Navigating the landscape of motorcycle insurance companies in 2024 can be daunting, with renowned insurers like State Farm, Progressive, Geico, and Harley-Davidson Insurance leading the pack [1].
These companies not only offer traditional insurance policies for motorcycles but extend their coverage to two- and three-wheeled vehicles licensed for public use, ensuring comprehensive and collision insurance, roadside assistance, and even coverage for personal gear such as helmets and protective clothing [1].
Such diversity in offerings places these insurance agencies at the forefront for bikers seeking robust motorcycle insurance policies.
As consumer expectations evolve, so does the emphasis on finding a motorcycle insurance agency that combines excellent coverage with competitive pricing and exemplary customer service [1].
This article aims to review and compare the top motorcycle insurance companies of 2024, delving into their coverage options, customer support capabilities, and the value they offer riders [2] [3].
By providing a comprehensive analysis, it seeks to guide riders toward choosing the right motorcycle insurance policy that aligns with their needs and preferences, ensuring peace of mind while out on the road.
Contents
Insurance Company #1
Dairyland stands out as the go-to motorcycle insurance agency for those prioritizing affordability without compromising on coverage.
With an average monthly rate of just $22, Dairyland offers the cheapest motorcycle insurance in the market, making it an attractive option for riders of all types, especially high-risk motorists and young riders [4][5].
Key Offerings and Features:
- Average Monthly Rate: $22, making it the most affordable option [4].
- Coverage: Comprehensive and collision insurance, including gear like helmets and protective clothing. Additionally, roadside assistance coverage is available, ensuring peace of mind for riders [1].
- Discounts: A wide array of discount opportunities such as switching from another company, multi-vehicle, mature rider, policy renewal, motorcycle safety course, Motorcycle Safety Foundation instructor, and bundling discounts. These options make it possible to further reduce already low rates [5].
- Specialized Policies: Tailored for a variety of two- and three-wheeled vehicles licensed for public road use, Dairyland’s policies are customizable, catering to the unique needs of motorcycle enthusiasts [1].
Despite its affordability and comprehensive coverage options, Dairyland’s main drawback is its customer service, receiving 60% more complaints than an average insurance company of its size.
This aspect may be a consideration for potential policyholders who prioritize customer service experience [4].
Additionally, Dairyland does not offer some popular upgrades like original equipment manufacturer (OEM) coverage, which might be a deal-breaker for some riders [5].
In summary, Dairyland’s motorcycle insurance policies present a compelling option for those seeking affordability, a wide range of discounts, and customizable policies.
While its customer service ratings may deter some, the overall value proposition, especially for high-risk and young riders, makes Dairyland a strong contender in the motorcycle insurance space [4][5].
Insurance Company #2
Progressive Insurance emerges as a top contender for motorcycle insurance in 2024, excelling in affordability, coverage, and customer service.
Recognized for its comprehensive offerings and favorable rates, Progressive caters to a wide range of riders, including military members and seasonal riders, ensuring that every biker finds a policy that perfectly aligns with their needs.
Key Features:
- Affordability: Progressive’s motorcycle insurance policies are competitively priced, ranging from $120 to $700 per year, accommodating riders with different budgets [5].
- Coverage Options: A plethora of coverage options are available, including bodily injury liability, property damage liability, collision, comprehensive, personal injury protection, medpay, carried contents, uninsured/underinsured motorist, accessories coverage, enhanced injury protection, total loss, and roadside assistance [5].
- Discounts: Progressive offers a wide variety of discounts, such as quote-in-advance, multi-policy/bundling, association member, motorcycle license endorsement, motorcycle safety course, switch from another company, responsible driver, pay-in-full, pay-on-time, and automatic bill-pay discounts, making it easier for policyholders to save on premiums [5].
Strengths and Ratings:
- Financial Strength and Reliability: With an A+ rating from the BBB and an A financial strength rating from AM Best, Progressive demonstrates robust financial health and reliability [5].
- Customer Satisfaction: Although Progressive has a low 1.1-star customer rating on the BBB and a 1.3-star rating on Trustpilot, it is important to note that insurance experiences can vary widely among individuals. Progressive’s extensive coverage options and the ability to tailor policies to individual needs often outweigh the concerns raised in customer reviews [5].
Unique Advantages:
- Military and Seasonal Riders: Progressive stands out for its low complaint level and availability in all 50 states and Washington, D.C., making it an excellent choice for military members. Additionally, the flexibility offered to seasonal riders, allowing them to scale back coverage during off-seasons, is a significant benefit [7][2].
