Essentials > The Motorcycle Insurance Guide For 2020

The Motorcycle Insurance Guide For 2020

Motorcycle Insurance Guide
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Comparing Motorcycle Insurance

Just like most other insurance coverage, the price you’re looking at paying is based on a variety of factors. If you’re insuring an extravagant motorcycle, your premiums are going to be much higher than if you’re insuring a budget moped. Insurance premiums will also be higher if you’re riding your bike year-round in the city than if you were to be riding it seasonally in a rural area.

The first thing you need to do is determine your relevant, personal factors and then start your quote comparison process. Explore all of your options when acquiring quotes and make sure to compare precisely what coverages you need.


The Breakdown

Progressive Insurance

Progressive (Best Overall)

As a leading insurance provider and a pioneer for the online-based insurance market, Progressive is our pick for best overall. Progressive is able to keep costs low with their convenient, online, direct-to-consumer process (no insurance agent commissions fees). Consumers online can compare quotes, purchase policies, file claims and even receive discounts for doing so.

Strengths:

• Easy customer process
• Wide variety of discounts
• Fast and smooth claims service
• Snapshot program rewards

Critiques:

• Discounts aren’t available in all states
• Average consumer ratings

BBB: A-


GEICO Insurance

Geico (Best for Affordability)

Geico has successfully become one of the biggest names in auto insurance thanks to its competitively low rates and a streamlined process for purchasing policies.

Strengths:

• Wide range of incentives/discounts
• The average rate is 19.11% lower than the national average
• Numerous awards/accolades


Critiques:

• Average customer-service ratings
• Bundling is often with third-party companies

BBB: A+


Nationwide Insurance

Nationwide (Best for Bundling Coverage)

Nationwide Mutual Insurance has been operating for over nine decades and has consistently received praise for its consideration of employees.

Strengths:

• Accommodating to high-risk riders
• Wide variety of different products making bundling easy
• Numerous awards/accolades for the work environment, and corporate equality

Critiques:

• Customer satisfaction ratings are below the national average
• Fewer add-on options than many other companies

BBB: A+


StateFarm Insurance

State Farm (Best for Drivers With Good History/Credit)

State Farm is one of the most well-known and established auto insurance companies in the US. More Americans choose State Farm for their auto insurance than any other company. But are they the best?

Strengths:

• Financial stability
• Rates are below the national average in most states
• Bundling

Critiques:

• Doesn’t accommodate poor credit
• Doesn’t accommodate poor riding record

BBB: A+


Foremost Insurance

Foremost (Best for Customized Bikes)

A part of the Farmers Insurance Group, Foremost Insurance is one of the bigger providers of specialty insurance products in the US.

Strengths:

• High coverage for customized equipment
• High coverage for safety apparel (helmets, goggles, etc)
• Offers discounts for Farmers policyholders

Critiques:

• Online quoting options based on product/location
• Doesn’t offer insurance in Hawaii and Massachusetts

BBB: Not currently rated


Farmers Insurance

Farmers (Best for the Accident Prone)

Farmers Insurance Exchange, founded in 1928, is one of the well-known insurance giants in the industry. Originally started to provide only auto insurance, Farmers now offers a variety of different coverages through several companies.

Strengths:

• Good policies for custom/vintage bikes.
• Bundling coverage
• High claim satisfaction ratings

Critiques:

• Coverage options not consistent in every region
• A limited selection of add-ons

BBB: A+


AllState Insurance

Allstate (Best for Young Riders)

Allstate, a name that you likely have heard many times over the years through their effective marketing campaigns and branded slogan. Are you in good hands?

Strengths:

• Drivewise app rewards for safe riding
• Comprehensive coverage, a streamlined quote process
• Good for young drivers: first-accident waiver

Critiques:

• Rates are above the national average in most states
• Online quotes can lead to sales calls from agents

BBB: A+


USAA Insurance

USAA (Best for Military Members)

USAA has been consistently ranked as one of the best auto insurance companies. The caveat here is that you need to be eligible for a USAA membership. If you’re eligible then USAA’s coverage and rates will be difficult to beat.

Strengths:

• One of the all-around highest rated insurance companies
• Great rates for members
• Customer satisfaction

Critiques:

• Only offers service for military families
• Motorcycle insurance coverage not as extensive

BBB: B-


Markel Insurance

Markel (Best for Specialty Coverage)

Markel Corporation is a holding company for several insurance companies that deal in a variety of specialty insurance. Markel should be a consideration if you’re in need of specialty insurance.

Strengths:

• Specializes in specialty vehicles (motorcycles, ATVs, trikes)
• Unique, accommodating policies
• 19 years of continuous BBB accreditation

Critiques:

• No online quotes
• Critical customer reviews

BBB: A+


Safeco Insurance

Safeco (Best for Harley Davidson Owners)

Safeco is unique in that it primarily runs through a network of independent insurance agents and agencies who are licensed and appointed to sell their products.

Strengths:

• Wide variety of discounts
• Comprehensive coverage
• Offers two-year replacement cost coverage on new Harley bikes.

Critiques:

• Expensive (Safeco has been compared at almost 20% above the national average for auto insurance)
• You can’t purchase over the phone or online. You’ll have to speak to a representative directly to finalize any policies.

BBB: A


Auto Owners Insurance

Auto-Owners (Best for Client Attention From Agents)

Auto-Owners is a mutual insurance company (like Safeco) where all products are sold by independent agents. Auto-Owners writes policies in 26 states.

Strengths:

• Great customer service and satisfaction rating through local agents
• TrueRide app captures real-time data to offer significant discounts for safe riding.
• Bundling

Critiques:

• Generally higher cost due to being an independent agent company.
• Online system lacking (no live chat, no online quoting system, no claim file online)
• Only operates in 26 States

BBB: A+


Insurance Frequently Asked Questions

Do you need motorcycle insurance?

Yes. The answer is always yes. The majority of the US makes it mandatory by law to have insurance on your motorcycle, but regardless of the law, it’s always the right decision to have insurance. From 2016 to 2017, passenger car fatality rates averaged at 10% per 100,000 registered vehicles. Motorcyclists are at an average of 60%. Get insurance.

How much does motorcycle insurance cost?

There’s no one-size-fits-all approach to this question. Insurance costs will depend on a variety of factors including your state’s minimum liability requirements. The best way to approach this is to become more familiar with the common types of coverage so you can decide what exactly you need. If you need guidance, download our free Motorcycle Beginner Guidebook that has an entire chapter dedicated to motorcycle insurance.

What’s the cheapest motorcycle insurance?

Once again, there’s no simple answer to this question. In short, the cheapest motorcycle insurance is going to be the policy that suits you the best as an individual. Grab a quote, shop around and compare rates in order to find the best fit.

How can I lower my insurance rates?

Here are some common rate deductions for you to consider:

• Clean riding record
• Bundling (Purchasing multiple policies, insuring more than one motorcycle, purchasing multiple types of insurance, etc.)
• Completing motorcycle training courses
• Membership to a motorcycle rider’s organization
• Paying your policy in full

Do you have to have a driver’s license to get motorcycle insurance?

Generally speaking, in most of the United States you must possess a valid motorcycle driver’s license if you’re registering a bike and plan to ride it. What’s more, is you can also qualify for reduced insurance rates by taking motorcycle safety courses along with your license.

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