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The cheapest motorcycle insurance in Wyoming may not be the best option as it might only come with the minimum liability-only coverage required by Wyoming state law. A liability-only coverage plan will be cheaper because it does not cover your injuries or damages caused to your motorcycle if you’re at fault for the accident. It will only cover injuries and property damage to others involved in an accident. Taking that into consideration, a comprehensive and collision coverage policy could be better since it offers riders more protection.
MoneyGeek compared insurance rates and found the cheapest motorcycle insurance provider in Wyoming by using the profile of a low-risk rider with a 50/100/25 liability-only policy and a good driving record.
The following insurance companies offer the lowest average rates for liability-only coverage:
GEICO offers the most expensive liability-only motorcycle insurance package. It charges $99 on average for a comparable policy, which is 36.4% more than Markel.
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A full-coverage policy, which includes comprehensive and collision coverage, offers the best protection for a motorcycle rider in Wyoming. The policy covers the costs of injuries caused in the collision, regardless of whether the motorcycle collided with a structure or a vehicle. A full-coverage policy also protects your bike against vandalism, natural disasters, theft and fire.
If you're still paying off your motorcycle loan, a full coverage policy is preferred to a liability-only policy with limited coverage. MoneyGeek analyzed the profile of a good rider with 50/100/25 coverage and a $500 deductible for a full coverage policy to find the cheapest motorcycle insurance companies in Wyoming.
The following companies offer the cheapest rates on average:
Nationwide, which was the most costly for a full coverage policy, quoted an average annual cost of $552. This rate is 74.8% higher than Progressive's quote.
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Ensure you're getting the best rate for your motorcycle insurance. Compare quotes from the top insurance companies.
Multiple factors affect motorcycle insurance rates in Wyoming. A few of them include coverage levels, motorcycle type, riding record, age and years of riding experience. After analyzing prices from various providers, MoneyGeek estimated the average cost of motorcycle insurance in Wyoming for full coverage and liability-only policies.
In Wyoming, a full-coverage policy will cost you an average of $247 per year or around $21 per month. This is $117 or 32% less than the national annual average.
A liability-only motorcycle insurance policy in Wyoming costs an average of $88 per year or $7 per month, which is $53 less than the national average of $141. Keep in mind, however, that a liability-only policy does not cover the motorcycle or any physical injuries incurred in an accident.
To calculate the cheapest insurance rates in Wyoming, MoneyGeek used a motorcycle insurance policy of $50,000/$100,000 bodily injury liability coverage and $25,000 property damage coverage. The full coverage policy considered had a $500 deductible.
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Ensure you're getting the best rate for your motorcycle insurance. Compare quotes from the top insurance companies.
MoneyGeek used a custom rating system to evaluate different insurance firms in Wyoming and determine the best motorcycle insurers with a strong balance of affordability and efficiency. The companies were analyzed based on insurance quotes for Wyoming, product offerings and selections, customer service, affordability and financial stability. More information about the scoring criteria can be found in our methodology. According to the calculations, the best motorcycle insurance carrier in Wyoming is Progressive.
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Progressive is the best motorcycle insurance provider in Wyoming, according to MoneyGeek, with a score of 93 out of 100. A full-coverage policy from the insurer costs Wyoming riders an average of $139 per year, while a liability-only policy costs an average of $75 per year.
Progressive offers excellent coverage options on your motorcycle insurance policy. Depending on the components of your bike, Progressive motorcycle insurance automatically covers custom and original equipment manufacturer (OEM) parts. The company also offers a complete replacement cost for your bike that does not consider depreciation value. This means that they will compensate you enough to restore your motorcycle to its pre-accident condition or better. Progressive will not increase the renewal premiums if you have been a customer for at least four years and have been an accident-free rider in the previous three years, giving policyholders a chance to save on their premiums.
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Markel received a score of 89.64 out of 100 points to earn the ranking of the second-best motorcycle insurance company in Wyoming. While a full coverage insurance policy from Markel costs an annual average of $289, liability-only insurance will only cost you an average of $63 per year.
Apart from the standard coverages, Markel offers some impressive add-on protections and great discounts. The company may lower your rates if you install safety devices and equipment, such as anti-theft alarms and anti-lock brakes. It also provides discounts to responsible riders who have had no more than one traffic violation in the past three years. Better yet, Markel gives a 25% discount on your deductible for every accident and claim-free year. You can even take advantage of a 10% discount on rates for just switching to Markel from another insurance provider.
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Harley-Davidson was named Wyoming's third-best motorcycle insurance company, receiving 86.67 points out of a possible 100. The company's liability-only motorcycle insurance policy costs an average of $98 a year for a Wyoming rider. A full-coverage policy, on the other hand, costs around $164 per year on average.
Harley-Davidson has some remarkable products and service offerings for its customers. Buying a Harley-Davidson motorcycle insurance policy entitles you to significant discounts and coverages. For example, the company provides optional equipment coverage. This covers non-standard or custom equipment used while modifying the bike. It also protects OEM parts if your bike is outfitted with genuine Harley-Davidson components. Covered members will benefit from roadside assistance coverage if their bike breaks down during a trip due to a battery failure, flat tire, insufficient gasoline or missing key. You may also be entitled to perks and discounts if you are a member of the Harley Owners Group.
It's easy to obtain a motorcycle insurance quote online in Wyoming. You need to provide the following information (and potentially more):
Ensure you're getting the best rate for your motorcycle insurance. Compare quotes from the top insurance companies.
It is important to consider the state's minimum coverage requirements before purchasing a motorcycle insurance policy. Wyoming's motorcycle insurance laws and requirements have made it mandatory for all motorcycle riders to purchase a policy that covers at least the following coverages:
In Wyoming, all motorcycles must have a minimum liability-only coverage of 25/50/20. A policy of this kind will provide $50,000 in bodily injury coverage per accident with a $25,000 limit per person and property damage liability with a minimum limit of $20,000. If you are at fault for the accident, your insurance company will cover these claims.
According to state law, motorcycle riders in Wyoming are not required to have uninsured motorist, underinsured motorist or personal injury protection (PIP) as part of their motorcycle insurance. They only need bodily injury and property damage coverages. However, adding one or more of these coverages to your current motorcycle insurance policy will provide you with additional protection.
In Wyoming, the small cost for a large increase in coverage may be worth it. As a result, MoneyGeek suggests that riders in Wyoming choose a full coverage policy with at least 50/100/25 coverage, but preferably 100/300/100 coverage.
If you're shopping for a motorcycle insurance company in Wyoming, you must consider a number of factors. We've answered some of your most commonly asked questions, such as which company offers the cheapest insurance and how much motorcycle insurance costs in Wyoming.
Ensure you're getting the best rate for your motorcycle insurance. Compare quotes from the top insurance companies.
To create this report, MoneyGeek collected motorcycle insurance quotes directly from insurers based on various coverage levels and driver profiles. The analysis can help you find the most affordable motorcycle insurance company in Wyoming. To find the best motorcycle insurance companies in the state, we used three criteria. These included the cost of the policy in Wyoming (60% weighting), product and service offerings (30% weighting) and AM Best's financial stability metrics (10% weighting). The most recent laws and requirements for purchasing an insurance policy were collected from the state DMVs to ensure you get the most accurate and up-to-date information.
About Mark Fitzpatrick