- OEM Parts Coverage: Progressive ensures peace of mind for riders by offering full replacement cost coverage for parts and including OEM parts coverage as a standard feature, a critical consideration for maintaining the integrity of the motorcycle [1].
Progressive’s commitment to providing affordable rates, impressive coverage options, and a variety of savings opportunities positions it as a leading motorcycle insurance agency for a diverse clientele. Whether you’re a military member, a seasonal rider, or simply seeking comprehensive coverage at a competitive price, Progressive offers tailored solutions that resonate with the needs of modern riders.
Insurance Company #3
Geico stands out as a premier choice for those seeking motorcycle insurance, especially for high-risk riders looking for competitively priced premiums without sacrificing coverage quality.
Acknowledged for its financial solidity and customer service excellence, Geico presents a well-rounded insurance solution that caters to a broad spectrum of riders’ needs.
Key Offerings and Features:
- Financial Stability: Geico’s robust financial health is underscored by an A++ financial strength rating from AM Best and an A- rating from the Better Business Bureau (BBB), ensuring reliability and trustworthiness [5].
- Affordable Rates: Offering the best cheap motorcycle insurance on the market, Geico’s rates are highly competitive, with minimum coverage quotes beginning at $100 per year and full coverage quotes starting at $462 per year [5].
- Coverage Options: Geico provides a comprehensive suite of coverage options, including:
- Bodily injury liability coverage
- Property damage liability coverage
- Collision and comprehensive coverage
- Personal injury protection
- Uninsured/underinsured motorist coverage
- Accessories coverage
- Roadside assistance and towing [5]
Discounts and Customer Service:
- Discounts: Geico offers seven different discounts, catering to various customer needs and helping to further reduce insurance costs [1].
- Customer Service: Despite average to low customer review scores, Geico’s customer service is backed by its excellent industry reputation and strong customer reviews, indicating a high level of satisfaction among policyholders [5].
Unique Offerings:
- Customizable Coverage: Geico stands apart for providing customizable coverage options, making it an ideal choice for riders with unique insurance needs. This includes accessory coverage and mechanical breakdown coverage, which are not commonly offered by other insurers [9].
- Additional Protections: Geico goes beyond standard coverage by offering funeral expense coverage, adding an extra layer of protection for riders and their families [9].
Geico’s combination of affordability, extensive coverage options, and financial stability positions it as a leading motorcycle insurance agency.
Its ability to cater to high-risk riders with a variety of discounts and customizable coverage options makes Geico a compelling choice for those seeking value and peace of mind on the road [5][9].
Insurance Company #4
Markel stands out in the motorcycle insurance landscape for its comprehensive offerings and unique benefits tailored to riders’ needs across the United States, with the exception of California and Massachusetts.
Known for its specialization in motorcycle insurance, Markel offers a variety of features that cater to the diverse requirements of riders, ensuring both protection and peace of mind [2].
Key Offerings and Features:
- Wide Array of Coverage Options: Markel provides an extensive range of coverage options, including but not limited to collision, comprehensive, liability, medical payments, and uninsured/underinsured motorist coverage. This ensures riders can tailor their policies to meet their specific needs [2].
- Discounts and Savings: The company offers a broad list of discounts, making it easier for riders to save on their premiums. These discounts include accident forgiveness, which can be particularly appealing for riders concerned about rates increasing after a claim [2].
- Financial Strength and Reliability: With an AM Best rating of A, Markel demonstrates strong financial stability, suggesting a reliable capacity to meet its ongoing insurance obligations. This rating is crucial for policyholders who seek assurance in the insurer’s ability to pay out claims [2].
Unique Advantages:
- Accident Forgiveness: Markel’s accident forgiveness program is a standout feature, offering riders peace of mind knowing that their first accident won’t necessarily lead to an increase in their premium rates [2].
- Extensive List of Discounts: Markel’s approach to discounts is comprehensive, encompassing a wide variety of savings opportunities. This makes it easier for riders to find ways to reduce their insurance costs without compromising on coverage [2].
In summary, Markel’s combination of extensive coverage options, a solid array of discounts, and a strong financial rating positions it as a competitive choice for motorcycle insurance.
Its presence across most states and the unique offering of accident forgiveness further enhance its appeal to riders looking for reliable and comprehensive insurance solutions [2].
Insurance Company #5
Foremost Insurance emerges as a standout option for those with custom or vintage motorcycles, offering specialized coverage that caters to the unique needs of collectors and enthusiasts.
With a deep understanding of the motorcycle insurance market, Foremost provides a blend of coverage options, financial stability, and customer-focused services.
