Best Motorcycle Insurance
Why should you buy the best motorcycle insurance you can afford? According to the NHTSA (National Highway Traffic Safety Administration) there were an estimated 110,000 crashes involving motorcycles in the year 2014 alone.
No one wants to be a part of those statistics but the fact is that accidents do happen, so you want coverage that will protect you and your investment.
Following an accident, motorcycle insurance can help cover the costs of repairs, bodily injuries, and a number of other collision-related expenses. For your convenience, I've compiled information on the best motorcycle insurance companies in the industry along with advice to help you choose the best one for your needs.
Best Motorcycle Insurance: What to Consider
Since purchasing an insurance policy is such a significant choice, I've laid out the most important considerations to keep in mind.
1. Policy Coverage
Broadly speaking, this details the coverage that applies to the driver as well as any other passengers personally injured as the result of an accident. More specifically this includes:
- Bodily injury liability
- Property damage liability
- Uninsured/underinsured motorist coverage
- Trip interruption coverage
One thing that my research made clear is that each state has different requirements for the coverage you must have by law. Be sure to check with the appropriate agencies, such as the DMV, to determine what your policy must include.
2. Collision and Comprehensive Coverage
This coverage insures you in the event that you get into an accident and need repairs to your motorcycle. Comprehensive coverage refers to other sorts of non-collision related damage like vandalism or theft.
...there were more than 45,000 motorcycle thefts in 2015.
While it's easy to assume that these unpleasantries won't happen to you, the Insurance Information Institute reports that there were more than 45,000 motorcycle thefts in 2015. It's better to have the peace of mind of this type of coverage if you can work the associated motorcycle insurance rates into your budget.
3. Filing Claims
The quality of the claim management department is a substantial factor. Will an agent be available 24/7 by phone or online? How reliable are they when it comes to providing answers or fulfilling their promises?
Are you eligible for any sort of discounts? Virtually everyone meets the qualifications for at least one of the rate reductions typically offered by motorcycle insurance companies. Some examples include:
- Accident forgiveness
- Pay in full
- Pay on time
- Safe driver/safety course
Keep in mind that not all discounts are allowed or available in all states. Once you decide who has the best motorcycle insurance for you, be sure to check with your agent to see which discounts may be applied to your premium.
What Keeps You from Getting the Best Motorcycle Insurance Rates?
Motorcycles might historically entail less expensive insurance than other forms of transportation, but the cost can still get pretty high depending on a few very important factors. My analysis turned up five major factors that can drive up the average cost of motorcycle insurance.
1. The Price of the Parts
One of the main things motorcycle insurance does for you is ensure that you can get your bike repaired if you're in an accident. However, to make sure they're still making a profit, insurance companies have to hike up the cost of motorcycle insurance depending on how costly a bike will be to repair. That depends largely on how much money replacement parts cost.
If your bike has inexpensive (but still reliable, hopefully) parts then you're probably going to be paying less for motorcycle insurance. If your parts are pricier, your insurance probably will be, too.
2. How Hard It Is to Find the Parts
If the parts in your bike are rare or even just uncommon, your motorcycle insurance rates will be higher. This is because the insurance companies will, in the case of an accident, have to either spend more time looking for those parts or spend more money than usual to buy them.
3. If They're Sports Bikes
Motorcycle insurance is typically a good deal more expensive if you plan to use the bike for sport, since that use tends to lead to accidents more frequently. If your motorcycle is regularly used as a sports bike, then insurance companies will be able to guess your intentions and raise your rates to make up for the extra risk they're taking on.
4. How Fast the Motorcycle Goes
The faster you ride, the more likely it is you'll get into a crash. That's simple science, and more than enough reason for motorcycle insurance companies to charge more money if you have a bike that can reach very high speeds. For example, Motorcycle.com did an investigation to determine the most expensive motorcycles to insure. Not surprisingly, the Suzuki Hayabusa came out on top – just like its maximum speed of nearly 190mph.
Make sure that going fast is enough of a priority for you that you're willing to spend more money each month for the privilege of doing so.
5. The Odds of the Motorcycle Being Stolen
It might sound a little unfair, but if you have a highly coveted bike that's on the list of the top stolen makes (as I will cover below) then your motorcycle insurance will probably be at least a little higher. The companies will have to charge you more in order to prepare for the percentage of bikes they expect to be stolen based on what data they have.
