The best protection money can buy is something along the lines of the full leather race rigs that you see at professional motorcycle events. Below that, it becomes a matter of compromise where you need to balance a variety of factors that include: comfort and practically, your budget, your tolerance for risking injury and your comfort with riding unprotected (if you ride pre-occupied by the thought of not having a certain piece of gear — you’re dangerous).
My person minimum is the following:
— DOT full face helmet (I’ve purchased name brand, comfortable ones on sale online for $55)
— Thick leather gloves (I have 2 pair that extra pair that have armor and I picked up for $15 ea online)
— Armor jacket (I went leather for $100, but have seen decent quality textile for $75 or less online)
— Ankle height leather, cap toe boots (my favorites are HD, but I’m good with $50 construction type as well)
— Jeans
Now this is my putzing around town MINIMUM and I personally feel comfortable in the belief that it is enough gear to help me avoid most of the avoidable injuries that might happen at 30-40 mph. When I hit the highway (commute), I add MC textile overpants with separate knee/shin armor. They are a bit goofy looking when I get off the bike (look like a dorky wannabee snowboarder), but they add a huge amount of lower body protection in the unfortunate occurance of an uplanned slide down the highway. I got them on sale online for something like $60.
If you look at the list above and are not particular about color/style, you could probably put together a kit of helmet, gloves, armored jacket and leather boots for $200. It won’t be the ultimate setup, but I’d argue that it will provide MUCH more protection that going out in T-shirt, sneakers and bareknuckle.