
- Markel: $75 per year
- Progressive: $75 per year
Dairyland is the most expensive motorcycle insurance carrier in the state. A comparable policy from Dairyland costs an average of $202, which is 62.8% higher than Markel and Progressive.
Average Annual Premium for Liability Coverage
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- CompanyAnnual Premium
- 1.Markel$75
- 2.Progressive$75
- 3.GEICO$99
- 4.Nationwide$101
- 5.Harley-Davidson$191
Cheapest Full Coverage Motorcycle Insurance Quotes in New York
A full-coverage policy could be the best option for motorcycle riders because it includes comprehensive and collision coverage. The policy covers damages caused by collisions, regardless of whether the collision is with a vehicle or structure. This coverage also is a protection against damages caused by vandalism, theft, weather events, falling objects or fire. Additionally, if you're making payments on your motorcycle, it's best to go for a full coverage policy rather than a liability-only policy that offers limited coverage.
After analyzing the profile of a good rider with a 50/100/25 coverage and a $500 deductible for comprehensive and collision coverage, MoneyGeek found that the following two companies offer the cheapest motorcycle insurance rates in New York, on average:
- Progressive: $183 per year
- GEICO: $223 per year
Nationwide quoted an average annual cost of $497 for full coverage, making it the most expensive provider. This is 63.1% higher than the quote from Progressive.
Average Annual Premium for Comprehensive and Collision
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- CompanyAnnual Premium
- 1.Progressive$183
- 2.GEICO$223
- 3.Markel$239
- 4.Harley-Davidson$269
- 5.Dairyland$280
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What Is the Average Motorcycle Insurance Cost in New York?
Various factors, such as coverage levels, motorcycle model, riding record, age and years of riding experience, determine the cost of motorcycle insurance in New York. MoneyGeek gathered the average cost of motorcycle insurance in New York from various insurance companies.
It will cost you an average of $282 per year or around $24 a month for a full coverage policy in New York. The comparison also indicates that the rate is $82 or 23% cheaper than the national annual average of $364.
If you go with a liability-only motorcycle insurance policy that doesn't cover your motorcycle or your bodily injuries caused during an accident, it will only cost an average of $124 per year or around $10 per month. Compared to the national annual average of $141 for liability-only insurance, this rate is $17 less.
Prices were evaluated for New York using a motorcycle insurance plan with bodily injury liability coverage of $50,000/$100,000 and property damage coverage of $25,000. Also considered was a full coverage policy with PIP, uninsured motorist and underinsured motorist minimum coverage and a $500 deductible.
Car Insurance Costs by Coverage Type
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- Policy TypeAverage 12-Month Cost in New YorkAverage 12-Month National CostVariance
- Full Coverage$282$364-$82
- Liability Only$124$141-$17
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The Best Motorcycle Insurance Companies in New York
MoneyGeek rated various insurance companies to determine the best motorcycle insurers in New York that offer affordable rates with quality service. The ratings were based on MoneyGeek's unique scoring system, which took into account motorcycle insurance quotes specific to New York, product offerings and choices, customer service, affordability and financial stability. Progressive was rated the best in New York state.
1
Progressive
Score:97
Pros
- Various extra coverage add-ons
- Scored high in MoneyGeek’s affordability ratings
- Offers a mobile app
Cons
- Large Accident Forgiveness only applicable to certain policyholders
- Discounts not available in all states
- Restrictions apply for some policies
More About Progressive
With a MoneyGeek ranking of 97 out of 100 and top ratings across multiple categories, Progressive was rated as the best motorcycle insurance company in New York. A liability-only motorcycle insurance policy from Progressive costs an annual average of $75. On the other hand, a full coverage policy costs an average of $183 per year.
Progressive offers a range of impressive coverages that can be added to your motorcycle insurance. All motorcycle insurance policies offered by Progressive automatically cover custom parts and original equipment manufacturer (OEM) parts, depending on what your bike has. The company also offers a full replacement cost for your bike without considering the depreciation value of the parts. That means they will return your bike to its pre-accident state or better. There are also multiple discounts available, ranging from disappearing deductibles to accident forgiveness and more.
2
Markel
Score:92
Pros
- Unique discounts and offers
- Strong affordability ratings by MoneyGeek
- Offers roadside assistance coverage and trip interruption reimbursement
Cons
- Not operational in all states
- Limited tools available for customers
- Roadside assistance coverage isn’t available for all bikes
More About Markel
With a MoneyGeek ranking of 91.86 out of 100, Markel is the second-best company in New York. The average premium for a liability-only policy from Markel is $75 per year, while the annual cost for a full coverage policy is $239 on average.
Besides the standard coverages, Markel offers great discounts for its motorcycle insurance policyholders. The company may give you discounted rates for installing safety devices and equipment like anti-theft alarms and anti-lock brakes. Markel also offers 25% off for your deductible each year for staying accident-free and claim-free. This means that if you have four consecutive claim-free years, your deductible will reduce to zero. It also offers discounts to safe drivers who haven't had more than one minor violation in the last three years. Markel also offers various add-on features for extra coverage.
