The 5 Best Motorcycle Insurance Companies
The 5 Best Motorcycle Insurance Companies: Motorcycle insurance covers damage to your motorcycle, other property and possible injuries. Most states require motorcycle insurance coverage and, depending on the rider, bike and location, annual premiums can range from a few hundred to a few thousand dollars.
If your motorcycle isn’t insured, or if you’re looking to switch providers, read on to learn more about the best motorcycle insurance companies on the market.
Top Picks for the Best Motorcycle Insurance Companies
- Progressive – Best for Accident Forgiveness
- Harley-Davidson – Best for New Riders
- Foremost – Best for Track Riders
- Markel – Best for Mechanical Breakdown Coverage
- Nationwide – Best for Motorcycle Collectors
Progressive: The 5 Best Motorcycle Insurance Companies
policies include accident forgiveness, choice of replacement parts, complimentary accessories coverage and deductibles that diminish the longer you remain a claim-free customer.
Progressive offers other add-ons that aren’t universal to the industry. For example, total loss coverage for new motorcycles provides up to $3,000 in coverage for items you carry along — which no other insurer on this list offers. On the other hand, enhanced injury protection provides coverage if you’re injured and can’t return to work ($250 per week for two years).
Why we chose it: Harley-Davidson is our best motorcycle insurance company for new riders. If you’re insuring your first bike, Harley-Davidson offers one-stop shopping for insurance, bike loans and extended service plans.
- Financing and extended service plans
- Extensive list of covered motorcycle types
- Optional equipment replacement cost for total losses
- Discounts for military members, law enforcement and experienced riders
- Coverage is unavailable in AK, HI, or DC
- More expensive than other insurance companies ($20-40 extra per month, on average)
- J.D. Power Customer Satisfaction Score
- N/A
- A.M. Best Financial Strength Rating
- A+ (Superior)
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Harley-Davidson: The 5 Best Motorcycle Insurance Companies
specializes in motorcycle insurance and related products, including parts, bike loans and planned maintenance insurance. New riders may pair these products and services with the company’s motorcycle safety course discount for additional savings.
The company’s range of motorcycle types covered and discounts offered are among the best on our list — rivaled only by Progressive.
Besides the standard coverage options, Harley-Davidson has a broad selection of add-ons:
- Full replacement cost coverage in the case of a total loss
- Equipment replacement cost coverage for lesser accidents
- Rental reimbursement coverage in case you need to rent another bike or car while your main vehicle is out of commission
Why we chose it: Foremost is our pick for the best motorcycle insurance company for track riders since it’s the only insurer on this list that will cover these particular customers. Trackday coverage will pay for motorcycle repairs/replacement in case of an accident while on the racetrack.
- Track day coverage and replacement cost with Plus and Elite packages
- First-accident forgiveness and helmet and safety apparel covered
- Long list of discounts, including lay-up, locked storage and preferred operator
- Covers legal all-terrain vehicles (ATVs) and trailers
- Limited customer service hours
- Does not sell policies online
- J.D. Power Customer Satisfaction Score
- N/A
- A.M. Best Financial Strength Rating
- A (Excellent)
Foremost : The 5 Best Motorcycle Insurance Companies
A subsidiary of Farmers Insurance, Foremost offers many of the same coverages, but with an improved online experience and better terms on its insurance products. For example, Foremost offers up to $10,000 in coverage for your transport trailer, whereas Farmers only covers up to $7,500.
The company has three coverage packages — Saver, Plus and Elite — that can be customized to fit your needs. All three plans include first-accident forgiveness and coverage for helmets and safety apparel, in amounts that vary by plan.
The Plus and Elite packages provide track-day coverage, replacement cost coverage and roadside assistance with towing and trip interruption. The Elite plan includes a diminishing deductible and enhanced permissive use (allowing others to drive your bike) rental benefits. This plan also covers vintage, custom and low-speed vehicles.
Why we chose it: Markel is the best motorcycle insurance company for mechanical breakdowns, since it’s the only insurer on our list that covers repairs to components that fail, even if a crash doesn’t trigger the failure.
- Covers mechanical breakdowns unrelated to crashes
- Includes $1,000 in accessories coverage with comprehensive and collision
- Accident forgiveness option for first at-fault loss after four years accident-free
- Added coverage for funeral expenses and trailers
- Rental reimbursement
- Not available in all states
- J.D. Power Customer Satisfaction Score
- N/A
- A.M. Best Financial Strength Rating
- A (Excellent)
Markel : The 5 Best Motorcycle Insurance Companiesstands out for its accident forgiveness (which includes an option to cover your first at-fault loss after four years accident-free) and diminishing deductible (get 25% off each year and pay nothing after four years) programs.
The company also offers all the standard motorcycle coverage options of most larger insurers, such as collision, comprehensive and medical payments, and some unique extras.
Extra add-ons and benefits include an agreed-value settlement for custom bikes and coverage for mechanical failures, trailers and funeral expenses arising from a motorcycle accident. Both the agreed-value settlement and funeral expenses cover final costs up to a predetermined amount for any insured person riding an insured bike.
Why we chose it: High coverage maximums and the option to add as many as 12 specialized motorcycles onto a single policy make Nationwide our pick for the best insurer for motorcycle collections.
- Up to $50,000 in coverage per bike for vintage or custom bikes/trikes (up to 12)
- Vanishing deductible included with collision and comprehensive coverage
- Coverage for original parts for many manufacturers
- Motorcycle apparel coverage included with vintage motorcycle package
- Original-manufacturer parts not available for all makes
- Fewer discounts than other companies
- Below-average customer satisfaction score
- J.D. Power Customer Satisfaction Score
- 831/1000 (Below average)
- A.M. Best Financial Strength Rating
- A+ (Superior)
Nationwide: The 5 Best Motorcycle Insurance Companies
offers some of the highest coverage limits and a free annual policy review. Besides Progressive, it’s the only company offering $500,000 per person, per accident for bodily injury liability and uninsured/underinsured motorist coverage.
Nationwide includes a vanishing or diminishing deductible feature with its collision and comprehensive policies, so your deductible can go down by $100 every year you go without filing a claim for up to a maximum of $500.
While other insurers extend coverage for custom bikes and trikes (three-wheeled motorcycles), Nationwide is among the few that allow you to insure up to 12 vehicles under one policy for a maximum coverage amount of $30,000 for custom parts and $50,000 per bike, plus trailer coverage.
Why we chose it: Safeco is our best motorcycle insurance company for homemade and kit motorcycles because it’s the only insurer we found that provides coverage for select bikes.
- Covers some homemade and kit bikes
- Manufacturer parts included with comprehensive and collision
- Offers a Harley Davidson replacement cost provision
- Discount for experienced riders
- Only offers four discounts
- Quotes are only available through an agent
- Does not cover race bikes
- J.D. Power Customer Satisfaction Score
- 871/1000 (Below average)
- A.M. Best Financial Strength Rating
- A (Excellent)
