Best Motorcycle Insurance Companies of 2017

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Motorcycle insurance policies are very similar to one another. Most carriers offer similar or identical coverages. But depending on the rider, some insurance policies might be better for one person or another.

Best Motorcycle Insurance Companies By Ratings

We reviewed customer satisfaction and financial ratings of insurance companies to determine the top motorcycle insurance companies. Both are important factors to consider when chossing a policy. Where some factors weren't available, we looked at the closest available metric to help our evaluation. Here are how the major insurers ranked based on four factors: customer satisfaction with the purchase experience, claims process, and financial strength ratings.

INSURANCE COMPANYPURCHASE EXPERIENCE*CLAIMS SATISFACTION*A.M. BESTS&P
State Farm 4 3 A++ AA
Allstate 2 3 A+ AA-
Farmers Insurance 3 3 A A+
Liberty Mutual 5 3 A A-
USAA 5 5 A++ AA+
Erie Insurance 5 3 A+ AApi
American Family 4 3 A+ Rating Unavailable
Nationwide 3 4 A+ A+
Amica 4 5 A++ Rating Unavailable
GEICO 2 3 A++ AA+
Progressive 2 3 A+ AA

*J.D. Power ratings are for 2016 and represent the following: 5-Among The Best, 4-Better Than Most, 3-About Average, 2-The Rest. 

J.D. Power does not rate companies based solely on their motorcycle insurance policies, but it does rate them for their Overall Purchase Experience and Overall Claims Satisfaction in evlauating the best auto insurance companies. Auto and motorcycle insurance policies are very similar, with the exception of the vehicle they cover. These auto insurance ratings might be some indicator of how customers also feel about the motorcycle insurance policies offered by these carriers.

Many of the large carriers that offer motorcycle insurance in the U.S. are rated well financially by A.M. Best and Standard & Poor's (S&P), two prominent rating agencies. The difference in financial strength should mean little to the individual consumer, unless a company under consideration is in extremely poor financial condition.

Best Overall Company: Progressive

Progressive says on their website that “1 in 3 insured motorcycle riders” choose their company, which isn’t surprising. We conducted a study in all 50 states that compared motorcycle insurance quotes from major carriers and Progressive consistently had some of the best rates. In addition to the low cost, the carrier also stands out for the coverages included it their policies, discounts and the variety of vehicles their policy insures.

In addition to affordable rates, Progressive’s motorcycle insurance policies include coverages that are frequently optional and cost more to add, or are not offered at all by other carriers. These include full replacement cost without depreciation, which covers the cost to restore a bike to pre-accident condition (instead of up to the Kelley Blue Book price). All Progressive motorcycle insurance policies cover Original Equipment Manufacturer (OEM) parts as well as custom parts, which are frequently excluded by other insurers. 

Progressive also includes $3,000 of comprehensive and collision coverage for any upgrades, customizations and equipment (such as your helmet, gloves and leathers). The bike itself is not covered by the included coverage, but this is still a significant value added to a policy. 

Along with safe driver and multi-policy or vehicle discounts offered by almost all motorcycle insurance companies, Progressive has a number of other ways riders can save. The company has a safe driver discount -- for riders without any accidents for three years -- and reduces deductibles down to $0 for a claim if a rider is accident free for four years. Progressive also reduces the cost of your premium if you use electronic billing, complete safety courses or have a LoJack vehicle recovery system.

Best For Cheap Rates: GEICO

For a lot of motorcyclists, the cheapest policy is the one they are most interested in. They might just want to make sure they are riding within the law or want to save money, but either way, GEICO motorcycle insurance is the coverage for them.

In our study of motorcycle insurance company quotes, GEICO had the cheapest rates in a number of states, including Arkansas, Mississippi and Oklahoma. In Mississippi, for example, we conducted a study for a sample policy and rider and found the average motorcycle insurance quote in the state was 2.75x GEICO’s average premium. The average annual motorcycle insurance premium in the U.S. is $519

Even though it generally has the lowest rates, GEICO motorcycle insurance still offers good coverage that is very well-reviewed on the carrier’s website. Their policies include include bodily injury and property damage liability; collision and comprehensive coverage for physical damage to a bike; medical payments, no-fault or personal injury protection; uninsured/underinsured motorist coverage; and accessories coverage.

GEICO also offers a number of discounts to further reduce your rates. Riders who already have a motorcycle insurance policy with another company and switch to GEICO get up to a 10% discount. The carrier also discounts policies up to 10% that cover more than one bike, older riders and policyholders that complete a qualified safety course. A 20% discount is available for Motorcycle Safety Foundation instructors.

If someone really needs to insure their bike but can’t afford the annual premium to insure it, GEICO also offers payment plans. Policyholders can choose to pay their annual premium via anywhere between four and nine separate payments, for an additional fee.

Best For Motorcycle Road Trips: Esurance

For motorcyclists who enjoy long road trips, an Esurance motorcycle insurance policy is probably the best. Riders can choose coverages they need or want from the standard list offered by most carriers, such as bodily injury and property damage liability, or comprehensive and collision coverage.

Esurance is great for travelers because it also offers trip interruption coverage, and towing and labor coverage. Trip interruption offers $100 for lodging, $50 for alternative transportation and $50 for food per day up to $500 for any mechanical breakdown, collision or comprehensive claim. No one plans on a trip being interrupted, but at least with this coverage, it will curtail any additional costs.

Towing and labor coverage aren’t just for someone who gets their motorcycle stuck in a ditch. It will cover you if you’re stranded, or if  your motorcycle breaks down or needs to be towed. But it also covers help with a dead battery, flat tire, lost keys, and low fluids (including fuel). Again, no one plans on needing these services but there are occasions when they come in handy, especially if you’re travelling a lot on your bike.

Best For The U.S. Military And Their Families: USAA

As long as you qualify, USAA insurance policies include extremely comprehensive coverage relative to their cost – whether it’s renters insurance or motorcycle insurance. Only active or retired members of the military and their families are eligible to purchase policies but if you qualify, it is coverage you should consider. 

USAA motorcycle insurance policies offer the same standard coverages that other carriers do, plus 24-hour roadside assistance and claims service. The company’s motorcycle insurance also has a number of discounts for those who pass a safety course, insure more than one bike and for riders who remain claim-free.

Best For The Motorcycle Enthusiast: Dairyland

Some motorcyclists eat, breath and live to ride. For those who are true motorcycle enthusiasts and spend a lot of time on their bike, Dairyland is an insurer that shares that passion. The Wisconsin-based insurance company has been selling it’s Dairyland Cycle policy since 1966 and specializes in covering cars and bikes – which could prove to be especially useful when working with their claims adjusters.

Dairyland motorcycle insurance includes the standard suite of coverages, as well as others. The company’s policies include “Excursion Diversion” coverage, which ensures a rider is covered if they are farther than 100 miles from home. It also covers expenses such as food, lodging, any lost deposits and transportation and towing costs. 

Roadside assistance is another coverage included in Dairyland policies and provides toll-free 24-hour towing and services, such as battery failure and fuel delivery. Rental reimbursement coverage is also a part of Dairyland motorcycle insurance policies. It pays for eligible travel expenses if your bike is your only mode of transportation and in the shop.

Riders who are Harley Owners Group (H.O.G.) members get a discount on Dairyland motorcycle insurance policies, as well those who are members from a long list of others. Dairyland also offers a discount on premiums to policyholders who stay with the company when they replace the current or buy another bike.

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