Best Motorcycle Insurance Companies of 2022: Coverages & Quotes

motorcycle insurance companies
Motorcycle Club

Finding the right motorcycle insurance companies can be difficult, but it is both legal and a wise decision for riders. Fortunately, the best motorcycle insurance companies may provide reasonable and comprehensive coverage plans to keep you safe on the road.
The BusinessYield reviews team investigated the best motorcycle insurance carriers in the United States to determine which coverage plans stand out from the crowd. Our specialists selected the finest options for outstanding and cost-effective motorcycle insurance companies by focusing on each provider’s average pricing, policy specifics, reputation, and customer experience.

Best Motorcycle Insurance Companies of 2022

  • Progressive – Best overall motorcycle insurance.
  • Dairyland – Best option for affordable full coverage.
  • Progressive – Best option for low-cost liability-only coverage.
  • Harley-Davidson – Has the best discounts.
  • GEICO – The best option for high-risk riders and sports bikes.
  • MarkelBest for Specialized Motorcycle Coverage Requirements:
  • USAA – Best option for military and veterans.

#1. Progressive – Best overall motorcycle insurance.

The best motorcycle insurance companies offer reasonable coverage to fit your requirements. MoneyGeek has compiled ranking scores based on proprietary data, coverage options, customer service, complaint rankings, and other considerations, such as the number of available discounts, to assist you in determining which business provides the best coverage for you.

Progressive is our choice for best motorcycle insurance overall, with a total score of 97 out of 100, due to their extraordinarily high results in every category.

Progressive is at the top of our list since our research shows that they provide the best pricing and coverage options. They also provide other ways to save money, like a bundling discount, a motorcycle safety course discount, and a discount for paying your insurance in full. Progressive provides coverage either directly or through an independent insurance agent.

Dairyland – Best option for affordable full coverage.

Pros

They have received good marks for their inexpensive full coverage and customer service. They also provide a 24-hour helpline where you can file a claim.

Cons

Dairyland, unlike other motorcycle insurance carriers, is not offered in every state.

Highlights of the Company

Dairyland is the most affordable full coverage policy, according to our study. This level of coverage is critical for persons riding financed motorcycles or those riding more expensive, high-end machines.

Comprehensive and collision coverage is part of full coverage insurance, which protects your bike if it is stolen, destroyed in an accident, or tips over when parked or in storage. They offer comprehensive coverage for all motorcycles, including mopeds and scooters. Dairyland provides comprehensive coverage for your bike all year, however, they do not require you to carry the policy when your bike is in storage. They do, however, remind you that there is still risk associated with storing a bike, which means that everything from theft to floods to fire could ruin your motorcycle even if it is stored for the winter.

Progressive – Best option for low-cost liability-only coverage.

Pros

Progressive provides motorcycle insurance throughout the United States. They also provide a variety of other coverage alternatives, helping clients to save money by bundling policies.

Cons

Despite having high customer service ratings, they are second only to Dairyland in terms of best customer service and the lowest amount of complaints.

Highlights of the Company

When it comes to low-cost liability insurance, Progressive is the best option. This decreased level of coverage is particularly useful to customers who ride paid-off motorcycles or choose to ride a cheaper bike that they can afford to repair out of pocket.

Liability coverage, like liability-only auto insurance, covers any harm you cause to another person or their property while riding your motorcycle. This is normally the bare minimum the law requires, while loan companies may demand those who are paying off their motorcycle to have full coverage insurance. Progressive has the most affordable rates for liability-only coverage. Keep in mind, however, that your rates are determined by a variety of criteria, including your ticket and accident history, as well as the number of years you’ve been riding a motorcycle.

Progressive makes it clear that they understand motorcycle riders carry the majority of the damage in accidents, which is why their liability premiums are so cheap.

Harley-Davidson has the best discounts.

Pros

Although they provide insurance to everyone, their policy is bespoke to Harley-Davidson owners. They also cover nearly every make and model of motorcycle, including customized models.

Cons

While Harley-Davidson provides coverage in the majority of states, it does not give it in Alaska, Hawaii, or Washington, D.C.

Highlights of the Company

Harley-Davidson is the best option for motorcycle enthusiasts who wish to save money on insurance. Purchased a new bicycle? That is saving. Do you belong to the Harley Owners Group (H.O.G.)? That is also a discount. To mention a few, Harley-Davidson rewards property ownership, holding a motorcycle endorsement on your driver’s license, paying your premium on time, owning more than one motorcycle, military discounts, and employing anti-theft gear. Harley-Davidson may not have the lowest motorcycle insurance rates, but they provide so many ways to save that you may find they have the lowest rate in your case. You should compare rates to ensure you are getting the best deal available.