Key Offerings and Features:
- Specialized Coverage for Collectors: Foremost shines for collectors, offering tiered insurance plans specifically designed for collector and vintage bikes. This includes optional replacement cost coverage for new bikes for up to five years and Track Day coverage for those special moments on the circuit [6].
- Customization Coverage: Recognizing the value and sentiment attached to custom bikes, Foremost provides optional coverage to protect up to $30,000 in customizations, ensuring that the unique aspects of your motorcycle are adequately covered [2][7].
- Discounts and Added Protections: In addition to covering bikes 25 years old or older and custom bikes with significant customization, Foremost offers multiple discounts to help policyholders save on premiums. Coverage also extends to trailers and other equipment, making it a comprehensive option for serious riders [7].
Why Foremost Stands Out:
- Deep Market Experience: With a wealth of experience in the motorcycle coverage market, Foremost understands the nuances and specific needs of motorcycle enthusiasts, particularly those with custom or vintage bikes [10].
- Extensive Coverage Options: While some insurers may limit coverage options for specialized motorcycles, Foremost goes above and beyond, offering protections that cater to the unique aspects of these bikes, from customization to vintage value [6][7].
- Availability and Discounts: Despite not being available in Hawaii or Massachusetts, Foremost’s presence and the variety of discounts it offers make it an attractive option for riders across the majority of states [7].
Foremost’s tailored approach to motorcycle insurance, especially for custom and vintage bikes, along with its commitment to providing valuable coverage options and discounts, positions it as a leading choice for riders seeking specialized insurance solutions.
Coverage Comparison
When comparing the top motorcycle insurance companies for 2024, it’s essential to delve into the specifics of their coverage options, discounts, and unique offerings.
This comparison highlights the diverse array of services and benefits provided by these leading insurers, catering to a wide range of rider needs.
Coverage Options and Unique Benefits:
- Progressive: Known for its comprehensive approach, Progressive stands out with full replacement cost coverage for parts and standard inclusion of OEM parts in their policies [1]. This is particularly beneficial for riders concerned about maintaining the integrity of their motorcycles with original parts.
- Geico: Not only does Geico offer competitive rates, but it also shines with its strong financial strength and customer service rankings. With seven different discounts available, Geico presents a balanced option for riders looking for affordability without compromising on service quality [1].
- Foremost: Tailored coverage is where Foremost excels, offering up to $30,000 in customization protection and a specialized vintage coverage plan for older bikes [2]. This makes Foremost an ideal choice for enthusiasts with custom or vintage motorcycles seeking dedicated protection for their unique rides.
Discounts and Financial Stability:
- Harley-Davidson Insurance: A go-to option for enthusiasts with specific bike types, providing numerous discounts and replacement cost coverage for customizations [2]. This caters well to riders with customized motorcycles looking for tailored insurance solutions.
- State Farm: Offers a broad spectrum of coverage for various motorcycle types, backed by an outstanding reputation and personalized service through local agents [1][5]. State Farm’s approach ensures riders receive coverage that matches the diversity of their needs, supported by a strong customer service foundation.
Specialized Offerings for Diverse Rider Needs:
- Safeco: Guarantees OEM parts for repairs and includes an optional Harley replacement cost provision, catering to Harley-Davidson enthusiasts seeking authentic repair solutions [2].
- Markel: Best suited for owners of multiple bikes, offering significant discounts for multi-vehicle policies along with mechanical breakdown coverage [2]. This is particularly appealing for riders with a collection of motorcycles, ensuring comprehensive protection across their fleet.
This comparison underscores the importance of evaluating motorcycle insurance options based on coverage specifics, financial stability, and the unique benefits offered by each insurer.
By considering these factors, riders can make informed decisions to select an insurance policy that best suits their individual needs and preferences.
Customer Service and Support
Customer service and support vary significantly across motorcycle insurance companies, impacting the overall satisfaction and experience of policyholders.
Here’s a closer look at how some of the top insurers stack up in terms of customer service and support:
- Dairyland: Despite offering the cheapest motorcycle insurance quotes starting at $22 per month, Dairyland faces challenges with customer service, receiving 60% more complaints than an average insurance company of its size [4].
- Progressive: Known for reliable customer service, Progressive offers more protection than basic policies and has 35% fewer complaints than other companies of a similar size. However, it does not offer rental reimbursement coverage for motorcycles, which could be a drawback for some policyholders [4][13].
- Harley-Davidson: With an excellent customer service reputation, Harley-Davidson provides full-coverage motorcycle insurance at $24 per month. The company offers 13 discounts and customizable policies, but it does not sell car, home, or renters insurance policies, which might limit options for those seeking bundled insurance solutions [4][13].