3
GEICO
Score:86
Pros
- Rated high in AM Best’s financial stability ratings
- Offers a mobile app
- Flexible payment options
Cons
- Not the most affordable option
- No discounts for new riders
- Not the best for all states
More About GEICO
GEICO was rated the third-best motorcycle insurance company in New York, with a MoneyGeek score of 86.2 out of 100. For a liability-only policy, the company charges an annual average cost for a liability-only policy is $99, while a full-coverage policy costs an average of $223.
GEICO offers all standard coverages in its motorcycle insurance plans. Aside from that, you can get impressive discounts like a multi-policy discount, multi-cycle discount and discounts for transferring your motorcycle insurance to GEICO. Policyholders with comprehensive and collision coverage can also get protection for their accessories, such as seats and helmets. Paying a little extra can also get you emergency roadside coverage from the company.
How to Get a Motorcycle Insurance Quote in New York
Getting a motorcycle insurance quote online in New York is fairly easy. Most insurance providers offer quotes online by collecting some important information from you. In general, companies will ask you for the following details:
- ZIP code and address in New York where the bike will be located
- Your date of birth
- Vehicle make, model and manufacturing year
- Your riding experience level
- Your riding record
- Insurance coverage elections (for more information on this, see below)
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How Much Motorcycle Insurance Coverage Do You Need in New York?
Before buying an insurance policy, it is important to understand your state's minimum coverage criteria. New York’s motorcycle insurance laws and requirements necessitate all motorcycle riders to buy an insurance plan covering no less than the following criteria:
- $25,000 per-person bodily injury liability
- $50,000 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 New York?
In New York, all motor vehicles must have a minimum liability-only coverage of 25/50/10. This shows that your motorcycle insurance policy in New York can provide up to $50,000 in coverage for all those injured in an accident with a limit of $25,000 per person and $10,000 in property damage coverage. In case you cause an accident, these are the liability limits that your insurance company will cover.
Do You Need Uninsured Motorist, Underinsured Motorist or PIP Coverage in New York?
Yes, New York requires Uninsured Motorist, Underinsured Motorist and PIP coverage for all motor vehicles besides bodily injury and property damage coverages. All policyholders must also have 50/100 for wrongful death coverage, which means they will have $100,000 coverage for the death of two or more people in an accident and a limit of $50,000 for bodily injury.
MONEYGEEK EXPERT TIP
The incremental cost is small for a significant increase in motorcycle insurance coverage in New York. Hence MoneyGeek recommends a full coverage strategy of at least 50/100/25 and ideally 100/300/100 for most riders in New York. Uninsured Motorist Coverage (UM) and Personal Injury Protection (PIP) are also required in New York. We recommend matching your insurance coverage with the UM coverage and getting the minimum PIP coverage or more if you can afford it.
Frequently Asked Questions About Motorcycle Insurance in New York
You must weigh several factors while looking for the best motorcycle insurance in New York. The following are some of the most frequently asked questions about purchasing motorcycle insurance in New York:
On average, the cheapest motorcycle insurance in New York for a liability-only policy is $75 per year offered by two companies, Markel and Progressive. Progressive is the most affordable alternative for a full coverage policy, at an annual average of $183.
In New York, the average cost of motorcycle insurance is $124 per year or around $10 per month, which is applicable for a liability-only policy. All riders should have a liability-only policy at the minimum. A full-coverage policy costs an average of $282 per year.
According to MoneyGeek's analysis of insurers in New York, Progressive is the best motorcycle insurance provider in the state.
Yes, all motorcycle riders in New York are required by state law to have insurance.
Compare Motorcycle Insurance Rates
Ensure you're getting the best rate for your motorcycle insurance. Compare quotes from the top insurance companies.
Methodology
Based on varying coverage amounts and driver profiles, MoneyGeek gathered motorcycle insurance quotes directly from insurance companies. This data will help you determine which insurer in New York is the most affordable. Three criteria were used to assess the best motorcycle insurance firms in New York, including policy cost in New York (60% weighting), product offerings and service (30% weighting) and financial stability metrics from AM Best (10% weighting). To provide you with the most accurate and up-to-date details, we gathered the most recent license laws and insurance coverage standards in New York from the state DMVs.
About Mark Fitzpatrick
sources
- Department of Motor Vehicles. "New York State Insurance Requirements." Accessed May 6, 2021.
- GEICO. "Motorcycle Insurance." Accessed May 6, 2021.
- Injury Prevention. "Motor Vehicle Driver Injury and Marital Status: A Cohort Study with Prospective and Retrospective Driver Injuries." Accessed March 9, 2021.
- Insurance Information Institute. "Facts + Statistics: Teen drivers." Accessed March 5, 2021.
- Insurance Information Institute. "2020 Insurance Fact Book." Accessed May 5, 2021.
- J.D. Power. "2020 U.S. Auto Claims Satisfaction Study." Accessed May 9, 2021.
- Markel. "Motorcycle Insurance Discounts." Accessed May 7, 2021.
- Progressive. "Motorcycle Insurance Coverages." Accessed May 5, 2021.