GEICO – The best option for high-risk riders and supersport bikes.

Pros

They provide reduced rates for drivers with a ticket or an accident on their record, as well as for motorcycles considered high-risk, such as sports bikes.

Cons

GEICO’s customer service and coverage scores are lower than those of the majority of the other motorcycle insurance companies in this ranking.

Highlights of the Company

When it comes to vehicle insurance, GEICO is a household name, so it’s no surprise that they also offer motorcycle coverage. GEICO offers some of the best prices for riders who own sport bikes, motorbikes with high CC engines, or bikes with a high accident rate. Your traffic ticket and accident history can have a significant impact on your insurance costs, but GEICO offers some of the best available rates for blemished motorcycle riders. They also provide many motorcycle savings, including up to 10% for older riders and those who renew their motorcycle coverage with GEICO.

Markel – The best choice for certain coverage requirements.

Pros

Markel provides up to $30,000 in accessory coverage in $1,000 increments. They also provide funeral price coverage for motorcycle riders who die in a motorcycle accident.

Cons

Full motorcycle coverage from Markel may be slightly more expensive than that of some of the other motorcycle insurance companies in this rating.

Highlights of the Company

Every insurance provider provides the same fundamental insurance coverages, like liability, comprehensive, and collision. What distinguishes Markel is that they offer some of the best extra coverages for motorcycle riders. Accessories, mechanical breakdown, trailer, funeral expense, passenger liability, roadside assistance, trip interruption, and rental reimbursement coverage are all available. While burial fee coverage may appear morbid, motorcyclists are 29 times more likely than passenger car occupants to die in a crash, thus this is a valid issue.

USAA – The best option for military and veterans.

Pros

USAA offers some of the most affordable insurance prices in the country. They also provide a range of coverage choices, letting clients combine their plans.

Cons

USAA does not cover all drivers or motorcycle riders.

Highlights of the Company

The cheapest affordable motorcycle insurance rates in every state are virtually always offered by USAA, but they are only available to veterans, active military members, and their families. While this coverage can be useful for individuals who qualify, there are only 1.3 million active military troops in the United States, accounting for less than half of the population. Because USAA coverage offer is only to a limited percentage of the population, it is usually not part of most insurance company comparisons.

How Did We Select the Best Motorcycle Insurance Companies?

When deciding on our top motorcycle insurance options, we looked at policies from more than 30 different companies to see what they had to offer in terms of coverage and savings. We also assessed each organization on a variety of criteria, including financial strength as determined by AM Best, claims satisfaction scores as determined by J.D. Power’s most recent Claims Satisfaction Survey, and more. Our study should be a helpful tool, but we recommend that you shop about and compare quotes before settling on a motorcycle insurance carrier.

What Is the Cost of Motorcycle Insurance?

Companies employ a variety of factors to determine how much to charge for motorcycle insurance, including age, gender, region, type of bike, average usage, requested coverage, driving history, and credit score, just as they do for any other sort of insurance coverage. Because motorbikes pose unique hazards, you should compare plans and always read the fine print before deciding on a provider.

Check for coverage exclusions or hidden fees based on the sort of bike you’re insuring, any special equipment, and your normal riding time. Keep in mind that sports bikes and street bikes are the most expensive to insure because they are the most likely to be involved in an accident or stolen.

What Are the Various Types of Motorcycle Insurance?

Motorcycle insurance, like vehicle insurance, comes in a variety of forms that you may require or choose to include in your policy. Individual coverage options include:

If you are determined to be at fault in an auto accident, bodily injury, and property damage liability pay for the other party’s medical care and property damage.

  1. Collision coverage compensates you for damage to your own vehicle regardless of responsibility.
  2. Comprehensive coverage, which pays for damage to your car caused by weather or theft.
  3. Personal injury protection/medical payments, which pay for your personal medical expenditures regardless of who is at blame.
  4. Uninsured motorist coverage covers your own medical and car repair fees if you are involved in a collision with an uninsured driver.
  5. Coverage for unique items, such as sidecars, custom paint, and chrome wheel rims, that you installed on your motorcycle after acquiring it.
  6. GAP coverage pays the difference between what is owed on your car’s lease or loan and its current worth if the accident results in a total loss.
  7. Coverage for accessories and riding gear, which helps offer replacement monies for goods such as helmets, leather, and other items you may wear or attach to your bike to assist protect you while riding.

