Expert Reviews: Best Motorcycle Insurance Companies of 2024

Motorcycle enthusiasts know the thrill of the open road, but they also understand the importance of proper protection. Choosing the right insurance for your two-wheeled companion, whether it's a sleek BMW motorcycle or a classic Indian motorcycle, is crucial. With the motorcycle market evolving and insurance options expanding, riders need to stay informed about the best coverage choices available in 2024.

This comprehensive guide delves into the top motorcycle insurance providers of the year. It explores key factors to consider when selecting coverage, breaks down different types of motorcycle policies, and offers valuable tips to find the best rates. Whether you're cruising on a Honda motorcycle, zipping around on scooters, or touring on a Yamaha motorcycle, this review will help you make an informed decision to protect your ride and your wallet.

Top Motorcycle Insurance Providers of 2024

Geico

Geico stands out as a top choice for motorcycle insurance in 2024. It has strong rankings for financial strength and customer auto claims satisfaction. Geico's motorcycle coverage is available in all 50 states and caters to bikes of various sizes and shapes. The company offers several specialty coverages, such as accessories and helmet coverage, and extends its services to ATVs and scooters.

One of Geico's main attractions is its competitive pricing. Some riders might find policies starting under $100 per year for minimum coverage, depending on their location and motorcycle type. This affordability, combined with comprehensive coverage options, makes Geico an attractive choice for many riders.

Geico also provides opportunities for bundling insurance policies. Riders can combine their motorcycle insurance with other policies like homeowners, renters, or auto insurance to save on premiums. The company's financial stability is evident in its A++ (superior) rating from A.M. Best Company, a leading independent analyst of the insurance industry.

Progressive

Progressive has established itself as a dominant force in the motorcycle insurance market, offering coverage in all 50 states. The company's extensive industry experience has helped it become a top choice for insured motorcyclists across the U.S. Progressive can cover a wide range of bikes and alternative vehicles, including sport bikes, dirt bikes, cruisers, custom bikes, vintage bikes, touring bikes, ATVs, UTVs, scooters, and mopeds.

One of Progressive's standout features is its full replacement cost coverage for parts and OEM parts as a standard part of their motorcycle policies. They also offer optional coverage for contents carried on the bike, such as phones and camping equipment. Progressive's competitive pricing is another reason for its popularity among riders.

Progressive offers 11 different discounts, including:

1. Bundling insurance policies

2. Completing a safety course

3. Being a responsible driver

4. Paying in full

5. Paying on time

6. Switching or transferring from another company

The company also provides small and large accident forgiveness and disappearing deductibles. Progressive's Safe and Steady Rider® discount benefits riders over 45 who have more than three years of riding experience without any accidents.

Allstate

Allstate has been in the insurance business since 1931 and offers some of the most comprehensive motorcycle insurance coverage in the market. While Allstate might not always be the cheapest option, it receives high ratings for its rider-friendly coverage options.

Allstate's motorcycle insurance policies may start from $45 per month, with annual premiums averaging around $500 to $1,000. The company offers a range of coverage options, from basic liability to full coverage, and includes some unique features that many providers don't offer.

One such option is the Rider Protection Package, which includes death and dismemberment coverage as well as cash benefits in the event of an injury. Allstate also provides numerous discount opportunities based on various factors, making it possible for riders to reduce their premiums significantly.

Dairyland

Dairyland, a brand of the Sentry Insurance Group, offers motorcycle insurance that can start as low as $7 per month, making it an attractive option for budget-conscious riders. The company is particularly known for serving high-risk drivers or those with less-than-perfect driving histories.

Dairyland provides both standard and specialty motorcycle insurance options. Their standard coverage includes:

1. Bodily injury liability

2. Property damage liability

3. Guest passenger liability

4. Collision

5. Comprehensive

Specialty coverage options include:

1. Optional/special equipment

2. Replacement cost

3. Roadside assistance

4. Rental reimbursement

Dairyland covers all types of motorcycles from various manufacturers, including Harley-Davidson, Honda, and Indian. They offer coverage for a range of models, from cruisers and touring bikes to sport bikes and three-wheelers.

To help riders save on premiums, Dairyland offers several discounts, including multi-cycle, homeowner, paid in full, and rider group discounts. They also encourage riders to complete motorcycle safety courses, which can lead to additional savings on insurance premiums.

