The fact that you are reading this means you probably ride a motorcycle and understand the importance of motorcycle insurance. Most states require insurance to register and ride a motorcycle on public roads. However, it also gives you peace of mind by knowing that you are protected in the event of an accident or if your bike is stolen or damaged by vandalism, hail, or other non-accident event.
When shopping for motorcycle insurance, you want to choose a company offering coverage options to fit your needs, the best price, and outstanding customer service. The insurance marketplace has a variety of companies vying for your business, but we’ve made choosing the right company easier by comparing different insurance companies and presenting you with the results.
We’re starting our comparison series with two very familiar names in the insurance industry: Progressive and State Farm. As you continue reading, you’ll learn about each company, including coverage options, pricing, customer satisfaction, experience, and additional benefits and features.
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Progressive has been in business since 1937. It’s grown to become one of the largest insurance companies in the United States, but most people know it best through the television commercials featuring “Flo.” The fictitious spokeswoman has been telling viewers about Progressive Insurance in an advertising campaign that launched in 2008 and is still going strong.
The company’s growth is partly due to its variety of consumer coverage options. Progressive is known for its competitive pricing due to its discounts to make its rates affordable, particularly to people with less-than-stellar driving records. Depending on coverage options and the driving record of an insured, a Progressive vs. State Farm price comparison may not reveal a clear winner.
Progressive scores high marks for customer satisfaction, according to J.D. Powers. Its nationwide network of agents and user-friendly website may be reasons customers had good things to say about the company.
About State Farm
State Farm is similar to Progressive in both market share and name recognition. It may not have a “Flo” to promote its insurance products, but State Farm has a nationwide network of exclusive agents providing local services to its customers. Founded in 1922, the State Farm logo featuring three interlocking red ovals is among the most recognizable in the insurance industry.
The company offers a broad range of coverage options for motorcycle riders. Its rates generally fall below the national average when compared with other companies offering motorcycle insurance in part due to discount programs offered to consumers. The company leads in a Progressive vs. State Farm cost comparison depending on the coverage consumers choose.
State Farm scores well in customer satisfaction surveys. According to J.D. Power, State Farm had a claims satisfaction score that exceeded the average for the industry. One reason for its high regard among consumers could be State Farm’s extensive network of local agents.
Progressive vs. State Farm: Coverage Comparison
When shopping for motorcycle insurance coverage start with liability and uninsured/underinsured because these are coverages states with mandatory motorcycle insurance laws typically require. Liability, which includes bodily injury and property damage coverage, pays claims made against you for accidents where you are at fault. Uninsured and underinsured coverages pay for your losses in accidents caused by someone who does not have liability insurance or whose insurance coverage is not enough to pay your claim.
A comparison of Progressive vs. State Farm finds both companies offering liability, uninsured/underinsured, comprehensive, and collision coverages. Comprehensive pays you for damage to an insured motorcycle from non-crash events, including hail, vandalism, fire, and theft. Collision coverage allows you to recover the cost of repair or replacement of your bike after a crash, regardless of who was at fault.
One notable difference between the coverages they offer is gap insurance for motorcycles. If you financed the purchase of a motorcycle and it gets damaged beyond repair in a crash, its collision coverage only pays you its current value. You remain responsible for the loan balance if it exceeds the motorcycle’s value unless you have gap insurance.
Gap insurance pays the difference between the value of the motorcycle and the balance remaining on the loan. Progressive offers gap insurance for motorcycles, but State Farm does not. Instead, State Farm provides coverage similar to gap insurance, but it’s only available to owners who financed their motorcycle purchase with a loan acquired through State Farm.
Progressive vs. State Farm: Pricing Comparison
Several factors affect the amount you pay for motorcycle insurance at Progressive and State Farm, including the following:
- Where you live: Expect to pay less for motorcycle insurance if you live someplace where cold temperatures and snow limit the length of the riding season. Insurance companies see shorter riding seasons as meaning few opportunities for accidents and claims.
