Best-Rated Motorcycle Insurance Companies
Motorcycle insurance is meant to protect you against large financial losses, meaning the top insurance companies will offer a solid customer experience through what is often a difficult time and have the financial means to pay claims. The top motorcycle insurance companies earn high ratings for overall customer satisfaction and for their financial strength. Below, we outline how each of the best motorcycle insurance companies fares in the aforementioned categories.
|Motorcycle Insurance Company||A.M. Best (2018)||J.D. Power||S&P Credit Rating|
*NR signifies that an entity is not rated; J.D. Power ratings are on a 5-point scale.
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 rate companies based solely on their motorcycle insurance policies, it does rate them based on their auto insurance policies. Auto and motorcycle drivers are likely to have similar experiences. Many of the large motorcycle insurance companies are rated by A.M. Best and Standard & Poor's (S&P), two prominent rating agencies. The two agencies rate companies based on their financial strength.
Best Motorcycle Insurance Overall: Progressive
Progressive's deep discounts and coverage add-ons, many of which are included at no additional cost, make it an outstanding cheap choice for most motorcycle riders. For instance, all of Progressive's motorcycle insurance policies provide full replacement cost coverage. The coverage, for which other motorcycle insurance companies typically charge, ensures your motorcycle is restored to pre-accident condition without a deduction for depreciation. This can be a highly valuable coverage in some situations. For example, if you crashed your motorcycle and damaged your three-year-old back wheel, Progressive would reimburse you for the cost of a new wheel rather than the lower depreciated value of your existing wheel.
Another free add-on that helps cement Progressive as a top motorcycle insurance company is its original equipment manufacturer coverage. Motorcycles equipped with original parts are repaired with original parts. Similarly, motorcycles equipped with custom parts are repaired with custom parts. Furthermore, all Progressive motorcycle insurance policies include $3,000 of coverage to pay for damage to custom parts, upgrades and customizations.
Progressive also offers its policyholders a long list of discounts and access to accident forgiveness programs. Progressive's discounts are varied, which means most people can find ways to reduce their motorcycle insurance costs. For instance, Progressive's motorcycle insurance policies offer discounts to anyone who owns a home, regardless of which company it is insured with. Furtheremore, if you go four years accident-free and then have an accident, the first one won't be counted against you as long as the accident costs Progressive more than $500.
Aside from cheap motorcycle insurance rates and extra coverage options, Progressive's customers benefit from the company's sleek website, which delivers quotes a lot faster than its competitors' sites. In other words, Progressive is a great company to compare motorcycle insurance quotes against. All of these features make Progressive the best motorcycle insurance company overall.
Best Cheap Motorcycle Insurance: GEICO
For anyone searching for cheap motorcycle insurance, GEICO is the best choice, as it consistently offers some of the most affordable motorcycle insurance policies. In fact, GEICO offers the cheapest motorcycle insurance quotes in some of the states with the most motorcycle riders, including Florida and California. Based on our motorcycle insurance quote comparison, GEICO was the cheapest motorcycle insurance company by a margin of 76% in Florida with an average motorcycle insurance cost of $374 per year. Keep in mind that rates vary by area, among other factors, so it's always best to compare rates from multiple insurers to ensure you get the cheapest full-coverage motorcycle insurance policy.
Not only does GEICO offer cheap motorcycle insurance; it also offers an abundance of motorcycle insurance discounts to drive down its quotes even further. For instance, if you already have motorcycle insurance, GEICO will offer you an automatic discount of up to 10% just for switching insurance companies. Furthermore, motorcycle riders qualify for a loyalty discount of up to 10% just for renewing their GEICO motorcycle insurance policies. For someone switching motorcycle insurance companies, these discounts are fairly easy to attain.
Another feature that makes GEICO the best cheap motorcycle insurance company is that it offers its policyholders the option to pay in installments. This is optimal for motorcycle riders who are on a budget and can't afford to pay a policy in whole upfront. Keep in mind that if you select to pay in parts, you'll be subject to a small fee for each installment. The fee will vary depending on the number of installments.
Best Motorcycle Insurance for Custom Motorcycles: Foremost
Foremost motorcycle insurance policies offer high optional equipment coverage limits, making it the best motorcycle insurance company for those who enjoy customizing their motorcycles. Foremost includes $3,500 of coverage for customized equipment on its comprehensive policies at no additional cost to motorcycle riders, which is $500 more than Progressive's limit. Most other motorcycle insurance companies charge for optional equipment coverage. The coverage applies to optional equipment and customizations, including chroming, paint jobs or an added sidecar. Furthermore, policyholders can increase their coverage limits on custom equipment up to $15,000.
It's worth noting that Foremost insurance policies also provide $1,500 in coverage for safety apparel, such as helmets and goggles. Most motorcycle drivers who have custom motorcycles will be able to receive coverage through Foremost, as it offers motorcycle insurance policies in all states, excluding Hawaii and Massachusetts.
Best Motorcycle Insurance for U.S. Military Members and Their Families: USAA
Consider this if you're affiliated with the U.S. military.
The United Services Automobile Association (USAA) doesn't offer motorcycle insurance directly, but it refers its members to Progressive, one of the best cheap motorcycle insurance options. Despite this roundabout method of getting coverage, those who sign up for a Progressive motorcycle insurance policy through USAA will have access to military-specific discounts. In other words, U.S. military members, veterans and their families are able to take advantage of extra discounts on what we consider the best motorcycle insurance. 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?
- Active military members
- Family of military members
- Cadets and midshipmen at service academies
Best Motorcycle Insurance for the Motorcycle Enthusiast: Markel
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 multiunit discounts and provides coverage for a wide array of motorcycle types. The multiunit discount lowers a policyholder's premium if they have more than one motorcycle insurance policy with Markel. Furthermore, Markel insures more motorcycle types than is typical, making it perfect for anyone having trouble getting coverage. Here are some of the types of motorcycles Markel covers:
- Sport bikes
- Touring motorcycles
- Sport-touring bikes
- Big twins
- Street bikes
- Dirt bikes
- Custom motorcycles
While Markel has features that make it great for enthusiasts, it also offers a unique 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 Motorcycle Insurance for the Occasional Rider: Dairyland
Whether you're an infrequent motorcycle rider or you're an international visitor, Dairyland is the best motorcycle insurance for the occasional rider. Dairyland allows its policyholders to modify coverage at any time, which is especially useful for those who live in northern states, where motorcycles sit in storage in the winter months. Infrequent riders can choose to decrease their coverage limits at any time, saving money by doing so.
The Dairyland Cycle Visit USA program also makes it the best motorcycle insurance company for international visitors. International travelers can apply for a temporary motorcycle insurance policy through the program. The insurance policy is available in increments of 30, 60 and 90 days and provides coverage for one driver and motorcycle. The coverage can be applied to a motorcycle you already own, one you rent or one you buy during your visit.