Key Factors in Choosing Motorcycle Insurance

When selecting motorcycle insurance, riders need to consider several crucial factors to ensure they have adequate protection for their two-wheeled companions. These factors include coverage options, pricing and discounts, customer service, and the financial strength of the insurance provider.

Coverage Options

The foundation of any motorcycle insurance policy lies in its coverage options. Most states require riders to have at least bodily injury and property damage liability coverage. However, to ensure comprehensive protection, riders should consider additional coverage types:

1. Uninsured/underinsured motorist protection

2. Comprehensive and collision coverage

3. Medical payments

4. Full replacement cost

5. Accessories and custom parts coverage

6. Original Equipment Manufacturer (OEM) parts

7. Roadside assistance and trip interruption

8. Carried contents protection

9. Enhanced injury protection

It's worth noting that if a rider is financing their motorcycle, the lender will likely require comprehensive and collision coverage. For those with custom or vintage bikes, options like agreed-value coverage or special packages for restored motorcycles aged 25 years or older might be more suitable.

Pricing and Discounts

The cost of motorcycle insurance can vary significantly based on factors such as the rider's age, location, years of riding experience, and the type of motorcycle. On average, motorcycle insurance costs about $519 per year or $43 per month, but rates can range from a few hundred to a few thousand dollars annually.

To help reduce premiums, insurance companies offer various discounts:

1. Multi-policy or multi-vehicle discounts

2. Safety course completion discounts

3. Motorcycle endorsement discounts

4. Responsible driver discounts (for those with no accidents or violations in recent years)

5. Pay-in-full or automatic bill-pay discounts

6. Homeowner discounts

7. Association membership discounts (e.g., Harley Owners Group)

Some insurers also offer unique savings opportunities, such as vanishing deductibles or forgiveness for small claims under $500.

Customer Service

The quality of customer service has a significant impact on the overall insurance experience, especially when filing a claim. While some companies excel in this area, others may have below-average customer satisfaction scores. It's essential to research and compare customer reviews and ratings to gage the level of service provided by different insurers.

Financial Strength

An insurer's financial strength indicates its ability to pay out claims, which is crucial when riders need to rely on their coverage. Look for companies with high ratings from independent rating agencies such as AM Best or Fitch. Ratings of A (Excellent) to A++ (Superior) suggest strong financial stability and reliability.

By carefully considering these key factors, motorcycle enthusiasts can make informed decisions when choosing insurance coverage that best suits their needs and provides peace of mind on the open road.

Understanding Different Types of Motorcycle Coverage

Motorcycle insurance offers various types of coverage to protect riders and their bikes. Understanding these options helps riders choose the right policy for their needs. Let's explore the main types of motorcycle coverage available.

Liability Coverage

Liability coverage is the foundation of motorcycle insurance and is often required by law. It helps cover expenses if a rider causes injury to others or damages their property in an accident. Liability coverage typically includes:

1. Bodily Injury Liability: This covers medical expenses, lost wages, and legal costs if the rider injures someone else.

2. Property Damage Liability: This pays for repairs or replacement of another person's property damaged in an accident.

Liability limits are usually expressed as three numbers, such as 25/50/25, representing:

• $25,000 in bodily injury coverage per person

• $50,000 in bodily injury coverage per accident

• $25,000 in property damage coverage per accident

It's important to note that liability coverage does not protect the rider or their motorcycle.

Collision Coverage

Collision coverage pays for repairs to the rider's motorcycle if it's damaged in an accident, regardless of who is at fault. This coverage has a significant impact on protecting the rider's investment in their bike. Key points about collision coverage include:

1. It covers repairs or replacement of the motorcycle if it collides with another vehicle or object.

2. A deductible applies, which the rider chooses when purchasing the policy.

3. Higher deductibles typically result in lower monthly premiums.

Comprehensive Coverage

Comprehensive coverage protects the motorcycle from non-collision-related incidents. This type of coverage has an influence on safeguarding the bike from various risks. It typically covers:

1. Theft

2. Vandalism

3. Fire

4. Falling objects

5. Natural disasters (e.g., floods, hailstorms)

6. Damage caused by animals

Like collision coverage, comprehensive coverage includes a deductible. Many lenders require this coverage if the motorcycle is financed or leased.

Additional Protection Options

Riders can enhance their coverage with various additional options:

1. Uninsured/Underinsured Motorist Coverage: This has an impact on protecting riders if they're involved in an accident with a driver who has insufficient or no insurance.

