Motorcycle insurance protects your vehicle in case of an accident and pays for damage to other people’s property or injuries you cause while riding. Depending on the rider, the bike, and where they live, most states require motorcycle insurance. Premiums can be anywhere from a few hundred to a few thousand dollars per year. Read on to study the finest Bike insurance companies and the discounts and benefits if your bike isn’t covered or you want to switch providers.
Progressive is the best motorcycle insurance company if you’ve been in an accident because its policies are very forgiving of big and small accidents so they won’t raise your rates. It also has good policies for replacing broken parts.
Progressive’s policies are unusually generous, such as accident forgiveness, choice of replacement parts, free coverage for accessories, and decreasing deductibles the longer you go without making a claim.
Progressive also offers extras that aren’t standard in the industry, such as total loss coverage for new motorcycles, up to $3,000 in coverage for items you carry with you (which no other company on this list does), and enhanced injury protection, which pays $250 per week for two years if you get hurt and can’t go back to work.
Harley-Davidson is the best company for new riders to get insurance from. Harley-Davidson makes it easy to get insurance for your first bike. If you need a loan to buy your bike or an extended service plan, you can get everything in one place.
Harley-Davidson is different from the other companies on this list because it focuses on motorcycle insurance and related products, such as parts, bike loans, and insurance for planned maintenance. It’s a great place to look for your first bike’s insurance, especially if it’s a Harley. You can save even more money if you combine these features with the company’s discount for taking a motorcycle safety course.
Also, of the companies on our list, only Progressive has a wider range of motorcycle types covered and more discounts than Harley-Davidson. It comes with all the standard coverage options and many extras. These include coverage for the full cost of replacement in case of a total loss and coverage for the cost of replacing equipment in case of a smaller accident.
Foremost is the best motorcycle insurance company for track riders. It’s the only company on this list that will cover these high-risk customers. If there is an accident on the racetrack, track-day coverage will pay to fix or replace your bike.
Foremost sells the same types of insurance as its parent company, Farmers, but its website is better. There are three types of coverage: Saver, Plus, and Elite. Each one can be changed to fit your needs. Foremost’s plans include coverage for helmets and other safety gear, but the amounts vary from plan to plan. All plans also cover the cost of a first accident.
The Elite plan has a deductible that goes down over time or doesn’t have one. It also has better rental benefits and lets other people drive your bike. Also, this plan can cover vehicles that are old, unique, or slow.
Markel is the best motorcycle insurance company for mechanical breakdowns because it’s the only one on our list that pays to fix broken parts even if they break down for no reason other than wear and tear. Also, Markel is one of the few motorcycle insurance companies that will not charge you for the first accident you caused and will lower your deductible if you don’t have any claims.
Markel has programmes like “accident forgiveness” and “decreasing deductible” (you pay 25% less each year until you don’t have to pay anything after four years). It also has all the standard motorcycle coverage options that most large insurers offer and some rare extras. Some of the rare ones are agreed-value settlements for custom bikes and coverage for mechanical failures, trailers, and funeral costs caused by a motorcycle accident.
The last one covers funeral costs up to a certain amount for any insured person riding an insured bike. The company also has an option for custom bikes called Agreed settlement. Nationwide is our top choice for motorcycle insurance for collections because it is one of the few companies that will cover up to 12 specialized bikes on a single policy, up to a high limit.
Nationwide offers some of the maximum coverage limits and free yearly policy reviews to ensure your policy is still meeting your needs. Besides Progressive, it’s the only company that offers bodily injury liability and uninsured/underinsured motorist coverage of $500,000 per person and per accident. Nationwide’s collision and comprehensive policies also have a “vanishing deductible” feature.
If you don’t file a claim for a year, your deductible will go down by $100, up to a maximum of $500. Other insurance companies cover custom bikes and tricycles. Still, Nationwide is one of the few that lets you cover up to 12 of them under one policy for a maximum of $30,000 for custom parts and $50,000 per bike, plus coverage for the trailer.
Safeco is the best motorcycle insurance company we’ve found for homemade and kit motorcycles because it’s the only company we’ve looked into that offers this kind of coverage for some bikes. Even though Safeco doesn’t offer many other types of coverage, its comprehensive and collision policies do come with free replacement of original manufacturer parts.
Safeco is a Liberty Mutual company that offers insurance for a wide range of motorcycles, including some built from kits or made at home. Its programs also arrive with roadside assistance and repairs that are guaranteed to be done with original manufacturer parts. Aside from these benefits, Safeco also lets you customize your policy with a few discounts and extra coverage options. Since the company is mostly agents, you have to call to find out more.