- Age and experience: Age matters when it comes to motorcycle insurance, but it’s generally the younger riders, those in their teens in particular, pay more because insurance companies see them as more likely to have accidents than older, more experienced riders. Riding experience also affects rates, so an older rider with limited riding experience may pay more than someone the same age whose been riding longer.
- Traffic violations: Companies have higher rates for motorcycle insurance for speeding tickets regardless of whether the ticket was received while driving a car or riding a motorcycle.
- Accident history: Generally, accidents where you are at fault will result in higher insurance rates than accidents caused by other motorists.
- Type of motorcycle: Bigger engines and sport bikes generally cost more to insurance than other types of motorcycles because of the potential for speeding and risk-taking.
- Credit scores: It may seem odd, but your credit score can affect what you pay for motorcycle insurance. Insurers see people with higher credit scores as posing less risk of an accident than someone with a poor credit rating.
The optional coverages you choose add to the cost of a motorcycle insurance policy, but you need to weigh the benefits before dropping it to save money. For example, comprehensive coverage adds to your cost, but you may regret not buying it if your motorcycle is stolen.
Progressive vs. State Farm: Customer Experience and Satisfaction
When comparing Progressive vs. State Farm, the company’s financial strength, claims experience as reported by its customers, and overall customer satisfaction are important factors to consider when deciding on the one to use for motorcycle insurance. The following are some of the leading ratings services for each category:
- Financial Strength: A.M. Best rates insurance companies based on their ability to pay claims and other factors influencing their financial strength. The rating service gave Progressive an A+ rating, and State Farm received an A++.
- Claims Satisfaction: How customers feel about their claims experience with an insurance company can be determined by the J.D. Power Claims Satisfaction rating. Out of a possible score of 1,000, Progressive received a rating of 861, and State Farm received 882. The average score for the insurance industry was 873.
- Overall Customer Satisfaction: Out of a possible score of 1,000, Progressive and State Farm each scored 824 on J.D. Power’s Overall Customer Satisfaction Study in 2023.
The National Association of Insurance Commissioners rates insurance companies by collecting consumer complaint data and using it to compare companies of similar size. A company with an average number of complaints compared to similar-sized companies would receive a score of 1.0. A company with a score of 2.0 has two times more than the average.
Progressive received an NAIC score of 1.45 based on an above-average amount of consumer complaints. State Farm received a score of 1.18.
Additional Features and Benefits
As shown earlier in this comparison of Progressive vs. State Farm, the companies offer similar motorcycle coverage options except for gap insurance. Progressive offers it while State Farm has a form of gap coverage, but it only provides it to customers who financed the purchase of their motorcycle through State Farm.
Both companies have websites and mobile apps available to their customers, but State Farm does not offer rate quotes through its website as Progressive does. This is because State Farm relies on its nationwide network of exclusive agents. If you want a rate quote for motorcycle insurance from State Farm, you must contact a State Farm office near you.
Need Motorcycle Insurance?
Enjoy your ride while feeling safe with the best insurance coverage.
Progressive vs. State Farm: The Final Verdict
Progressive and State Farm are reputable companies providing similar coverage options for motorcycle insurance. Each lets you select from those options to create a policy to meet your specific needs, and they offer generous discounts that allow you to stay within your budget.
If you financed the purchase of a motorcycle, Progressive’s gap coverage gives an edge unless you financed through State Farm. Otherwise, our choice in the Progressive vs. State Farm comparison is State Farm.
State Farm’s financial strength and claims satisfaction scores give it a slight edge over Progressive. However, you should compare prices, coverages, and other factors discussed in this guide to choose a motorcycle insurance company.
Our Progressive vs. State Farm comparison is one in a series of articles to help you choose an insurance company to insure your motorcycle. Look for future articles, and use the other motorcycle insurance articles referenced throughout this article when shopping.
The Motorcycle Legal Foundation is the place to go for assistance in all motorcycle matters, including legal services. When you need a lawyer, contact the Motorcycle Legal Foundation.