- Geico: Geico is recognized for its installment payment plans and a wide range of discounts. While the company’s policies may not include complex options that young riders may not need, it maintains a balance between affordability and customer service excellence [4].
- Markel Insurance: Markel offers a multivehicle discount and a diminishing deductible for safe riders but struggles with customer support, receiving four times more complaints than an average company its size. This indicates room for improvement in its customer service department [4].
- USAA: In partnership with Progressive, USAA offers a 5% discount for its members on motorcycle insurance and provides motorcycle loans and financing for up to 100% of the value of your new bike. This collaboration enhances the value proposition for USAA members seeking motorcycle insurance through Progressive [4].
- State Farm: State Farm stands out for its excellent customer service, offering coverage for a variety of two- and three-wheeled vehicles licensed for public road use. The company’s strong reputation in customer service is a significant advantage for policyholders [1].
- Erie Insurance: Known for exceptional customer satisfaction and affordable pricing, Erie Insurance excels in collision repair with a low complaint level and a collision repair grade of A-. However, its availability is limited to 12 states and Washington, D.C., which might not cater to all riders [5][7].
In summary, while some companies like Progressive and State Farm are lauded for their customer service, others like Dairyland and Markel face challenges in this area.
Harley-Davidson and Erie Insurance offer a balance between quality service and specialized offerings, but limitations in product range and geographic availability may affect their appeal to some riders.
Pricing and Value
In the realm of motorcycle insurance, pricing and value play pivotal roles in a rider’s decision-making process.
Understanding the landscape of costs and what you get for your money can help in selecting the right insurance policy.
Here’s a breakdown of notable companies and their offerings:
- Affordable Options for Various Rider Needs:
- Best for Military Riders: USAA, through Progressive, offers a 5% discount for its members, making it a go-to option for those in the service. It provides affordable rates along with motorcycle loans and financing [4].
- Best for Customized Bikes: Foremost shines by offering up to $30,000 in optional coverage for customizations and a vintage coverage plan for older bikes, catering to collectors and enthusiasts [2].
- Best for Bundling: Safeco stands out for those looking to bundle policies, offering discounts, guaranteed OEM parts for repairs, and an optional Harley replacement cost provision [2].
- Best Overall Cheap Motorcycle Insurance: Dairyland leads with an average monthly rate of just $22, offering a blend of affordability and essential coverage options such as roadside assistance and rental reimbursement [4].
- Key Factors Influencing Motorcycle Insurance Costs:
- The average cost of motorcycle insurance in the U.S. is around $33 per month, with minimum coverage costing about $156 a year or $13 a month. Full coverage ranges significantly from $245 to $2,534 per year, highlighting the broad spectrum of options available to riders [14][15].
- Factors such as location, type of bike, rider’s age, and additional personal and bike characteristics play a crucial role in determining the insurance rates. States like North Dakota and Iowa offer some of the cheapest rates, while Kentucky and Florida are on the higher end [14][15].
- Choosing the Right Policy:
- Comparison is Key: Riders are encouraged to compare multiple quotes to find the most affordable and suitable coverage for their specific needs. This approach ensures that you’re not only getting a good rate but also the coverage that best fits your riding lifestyle and bike type [5].
- Discounts Can Make a Difference: Many companies offer a variety of discounts, including policy transfer, multi-bike, senior, renewal, and safety course discounts. These can significantly lower your premiums, making it important to inquire about available discounts when shopping for insurance [11].
By considering these aspects, riders can navigate the complex world of motorcycle insurance with a clearer understanding of pricing and value, ensuring they choose a policy that offers the best balance of cost and coverage for their unique situation.
Choosing the Right Company for You
Choosing the right motorcycle insurance company involves considering various factors, including your specific needs, the type of motorcycle you own, and your eligibility based on service or location.
Here’s a breakdown to help guide your decision:
- Regional vs. National Providers:
- Erie Insurance is highlighted as the best regional motorcycle insurance provider, offering exceptional service and coverage options tailored to specific areas [5].
- For a national reach, Liberty Mutual Motorcycle Insurance is available in all 50 states, providing optional roadside assistance and free accident forgiveness for claims-free riders with any insurer [18].
- Special Circumstances:
- USAA stands out for offering the lowest available motorcycle insurance rates in every state for veterans, active military members, and their families, emphasizing the importance of checking eligibility for specialized rates [8].
- Foremost is recognized as the best for specialty motorcycles, offering full coverage with an annual premium average of $900 and coverage for multiple motorcycle types, including significant discounts for multiple motorcycles [17].
- Comparing Quotes:
- It is crucial to compare multiple quotes to find affordable coverage that suits your bike and riding habits. This practice is the best way to ensure you are getting a comprehensive policy at a competitive rate [5].
