Modified:2022-09-10  Published:2022-09-02  Views: 206
Author: editor
Published in: Insurance
Top 5 Cheapest Motorcycle Insurance Providers In Florida

Unlike other states of the US, purchasing a motorcycle insurance is not mandatory in Florida. However, it certainly makes sense to ensure your motorcycle in order to protect it from every kind of incident and accidents that can take place when you are out in the road. Nevertheless, many of the motorcycle owners overlook the necessity of a motorcycle insurance and later they pay huge amounts from their pockets in the time of a crisis. And this is exactly why we have prepared this article in order to deliver the necessities of purchasing a motorcycle insurance along with top 5 cheapest motorcycle insurance providers to buy from in Florida.

Florida’s laws and regulations regarding motorcycle

According to Florida’s law and regulations, you need to prove your financial strength before taking your motorcycle out in the roads of the state. There are two major methods of proving financial strength. The first method is obtaining a self-insurance certificate from the Bureau of Financial Responsibility. And for obtaining the same you need to report your net worth along with your assets to ensure that you will be liable to pay for the damages that is made by you in the case of a motorcycle incident. This can be a quite long and time-consuming process.

The second method of proving your financial strength is to get a motorcycle insurance in Florida, which is the most authentic manner of taking liabilities for the damages that can be made. The minimum motorcycle insurance policy that you can buy in Florida is 10/20/10. This stands for $10,000 coverage for bodily injury liability per person, $20,000 coverage for bodily injury liability per accident, and $10,000 coverage for property damage liability per accident.

When you ignore taking the assistance of any of the two mentioned methods and get into an accident, you will have your license and registration suspended. Moreover, you can also be sued for the damaged that you made. Therefore, it is certainly a good idea to purchase a motorcycle insurance in Florida beforehand in order to avoid unnecessary circumstances.

Motorcycle Insurance

Motorcycle insurance requirements in Florida

Just as it has been stated previously, a motorcyclist has to have an insurance of 10/20/10 scale. In which, $10,000 coverage for bodily injury liability per person, $20,000 coverage for bodily injury liability per accident, and $10,000 coverage for property damage liability per accident. Additionally, a minimum amount of $10,000 is needed to be kept by the insureds for covering medical protection. Medical insurance is not a mandatory factor the Florida, however, it is crucial for the motorcyclists to have a medical protection coverage. For the ones who ride without helmet, this medical protection is mandatory for motorcycle insurance in Florida.

Average cost of motorcycle insurance in Florida

Just as the other insurance policies motorcycle insurance in Florida also depends on certain factors. These factors are responsible for determining the increase or the deduction of the insurance premium depends on the age, years of experience and driving record of the rider as well as the motorcycle model, price of the motorcycle and the coverage options. The average of the motorcycle insurance premium depends on the type of coverage that the rider is choosing.

The average of premium cost for full coverage in Florida is $297 annually or $25 each month. This rate is actually quite cheaper than the national average of $364 per year. This signifies that the Florida riders can pay 18.41% less than the other riders of the nation for motorcycle insurance.

The liability insurance is even cheaper. The average cost of the liability-only insurance is $135 annually and only $11 monthly. The national average for the same is $141 annually. Therefore, the Florida riders can pay 4.26% cheaper liability-only insurance than the riders of the other states. In this case it needs to be noted that since it is a liability-only coverage, the insurance policy will not pay for the motorcycle damage or the injuries of the rider.

Coverage type Average annual cost in Florida Average monthly cost in Florida
Full coverage $297 $25
Liability-only coverage $135 $11
 

Table 1

5 cheapest providers of motorcycle insurance in Florida

In this section of the article, we will be discussing about the cheapest providers of motorcycle insurance in Florida. The pros and cons of the companies will be discussed along side for helping you in choosing your provider wisely.

When you are looking for a full-coverage option, you need to make sure you include the collision and comprehensive coverage with your existing motorcycle insurance in Florida. Hence, if you somehow get into an accident, you will not have to think of repairing your motorcycle by yourself, the insurance policy will help you out. Moreover, it also pays for the other incidents, such as theft and vandalism. It is a wise choice to purchase a full coverage for the riders that make payment on their motorcycles.

According to the data, Progressive has proved to be the company offering the cheapest annual premium in Florida, which is $200. On the other hand, Dairyland is company to offer the most expensive insurance policy to the riders of the state, which is $361 per year. The analysis of each company is presented below:

1. Progressive

Pros Cons
  • The easy-to-use mobile application of the company helps the customers effectively.
  • Extra coverage option is quite beneficial for the riders
  • You can easily get a quote with the help of the online quoting tool.
  • The customer satisfaction rating of the company is below average, which signifies the not-so-satisfactory customer service of Progressive.
  • Discounts may vary based on your location.
 

 

Progressive has taken the first place in this chart as the company has proved its efficiency in each of the category associated with motorcycle insurance. Progressive is also the most affordable insurance provider in the state of Florida. The average cost of the liability-only coverage offered by Progressive is only $70 annually. Full coverage offered by Progressive costs $200 annually. There is a wide range of coverage options available by the company’s package. The company offers many unique features that you may not be able to find in the coverage options offered by other companies. For example, the company offers covering the custom equipment as well as the original parts. And this coverage is included in the full coverage option. Moreover, Progressive’s enhanced injury protection option promises to pay $250 per two weeks if you get injured due to an accident and cannot work. Additionally, the company also pays for the beneficiaries associated with you, the amount is up to $25,000. The mentioned amount is paid when you die due to a fatal accident. The company also offers attractive discounts to the eligible customers.