2. Medical Payments Coverage: This helps pay for the rider's medical expenses resulting from an accident, regardless of fault.

3. Custom Parts and Equipment Coverage: For riders with modifications or upgrades to their bikes, this coverage protects aftermarket additions.

4. Roadside Assistance: This option provides help if the motorcycle breaks down or the rider needs towing.

5. Rental Reimbursement: This covers the cost of a rental vehicle if the motorcycle is being repaired due to a covered claim.

6. Trip Interruption Coverage: This helps pay for food, lodging, and transportation if the bike breaks down far from home.

7. Accessory Coverage: This protects items like helmets, riding gear, and other motorcycle-related equipment.

By understanding these coverage types, riders can make informed decisions about their motorcycle insurance policies, ensuring they have the right protection for their specific needs and riding habits.

Tips for Finding the Best Motorcycle Insurance Rates

Finding affordable motorcycle insurance rates requires careful consideration and strategic decision-making. Riders can take several steps to secure the best coverage at competitive prices.

Compare Multiple Quotes

One of the most effective ways to find the best motorcycle insurance rates is to gather and compare quotes from multiple insurance providers. Each company uses different criteria to calculate premiums, so rates can vary significantly. Riders should aim to collect at least three quotes from different insurers to get a comprehensive view of the market. When comparing quotes, it's crucial to ensure that the coverage levels are consistent across all policies to make an accurate comparison.

Take Advantage of Discounts

Insurance companies offer various discounts that can help lower motorcycle insurance premiums. Some common discounts include:

1. Multi-policy discount: Bundling motorcycle insurance with other policies like auto or home insurance

2. Safety course discount: Completing an approved motorcycle safety course

3. Experienced rider discount: For riders with several years of riding experience and a clean record

4. Anti-theft device discount: Installing approved anti-theft devices on the motorcycle

5. Motorcycle association membership discount: Being a member of recognized motorcycle associations

6. Pay-in-full discount: Paying the entire premium upfront

7. Automatic bill pay discount: Setting up automatic payments for premiums

Riders should inquire about all available discounts and take advantage of those they qualify for to reduce their insurance costs.

Adjust Your Coverage and Deductibles

The level of coverage and deductible amounts have a significant impact on insurance premiums. While it's essential to maintain adequate protection, riders can consider adjusting their coverage to balance security and affordability:

1. Evaluate coverage needs based on the motorcycle's value and usage

2. Consider increasing deductibles to lower monthly premiums, but ensure the chosen deductible is affordable in case of a claim

3. For older or less valuable motorcycles, riders might opt for liability-only coverage to reduce costs

It's important to note that while reducing coverage can lower premiums, it also increases the rider's financial risk in the event of an accident or theft.

Maintain a Clean Riding Record

A clean driving record has a substantial influence on insurance rates. Insurance companies view riders with no accidents or traffic violations as lower-risk individuals, often rewarding them with more favorable premiums. To maintain a clean record:

1. Obey traffic laws and regulations at all times

2. Practice defensive riding techniques to anticipate and avoid potential hazards

3. Avoid distractions while riding, such as using a phone

4. Wear appropriate safety gear, including a helmet and protective clothing

5. Regularly maintain the motorcycle to ensure it's in optimal condition for safe riding

By following these tips, motorcycle enthusiasts can work towards securing the best insurance rates while maintaining adequate protection for their rides. Remember that insurance needs may change over time, so it's advisable to review and reassess coverage periodically to ensure it continues to meet individual requirements and budget constraints.

Conclusion

Choosing the right motorcycle insurance is a crucial step to ensure a safe and worry-free riding experience. By considering factors such as coverage options, pricing, customer service, and financial strength, riders can find a policy that fits their needs and budget. Understanding the different types of coverage, from basic liability to comprehensive protection, helps in making an informed decision to safeguard both the rider and their beloved two-wheeler.

To get the best rates, riders should compare quotes, take advantage of discounts, adjust coverage levels, and maintain a clean riding record. These steps have an influence on reducing premiums while maintaining adequate protection. Remember, the goal is to find a balance between affordability and comprehensive coverage to enjoy the thrill of the open road with peace of mind. So, take the time to research, compare, and choose wisely to find the perfect insurance partner for your motorcycle adventures.