It might seem unfair to have to pay more, particularly if nothing ever happens to your bike. If yours is stolen, however, you'll be incredibly grateful you spent a little extra each month. Motorcycle insurance often feels like a necessary evil, especially when your rates are higher than normal, but remember that it can sometimes equal big savings overall.
The Best Motorcycle Insurance Companies
Allstate Motorcycle Insurance Review
- Bodily injury coverage
- Property damage liability
- Motorcycle medical payments
- Uninsured/underinsured motorist coverage
- Guest liability insurance
- Some rates reported on the higher side
The Allstate Corporation had its beginning in 1931 and became a publicly traded company shortly thereafter. Fast forward to present day and what you'll find is that this personal insurer has over $126.9 billion in total assets, a comfortable spot on the Fortune 500 list, and an impressive 16 million satisfied customers. With figures like that it's hard to contest Allstate's standing.
I began my analysis with this provider's coverage fundamentals. Allstate is pretty comprehensive in their offerings which include property damage liability and trip interruption coverage, as well as bodily injury. In addition to that you can opt for uninsured/underinsured motorist coverage.
I found that another common concern of motorcyclists is potential injury of a passenger. Put those fears on the backburner because Allstate has what's known as guest liability insurance to provide coverage in the event of a crash. Depending on your policy Allstate may cover hospital bills, x-rays, surgeries and more.
You won't be shortchanged with Allstate's discounts. To name a few, you may qualify for a multiple policy discount, good rider discount, multiple motorcycle discount, and more. If you total their discounts, you can save somewhere in the ballpark of 40% off your policy.
Ready to get started? Getting a motorcycle insurance quote is simple and quick with their user-friendly platform. They'll inquire about your past driving record, discounts you may qualify for, as well as other personal history questions. In total Allstate has a great lineup of options. The one potential disadvantage is that some rates were reported on the higher end. However, this is grossly dependent on your personal factors so I recommend you request a quote with the provider.
State Farm Motorcycle Insurance Review
- Comprehensive coverage
- Property damage liability
- Side car coverage
- Range of payment options and discount
- Optional paperless billing
- No trip interruption coverage
- No online quote tool
George Mecherle, a retired farmer turned insurance salesman, founded State Farm in 1922. His core principles incorporating quality offerings with a "good neighbor" approach, have made State Farm one of the largest auto insurance companies in the country.
So why do millions of riders insure their motorcycles with State Farm? The answer is simple - State Farm offers some of the best coverage options throughout the industry. They have bodily injury and property damage liability, side car coverage, plus a range of discounts available.
One point that's worth emphasizing is that the provider's website does not recommend a certain amount of coverage. What they do advise is that you contact an agent directly to receive a proper quote based on your lifestyle, history, and other demographic information. If you'd rather meet someone in person (instead of by phone) you'll be glad to know that State Farm has branches located throughout the country. In total there are 17,000 licensed State Farm Agents nationwide which should make your search pretty easy.
State Farm offers a number of payment options. You can pay either monthly, quarterly, semi-annually or annually. And they accept everything from credit cards to in-person payments.
Overall, I'm very pleased with State Farm's offerings. The one thing they're lacking is trip interruption coverage which basically reimburses you for meals, lodging and transportation if you get into a collision far away from home. As an Allstate Motor Club member, you receive this perk which is why State Farm ranks a bit lower on my list. Still, they have plenty to offer motorcyclists.
Geico Motorcycle Insurance Review
- Free online quote tool
- Range of payment options
- Property damage liability coverage
- Accessories coverage
- Collision coverage
- No trip interruption coverage
- Fewer discounts
GEICO (Government Employees Insurance Company) has become a household name in the last decade for its well-liked reptilian mascot, The Gecko. Apart from its successful marketing tactics, GEICO is a popular insurance company for its range of offerings and competent customer service agents.
Geico offers property damage liability and collision coverage, plus comprehensive coverage which protects against acts of vandalism, fire or theft. When you purchase their accessories coverage you'll also be insured for the seats, chrome pieces, saddlebags and your helmet.
They offer underinsured/uninsured motorist coverage if you get into an accident with a driver who doesn't have proper insurance. When you're ready to head over to checkout you'll be pleased with the following discounts:
- Multiple motorcycles
- Transferring to GEICO
- Safety course discount if completed through the Motorcycle Safety Foundation or Military Safety course
- Mature riders (for veteran motorcyclists)
- Car insurance discount applicable if you have an existing policy through GEICO
While these are some attractive discounts, some of the other providers on mylist take their discount offerings even further.