2. Markel

Pros Cons
  • 24/7 claim support is really helpful for the customers.
  • Availability of online payment increases customer satisfaction.
  • Availability of different type of discounts.
  • No building option, which is one of the major competitive disadvantages.
  • The tools provided to the customers are limited in number.
 

 

Markel comes second to Progressive. It is also the second most affordable company for motorcycle insurance in Florida. The liability-only coverage of the company has an average rate of $58 annually. The full coverage is offered at the average price of $288 annually. There is an option of add-on coverages in Markel’s packages, you can choose any suitable add-on to meet your coverage requirements and customize your package. You can add an extra of $25 for getting roadside assistance as well as a trip interruption coverage. Or you can add an extra of $50, which will cover for all of your private passengers, household vehicles and non-commercial vehicles. Markel also pays for the rental reimbursement coverage if your motorcycle is unusable for a covered accident. Additionally, the company also give you a discount if you decide to transfer to Markel from another insurance providing company. It is called the transfer discount and the amount is up to 10%.

3. GEICO

Pros Cons
  • A++ financial strength rating
  • High level of customer satisfaction
  • There are customer reports against price increase.
 

GEICO lands on the third place of this chart. The average liability-only motorcycle premium of the company starts from $99, whereas the full coverage motorcycle premium is associated with an average of $346. GEICO allows the customers to purchase helmet, accessories, and underinsured/uninsured motorist coverage alongside the standard coverage options. The A+ rating on the company’s financial strength signifies that the company is capable of meeting the claim requirements of the customers without having to impose any delay. The company has also received an A+ from the Better Business Bureau (BBB), which means GEICO provides a satisfactory service to the customers with quite a low volume of complaints. If you have a clear driving profile, then GEICO can be the most affordable choice for you.

Roadside assistance

4. Harley-Davidson

Pros Cons
  • Availability of online quotes and bill payment option.
  • A number of available discounts.
  • Claiming available for 24/7.
  • The coverage premium of the company can prove to be quite expensive.
  • There is no mobile application available.
  • No building option
 

 

Harley-Davidson ranks fourth in the chart because of its satisfactory customer service. The average liability-only cost for the company’s insurance policy is $199 annually. The full coverage has an average price of $289. The company provides insurance policies for every motorcycle model as long as you are qualified as a capable rider. The privilege of gaining an online insurance quote is provided to the riders of Florida, they can pay their bills online as well. The company provides an exclusive discount for the riders who have safety features added to their motorcycles. The automatic accident forgiveness is something that cannot be found in other companies, even if it is there it is more likely to be limited to a group of customers. However, for Harley-Davidson this insurance is available to everyone. If you do not make any claim for at least a 12 month then the company will not increase your annual premium.

5. Dairyland

Pros Cons
  • Varied full coverage options
  • Available low rates for high-risk riders
  • A lot of available discounts  
  • Complaints against no-notice policy cancellation.
 

 

Dairyland is considered as the most expensive insurance provider in the state of Florida. The average liability-only premium starts from $249 annually, and the full coverage insurance premium starts from $361 annually. Along with the standard coverage option Dairyland offers an equipment coverage option as well as a guest passenger coverage option. If your bike is less than three years old, then you will get a full-replacement coverage as well. The wide range of available discounts has impacted the satisfaction of the customers. The available discounts are provided below:

  • Multi-cycle discount
  • Homeowner discount
  • Loyalty discount
  • Rider safety course discount
  • Discounts for riders’ group, such as Harley Owners Group (HOG) members
  • Policy transfers discount

If you are looking for a high-value motorcycle insurance, then Dairyland can be the right choice for you.

Comparison

The average annual premium for liability-only coverage and full coverage varies from company to company based on their coverage options and your profile. This quick comparison will help you in determining your choice based on the payable price.

Liability-only coverage

Company Average annual premium
Markel $58
Progressive $70
GEICO $99
Harley-Davidson $199
Dairyland $249
 

Table 2

Full coverage

Company Average annual premium
Markel $200
Progressive $288
GEICO $289
Harley-Davidson $346
Dairyland $361
 

Table 3

Hence, it is clear from the analysis that Progressive is certainly the best choice for affordable prices. However, there are certain shortcomings that are associated with the company. One of the major shortcomings is the customer satisfaction rate. Therefore, if you want a quality customer service for your motorcycle insurance you can go with GEICO or Harley-Davidson.

Conclusion

In this article, we have analysed the motorcycle insurance program of the top 5 motorcycle insurance in Florida. The pros and cons of each company has been mentioned along with their average annual motorcycle insurance premium. All of the companies provide a varied number of coverage options and discounts, which can prove to be quite attractive to the customers. However, it is always recommended to review the policy papers and terms & conditions before proceeding with the purchase.

Resource list: -

For gaining more information in motorcycle insurance in Florida, you can visit the provided links below.

Motorcycle Insurance in Florida: The Cheapest Quotes and Best Companies  

Best Motorcycle Insurance: Florida (2022)

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