What exactly is a lay-up period, and how can it help me save money on my motorcycle insurance?

Unless you live somewhere with year-round warm weather, you’ll probably store your motorcycle for the winter. As a result, most motorcycle insurance carriers offer lay-up insurance during the winter months.

During this time, you will most likely save money on your payment while still receiving coverage for theft and other damages that may occur in storage. However, keep in mind that your insurance provider will not cover an accident on the road during the lay-up time, so don’t choose this option if you expect to ride all year.

How Can You Get Cheap Motorcycle Insurance?

While you should never forego certain types of coverage in order to save money, there are some wise methods to save money on motorcycle insurance. These are some examples:

  • Seek out motorcycle insurance companies that provide numerous discounts.
  • Participating in a motorcycle safety course
  • Keeping a clean driving record and a high credit score
  • Participating in brand-specific owner’s organizations or cycling clubs
  • Combining products like a vehicle, life, and home insurance with your motorcycle coverage
  • Choosing a bike that is less expensive to insure

What are the Cheapest Motorcycle Insurance Companies?

According to a ValuePenguin survey, Nationwide offers the most affordable motorcycle insurance, with an average yearly price of $593. Geico also provides riders with cost-effective plans. The national average annual cost is $610.

Where can I get Motorcycle Rental Insurance?

You can acquire a short-term insurance policy for a single day, week, or month when renting a motorcycle. You should receive quotations from the motorcycle rental provider, your auto insurance company, and a specialty rental insurer. Although purchasing a policy from the bike rental company may be the most convenient option, your current insurance company or a specialty provider may offer additional coverages and discounts.

State regulations for motorcycle insurance

Almost every state, like vehicle insurance, has liability requirements for motorcycle insurance, including property damage and bodily injury liability if you’re at fault in an accident.

Motorcycle insurance is not required in Florida, Montana, or Washington. They also do not impose legal or financial penalties if you do not have one.

All motor vehicles operating on public roads in Arizona must have a minimum level of liability insurance: $25,000 bodily injury liability for one person/$50,000 for two or more people and $15,000 property damage liability.

In Virginia, drivers who do not carry insurance must pay an annual fee.

All other states require you to have property damage and personal injury liability insurance.

If you live in a state that requires motorcycle insurance, you must ensure your new bike before you take it out on the road.

In states where motorcycle insurance is not required by law, you can get it later, but you risk being held accountable for any costs incurred as a result of any accident in which you are involved.

In Which States is Dirt Bike Insurance Required?

As a general rule, if you’re solely riding on private property or a racetrack, you don’t need standalone dirt bike insurance. If you ride your dirtbike on public roads, you may be forced to insure it if your state requires insurance for all road vehicles (such as in Arizona.)

You should also keep in mind that not all states permit the use of dirt bikes on public highways. Check your state’s DMV or DoT website to see if dirt motorcycles are deemed street legal in your state and what is required to make your model compliant if it isn’t already.

Choosing How Much Motorcycle Insurance to Purchase

The type of motorcycle insurance you should get is determined by your state’s regulatory regulations as well as your personal needs. Most states need two forms of liability insurance: property damage and personal injury protection.

You can also add coverage that isn’t mandated by law, such as comprehensive coverage, uninsured/underinsured motorist coverage, and coverage for bespoke items.

Motorcycle Insurance Companies FAQs

How much motorcycle insurance do I need?

State legislation requires certain coverages. Most states, for example, require motorcyclists to obtain motorcycle liability insurance. Other coverages, including comprehensive and collision insurance, may be optional if you own your motorcycle entirely. If you lease or loan your motorcycle, your lender may compel you to get collision and comprehensive insurance until you have paid off your bike.

Are motorcycles cheap on insurance?

Motorcycle insurance is typically less expensive than auto insurance. It’s even cheaper in California, where the average fee is $690, compared to the national average of $1,173.

Are older motorcycles cheaper to insure?

Yes, older motorcycles are less expensive to insure than newer ones. Because classic bikes take more care and aren’t used every day, insurers won’t charge you as much; the same is true with classic automobile insurance.

References

0 Shares:
Leave a Reply

Your email address will not be published.

You May Also Like