- Top Recommendations:
- According to evaluations, the best motorcycle insurance companies include GEICO, Foremost, and Progressive, each offering unique advantages such as extensive coverage options, discounts, and tailored policies for different rider needs [17].
- Coverage for Custom and Vintage Bikes:
- Foremost shines for riders with custom or vintage motorcycles, providing up to $30,000 in optional coverage for customizations and a specialized vintage coverage plan for older bikes. This makes it an ideal choice for collectors and enthusiasts seeking dedicated protection for their unique rides [17].
In summary, your choice should be informed by your specific needs, the type of motorcycle you own, and any special circumstances such as military service.
Comparing quotes from the top recommended companies—GEICO, Foremost, and Progressive—alongside regional options like Erie Insurance and national providers such as Liberty Mutual, can ensure you find the best coverage.
Additionally, for those with specialty motorcycles, Foremost offers tailored coverage that stands out in the market [5][8][17][18].
Conclusion
Through this comprehensive analysis, it’s apparent that motorcycle insurance in 2024 offers a diverse array of options tailored to meet the needs and preferences of riders from various backgrounds.
From Dairyland’s affordability and specialized policies for high-risk riders to Progressive’s breadth of coverage and discounts, and Foremost’s unique focus on custom and vintage motorcycles, the market caters to every type of motorcyclist seeking protection.
The emphasis on combining competitive pricing with extensive coverage and exceptional customer service across the spectrum underscores the industry’s commitment to ensuring bikers can ride with confidence, knowing their needs are fully covered.
As riders navigate the insurance landscape, they are encouraged to consider their specific riding habits, the type of motorcycle they own, and unique personal needs to select the right insurance company.
Whether prioritizing affordability, comprehensive coverage, or specialized policies, the options highlighted underscore the importance of informed decision-making.
By weighing the pros and cons of each insurer and leveraging the insights provided, motorcyclists can secure a policy that not only offers peace of mind on the open road but also aligns with their financial and coverage preferences, ensuring a safer and more enjoyable riding experience.
FAQs
What are the top motorcycle insurance companies for 2024?
The leading motorcycle insurance providers for 2024 include:
- Geico: Recognized as the overall best motorcycle insurance company.
- Progressive: Offers the best coverage options for motorcycle insurance.
- State Farm: Known for providing the best customer service in motorcycle insurance.
- Dairyland: Ideal for high-risk riders seeking motorcycle insurance.
How do I choose the best motorcycle insurance policy?
When selecting a motorcycle insurance policy, it’s crucial to determine the type of coverage that best suits your needs.
A comprehensive insurance policy is generally recommended as it not only includes the mandatory third-party liability insurance but also covers damage to your own bike.
Additionally, consider adding extra coverage options to enhance your policy’s protection.
Is Bajaj Allianz recommended for motorcycle insurance?
Yes, Bajaj Allianz is highly recommended for motorcycle insurance.
It offers a comprehensive and reliable insurance solution, especially highlighted by the comprehensive coverage provided for Aprilia bikes, making it a trusted choice among bike owners.
References
[1] – https://www.cnbc.com/select/best-motorcycle-insurance/
[2] – https://www.businessinsider.com/personal-finance/best-motorcycle-insurance
[3] – https://www.rhinousainc.com/blogs/news/best-motorcycle-insurance-companies-top-picks-for-2024
[4] – https://www.valuepenguin.com/best-motorcycle-insurance-companies
[5] – https://www.marketwatch.com/guides/insurance-services/best-motorcycle-insurance/
[6] – https://www.usnews.com/insurance/auto/best-motorcycle-insurance
[7] – https://www.forbes.com/advisor/car-insurance/best-motorcycle-insurance/
[8] – https://www.moneygeek.com/insurance/motorcycle/best-motorcycle-insurance/
[9] – https://bestcompany.com/motorcycle-insurance
[10] – https://www.investopedia.com/best-motorcycle-insurance-4845915
[11] – https://www.marketwatch.com/guides/insurance-services/cheap-motorcycle-insurance/
[12] – https://www.marketwatch.com/guides/insurance-services/compare-motorcycle-insurance/
[13] – https://www.valuepenguin.com/cheap-motorcycle-insurance
[14] – https://www.valuepenguin.com/average-cost-of-motorcycle-insurance
[15] – https://www.marketwatch.com/guides/insurance-services/how-much-is-motorcycle-insurance/
[16] – https://www.moneygeek.com/insurance/motorcycle/
[17] – https://www.autoinsurance.com/best/motorcycle/
[18] – https://www.finder.com/motorcycle-insurance