GEICO lays all their offerings on the table and it's quite obvious how accommodating they are. The few drawbacks that exist (no trip interruption coverage and fewer discounts) are strongly outweighed by their convenient online quote tool, range of coverage and payment options.
Progressive Motorcycle Insurance Review
- Extensive range of coverage options
- Simple claims process
- Easy-to-use website
- Excellent customer service
- Generous number of discount options
- May be more expensive than others in some cases
Progressive Insurance has been in business since 1937 and was the first auto insurer to offer its clients drive-in claims as well as the option to pay premiums in installments. The company claims to be the insurer of choice for one of every three motorcycle owners; given their coverage offerings that statistic is no surprise.
Progressive provides some of the best motorcycle insurance options available. You can choose the basics like collision, property damage liability, and uninsured/underinsured coverage, and add other unique options as you wish. One of the rarest things this insurer offers is OEM (Original Equipment Manufacturer) parts coverage. This means that if you add this to your policy your damaged parts will be replaced with OEM parts. This is advantageous if it's important to you to protect brand integrity and thus resale value of your bike. Want your personal belongings covered? They offer that too.
Yet another unusual choice Progressive gives you that makes it one of the best motorcycle insurance companies is something called "Agreed Value". This type of collision/comprehensive allows you to insure your bike for an appraisal value which you and Progressive agree upon. This is almost unheard of in the industry. Yet the innovative coverage makes complete sense if your motorcycle is a collector's item and thus appreciating in value rather than depreciating.
Progressive also offers an expansive suite of motorcycle insurance discounts. These include multi-policy/vehicle, safe driver, pay on time, even "quote in advance" (a rate reduction for getting your quote at least a day before starting your policy) plus many more.
As far as consumer reputation is concerned, my analysis of a broad range of consumer reviews revealed that Progressive excels in customer service. They also get high praise for their drive-in claims service and prompt claims processing. While some customers express frustration that their policy isn't the cheapest motorcycle insurance out there, Progressive is hands-down the provider with the most coverage options for bike owners.
USAA Motorcycle Insurance Review
- Bodily injury liability
- Comprehensive coverage
- Collision coverage
- Medical payments
- Property damage liability
- Limited information online
- No quarterly payments available
The United Services Automobile Association (USAA) has been in operation since 1922 and was originally founded by 25 U.S. Army officers. At that time, military members had a hard time receiving coverage because they were labeled 'high risk'. The need for affordable coverage is what prompted those 25 Army officers to start USAA.
Since then, the company has grown tremendously and expanded their offerings to include nearly every category of coverage. To serve the ever-changing needs of motorists USAA has a comprehensive coverage policy including collision coverage, bodily injury liability, property damage liability and uninsured/underinsured coverage. USAA will also cover any custom parts or equipment on your motorcycle in the event of damage during an accident.
If you haven't heard of MedPay it's something you should seriously consider getting, especially since the costs of medical treatment can rise into the thousands. You'll be glad you have medical payment coverage if you get injured in a crash and are required to seek immediate treatment.
Motorcyclists will revel in the offerings USAA presents. Not only do they have a ton of coverage options but they also have over 10 different discounts you may qualify for. These include: defensive driving, family discount, good student, loyal member, multiple products, new motorcycle, safe driver, etc. I found the list quite exhaustive, which is just one reason USAA gets my approval.
Other Factors Affecting the Best Motorcycle Insurance Rates
It's true that some companies advertise incredibly cheap motorcycle insurance, some even touting rates starting under $100 per year. The fact is that many bike owners are not going to get this kind of dirt cheap insurance cost.
Motorcycle insurance rates are higher in large metropolitan areas. This is due in part to the fact that motorcycle theft rates are highest in these cities.
Once you begin the process of obtaining a motorcycle insurance quote, you'll find that specific factors can have a big impact on your premiums.
- The Kind of Bike You Own: There are certain makes that are more likely to be stolen than others, and these will cost you more. The specific high-risk motorcycles may vary from year to year. The NICB (National Insurance Crime Bureau) reports that in 2015, the top three most frequently nabbed brands were Honda, Yamaha, and Suzuki. The NICB is a non-profit organization which works with the FBI and other federal agencies to fight insurance-related crime.
- Where You Live: Motorcycle insurance rates are higher in large metropolitan areas. This is due in part to the fact that motorcycle theft rates are highest in these cities.
