The Best Motorcycle Insurance Companies (2021)

The Best Motorcycle Insurance Companies (2021)

Whether you're looking for cheap coverage to get on the road or full protection for a custom ride, we help you pick from the best insurers on the market.

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Purchasing motorcycle insurance is about more than fulfilling your state's registration laws. The best motorcycle insurance providers combine affordable prices, dependable customer service and varied, practical coverage options.

We chose top-rated motorcycle insurance companies across different categories, making it easy to find one that best fits your needs.

Best for low-cost coverage: Nationwide

Nationwide is the cheapest provider of motorcycle insurance, on average, offering a large menu of discounts and a vanishing deductible.
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Insurer highlights

  • Cheap rates, on average
  • Vanishing deductible
  • High customer satisfaction rating

Nationwide offers riders some of the cheapest motorcycle insurance rates in the country. On average, policies cost $593 a year, with annual rates in some states as low as $291. Nebraska, North Dakota, Maine, Iowa and Kansas make up the top five cheapest states to insure your motorcycle with Nationwide.

While Nationwide offers the best low-cost coverage, policyholders also benefit from highly-rated customer service. The company has a 0.53 rating on the NAIC Complaint Index, which measures the number of complaints an insurer receives in comparison to its share of the overall market. The National Complaint Index is 1.0, which means that a company with a Complaint Index of 0.53 has about half as many complaints as its average competitor.

Nationwide helps riders keep their costs low with a vanishing deductible. Each year that you are accident-free, the deductible goes down by $100. The company also offers a multitude of discounts, including:

  • Multi-policy
  • Multi-vehicle
  • Homeowner
  • Paid in full
  • Motorcycle safety course
  • Anti-lock brakes
  • Theft recovery device
  • Riding association membership, like the Harley Owners Group (H.O.G.)

Customizable policies make Nationwide motorcycle insurance a good fit for most riders, not just those looking for cheap insurance. Policyholders can add custom equipment coverage, original equipment manufacturer (OEM) coverage and roadside assistance.


Best for daily riders: Dairyland

Dairyland's rental reimbursement and roadside assistance make it the best all-around insurance if you ride every day.
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Insurer highlights

  • Comprehensive roadside assistance
  • Rental reimbursement
  • Range of discounts

Read the full review

Dairyland's roadside assistance and rental reimbursement coverage make it the best choice for riders who use their motorcycle as their main vehicle. Emergency roadside assistance coverage gives Dairyland policyholders peace of mind, with fuel, fluid, oil or water refills just a phone call away. Coverage also includes service for flat tires, bad batteries, mechanical or electrical problems and tow service if repairs are needed.

When riders use their bikes to get to work or for everyday activities, an accident or breakdown can derail their life. Dairyland helps cover the cost of a rental vehicle while their motorcycle is being repaired. In addition, Dairyland offers replacement cost coverage for motorcycles that are less than three years old. Many other companies have a mileage limit or set a one-year cap on full replacement coverage.


Best for custom bikes: Progressive

The higher coverage limits available at Progressive make it a good choice if you've invested a lot into customizing your motorcycle.
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Insurer highlights

  • Generally affordable coverage
  • High OEM and custom parts coverage
  • No depreciation for parts

Read the full review

Progressive's deep discounts and coverage add-ons, many of which are included at no additional cost, make it an outstanding choice for custom motorcycles. All of Progressive's motorcycle insurance policies provide full replacement cost coverage, ensuring your motorcycle is restored to pre-accident condition without a deduction for depreciation.

Another perk that helps cement Progressive as our first choice is its original equipment manufacturer (OEM) coverage, which guarantees that any original or custom parts on your bike will be replaced with the same parts. Progressive includes $3,000 of coverage for damage to custom parts, upgrades and customizations with collision and comprehensive coverage, along with the ability to raise the limit up to $30,000 if needed.

Progressive also offers a long list of discounts and an accident forgiveness program. If you have an accident after four years accident-free, the first one won't count against you, as long as the accident costs Progressive less than $500.


Best for military veterans: USAA

Through Progressive, USAA offers military-only discounts for motorcycle insurance that help keep premiums low.
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Insurer highlights

  • Highly rated customer service
  • Military-specific discounts
  • Offers loan financing for bikes

Read the full review

The United Services Automobile Association (USAA) doesn't offer motorcycle insurance directly. It refers its members to Progressive, one of the best companies for cheap motorcycle insurance. Despite this roundabout method of getting coverage, those who sign up for a Progressive motorcycle insurance policy through USAA gain access to military-specific discounts.

In other words, U.S. military members, veterans and their families are able to take advantage of extra discounts and get the cheapest rates on one of the best motorcycle insurance policies. Besides motorcycles, USAA also provides insurance policies for ATVs, mopeds and scooters.

