The Best Motorcycle Insurance Companies & Policies for 2024
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Choosing an insurance plan for your motorcycle can be difficult. How can you be confident you picked the right policy? There are many factors to consider when choosing a policy, including price, coverage levels, potential discounts and the reputation and financial stability of the insurance company. MoneyGeek has put together a list of the best motorcycle insurance companies available based on our proprietary quote data, allowing you to compare coverage and decide which plan is right for you.
- Best Overall Motorcycle Insurance: Progressive
- Best for Affordable Full Coverage: Dairyland
- Best for Affordable Liability-Only Coverage: Progressive
- Best for Discounts: Harley-Davidson
- Best for High-Risk Riders & Sport Bikes: GEICO
- Best for Unique Motorcycle Coverage Needs: Markel
- Best for Military & Veterans: USAA
Best Motorcycle Insurance Overall: Progressive
The best motorcycle insurance companies provide affordable coverage to meet your needs. MoneyGeek has put together ranking scores based on proprietary data, coverage options, customer service and complaint scores, as well as other factors, such as the number of available discounts, to help you figure out which company offers the best coverage for you.
Because of their exceptionally high scores in every category, Progressive is our pick for best motorcycle insurance overall, with a total score of 97 out of 100.
MoneyGeek broke overall scores for each insurance company into three categories:
- Product and service – This category determined 30% of each company’s overall score and assessed coverage options, discounts and customer complaints.
- Financial stability – Each company’s AM Best financial stability rating accounts for 10% of their overall score.
- Affordability – The affordability score was determined by reviewing the average cost of both full coverage and liability-only policy options, making up a total of 60% of each company’s overall score.
Best Motorcycle Insurance Companies by State
Insurance rates can vary significantly based on your location. Moving from state to state or from one ZIP code to another can change your insurance rates by hundreds of dollars each year. This may seem strange, but insurance rates are determined by several factors, including local laws and regulations, the number of accidents in a given area each year and many other factors.
How to Get the Best Motorcycle Insurance Policy for You
There are several things you should consider when deciding which insurance coverage is right for you.
Figure out how much insurance you really need.
Knowing exactly how much coverage you should carry is crucial to finding the right policy for you. Liability coverage is required by law in almost every state, but many levels of liability coverage are available. It is always a good idea to choose the highest level of liability coverage that you can comfortably afford.
There are many other types of coverage to choose from, including:
- Guest/Passenger Liability: This coverage will pay for medical bills for your passenger if you are in an at-fault accident.
- Comprehensive and Collision: Also known as full coverage insurance, these two coverages pay for damage to your motorcycle. Collision coverage is for your bike if you hit another vehicle or a stationary object. Comprehensive covers your motorcycle in the event of non-accident damages, including fire, theft, flooding and other hazards.
- Uninsured/Underinsured Motorist (UM/UIM): This coverage pays to fix your motorcycle or cover your injuries if you are hit by someone uninsured or underinsured.
- Accessory or Optional Equipment Coverage: This coverage will pay for damages to your motorcycle accessories like your helmet, customized features on your motorcycle and crash bars.
- Roadside assistance: This coverage is designed to help if your motorcycle breaks down, you need a tow, you have a flat tire or a dead battery.
Compare quotes.
Get quotes from several companies to ensure you are getting the best possible rate for your motorcycle insurance. Getting a quote from multiple companies can help instill confidence that you aren’t paying more than necessary for your insurance coverage, but it is essential to do your research when choosing a policy. Just because a policy is the most affordable doesn’t mean it is necessarily right for you, so make sure you compare the same coverage from company to company and that you trust the insurance company to meet your needs in the event of a claim.
Make sure you choose the right policy for you.
Not every insurance policy is created equal. Each insurance company has a specific target market, which means you will want to consider your needs carefully when choosing a policy. For example, USAA is designed specifically for military members, while Harley-Davidson coverage is designed specifically for Harley-Davidson owners. Be sure to consider all your options, but keep in mind that finding the company that considers you their ideal customer base can go a long way toward making sure you are happy with your motorcycle coverage.
Who Has the Best Motorcycle Insurance Rates?
Keeping insurance costs low is important to almost everyone, so we compared rates across major providers to determine who offers the cheapest motorcycle insurance. According to our research, Progressive has the lowest rates. Still, you will need to get a quote from multiple insurance companies to verify which company has the lowest rates in your specific situation. Because rates can vary from one location to another and some companies have more discounts available than others, it's crucial to do your research before choosing a motorcycle insurance plan.
Sit down and figure out how much coverage you need to protect yourself in the event of an accident. Once you know how much coverage you need, get quotes from multiple companies and make sure the coverage being offered meets your needs before choosing which motorcycle insurance plan is right for you.
Frequently Asked Questions About the Best Motorcycle Insurance
Still not sure what coverage is right for you? MoneyGeek has compiled a list of some of the most common questions people have about motorcycle insurance to help you find the best possible coverage.
That depends on what coverage you need. While our research indicates that Progressive offers the best, most affordable motorcycle insurance coverage, you may find another company that is better for you based on your needs.
Progressive has the lowest overall rates across a variety of motorcycle insurance coverage levels. However, USAA and Dairyland offer excellent rates as well. And some riders may find that the discounts available through Harley-Davidson make it worth it to opt for a policy with Harley-Davidson instead. You will need to compare quotes to know who has the best rates for you.
While Florida, Montana and Washington don’t have laws requiring motorcycle insurance, we strongly recommend you at least have liability coverage in place no matter what the law requires. Whether or not insurance is required doesn’t change the fact that you will be held liable for bodily injury and property damage caused in an at-fault accident.
We recommend full coverage motorcycle insurance with comprehensive and collision coverage and liability coverage of at least 50/100/25 or, preferably, 100/300/100. Riders with motorcycles that have been paid off or lower-value bikes like mopeds may choose to carry liability-only policies.
About Rachael Brennan
sources
- Insurance Information Institute. "Facts+Statistics: Motorcycle Crashes." Accessed May 3, 2021.
- Council on Foreign Relations. "Demographics of the U.S. Military." Accessed May 3, 2021.