- Your Insurance Score: You may have thought I was going to say "credit score". Your credit score, however, is only part of the story in terms of how your motorcycle insurance quote is calculated. What determines whether you get the cheapest motorcycle insurance is actually called an insurance score, or insurance credit score.
Best Motorcycle Insurance: What Is an Insurance Score?
You may have noticed that your auto and motorcycle insurance quotes don't seem to be the same as everyone else's - either for better or worse. This is because insurers measure something called an insurance score. Not only does this rating take your credit score into account, it also includes an assessment of your insurance history including past tickets, accidents, and claims.
Believe it or not, there is an entire body of research on how your insurance score affects a company's risk of taking you on as a customer. These studies have found that, on the whole, those with a lower insurance score tend to file claims more often and cost insurers more money in the long run. This is why there's no definitive answer to the question "how much is motorcycle insurance?" - because that number will vary from person to person based upon their insurance score.
What Most Motorcycle Insurance Reviews Don't Tell You
There's one thing that may not even cross your mind when trying to find the cheapest motorcycle insurance - the financial status of the insurance company.
It's natural for other things to be at the forefront of your mind, like whether you can get the right coverage for a customized bike, and which discounts you qualify for. But the financial soundness of your provider should be a significant consideration. Should you need to file a claim, you want the peace of mind of knowing that the money will be there when the check is cut.
The average motorcycle insurance review isn't going to give you an in-depth picture of the company's fiscal health. You can, however, get this useful information from one of the four agencies which assess that very aspect of insurance companies:
Choosing the best motorcycle insurance company is part of a solid overall personal financial strategy. Treat it as such by doing research beyond the rates.
Best Motorcycle Insurance Recap
As a motorcyclist, insuring yourself against personal injury and damage to your vehicle is a decision you should take seriously.. You really can't go wrong with any of these five motorcycle insurance companies. They excel in their offerings and boast impressive customer reviews as well.
If you're looking to address multiple insurance needs at the same time, check out the best car insurance companies and the best homeowners insurance companies for more helpful information and reviews.
Best Motorcycle Insurance FAQs
How much is Progressive motorcycle insurance?
Motorcycle insurance at Progressive starts at $75 per year. As you fill your insurance application, Progressive offers a range of discounts depending on variables. Coverage includes replacement cost on parts without depreciation, total loss coverage for a new bike for up to two years, and coverage for gear and personal belongings.
Is it more expensive to insure a motorcycle?
Location has a bearing on motorcycle insurance rates. Motorcycle insurance rates vary widely by state, and also by model and age of bike, the driver, and how the bike is used.For example in Florida, insuring a used Honda motorcycle cost $71 per year, while a Honda Civic driver pays $830 yearly, according to Insurance.com.
What is the average cost of motorcycle insurance?
Average motorcycle insurance costs range from about $200 to $500 per year. Several factors affect the price you pay. You can choose liability coverage only, up to comprehensive insurance with full replacement value on an expensive new bike. Good drivers above the age of 25 can expect the best rates.
What is comprehensive motorcycle insurance?
If your motorcycle is damaged by something other than a collision, or stolen, comprehensive motorcycle insurance pays out. This includes animal collisions. Typically, a deductible applies. Collision with vehicles, and medical payments are separate options than comprehensive coverage. Comprehensive, collision and medical payments are all options added to basic liability.
Can you receive discounts for motorcycle insurance?
Yes, there are a ton of discounts you may qualify for! Some of the most popular discounts offered by providers in the industry are reserved for individuals who have multiple motorcycles, have completed safety courses, or purchased multiple policies within the same household.
Furthermore, you can often score savings on your policy if you own a home, pay in full at the start of your term, have no accidents on your driving record (or the previous policy term), and have a motorcycle that's equipped with specific safety equipment. In many ways the discount options are limitless, but it's up to you to inquire with the provider. If you're unsure which discounts are offered, check the website or call a qualifying representative.
What are the insurance requirements for a motorcycle?
The answer to this question varies not only by the state in which you reside but also the motorcycle being insured. Each state has its own insurance minimum requirements. In Florida, for example, the motorcycle insurance requirements mimic those of regular vehicles. To begin check your state's DMV requirements. The second component to take into consideration is the type of bike you own. Super sport motorcycles and racing bikes will be more expensive to insure just because their designed for speed. To an insurance company, higher speed capabilities equate to greater risk. (Keep that in mind when shopping for a motorcycle as well). Since so many factors are calculated in your insurance quote it's best to contact a provider directly.