Another added benefit of getting motorcycle insurance through USAA is that it offers motorcycle loans and financing. Therefore, it serves as a one-stop shop for those who are purchasing a new motorcycle. USAA offers up to 100% loan financing on motorcycles.

Who is eligible for USAA?

  • Veterans
  • Active service members
  • Cadets and midshipmen at service academies
  • Military families


Best for collectors: Markel

Hobbyists and collectors will find a good fit at Markel, with its multi-bike discount and ability to insure all kinds of motorcycles.
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Insurer highlights

  • Offers multi-bike discounts
  • Covers many types of recreational vehicles
  • Diminishing deductible available

Read the full review

Markel has been insuring motorcycles for more than 40 years, making it familiar with the needs of motorcycle enthusiasts. Markel is great for motorcycle hobbyists, as it offers multi-vehicle discounts and provides coverage for a wide array of motorcycle types.

The multi-vehicle discount lowers a policyholder's quote if they have more than one motorcycle insurance policy with Markel. Furthermore, Markel insures more motorcycle types than many other insurers, making it perfect for anyone with a vintage bike who is having trouble getting coverage elsewhere. Here are some of the types of motorcycles Markel covers:

  • Cruisers
  • Sport bikes
  • Touring motorcycles
  • Sport-touring bikes
  • Big twins
  • Street bikes
  • Scooters
  • Mopeds
  • Dirt bikes
  • Trikes
  • Custom motorcycles

While Markel has features that make it great for enthusiasts, it also offers a way for safe motorcycle riders to save money through its diminishing deductible. Markel will reduce your deductible by 25% each year you go accident-free until it's $0. It's one of the best money-saving features for safe motorcycle riders with high deductibles.


Best for young riders: Geico

Geico offers the best motorcycle insurance policies for young riders, with some of the cheapest rates, a large menu of discounts and the option to pay in installments.
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Insurer highlights

  • Cheap rates
  • Offers multiple discounts
  • Allows payment in installments

Read the full review

Geico is the best insurer for young riders because it consistently offers some of the most affordable motorcycle insurance policies, along with a wide range of discounts that can drive down rates even further. For instance, young riders who complete a Motorcycle Safety Foundation or Military Safety Course get a 10% discount.

Geico allows drivers to customize their motorcycle insurance to meet their needs, so policies don't automatically include complex options that young riders may not require.

Geico also gives policyholders the option to pay their premium in installments instead of all at once. This is optimal for young motorcycle riders who are on a budget and don't want to pay a policy in full upfront. Keep in mind that you'll likely be subject to a small fee for each installment.


Best-rated motorcycle insurance companies

The best motorcycle insurance companies combine great service with affordability and the financial ability to cover claims in any situation. Below, we outline how each of the best motorcycle insurance companies fares in the aforementioned categories.

Best motorcycle insurance companies

Company
AM Best
J.D. Power
NationwideA+ (Superior)876
DairylandA+ (Superior)NR
ProgressiveA+ (Superior)856
USAAA++ (Superior)890
MarkelA (Excellent)NR
GeicoA++ (Superior)871

Compare rates

J.D. Power is an industry expert when it comes to determining the best-rated insurance companies for overall customer satisfaction. While J.D. Power doesn't review companies based solely on their motorcycle insurance policies, we used auto insurance claims satisfaction ratings to infer that both drivers are likely to have similar experiences.

All of the large motorcycle insurance companies are rated by AM Best, a prominent rating agency that analyzes companies based on their financial strength.

What is the cheapest motorcycle insurance company?

The most affordable option for motorcycle insurance is Nationwide, with an average annual premium of $593, based on a ValuePenguin analysis. Geico also offers budget-friendly policies for riders. Its average annual cost across the country is $610.

What is the best motorcycle insurance company?

The best insurer for your motorcycle depends on your specific needs, the type of motorcycle you have, your riding habits and your location. For example, we found that Geico is the best company for young riders because it has budget-friendly rates and payment plans. However, Progressive is the best insurer for riders with custom bikes because of its OEM and custom parts coverage.

Where can I purchase rental motorcycle insurance?

When you're renting a motorcycle, you can purchase a short-term insurance policy for a single day or week, or on a monthly basis. You should get quotes from the motorcycle rental company, your auto insurance company and a specialty rental insurer. Purchasing a policy from the bike rental company may be the easiest choice, but your current insurance company or a specialty provider could offer additional coverages and discounts.

Methodology

We collected thousands of quotes from six major insurance companies across the country to determine rates. To choose the best insurance provider in each category, we analyzed the coverages offered, rates and available discounts.

Insurance company ratings from AM Best and J.D. Power were evaluated to determine the best companies. AM Best is a rating agency that analyzes companies based on their financial strength. The J.D. Power 2020 U.S. Auto Claims Satisfaction Study provides an overall customer satisfaction rating index, which is based on a 1,000-point scale. Companies that received an NR in our table were not represented in the study data.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.