The motorcycle lifestyle is exciting, liberating, and fun. But it’s also very dangerous. There are anywhere from 80,000 to 100,000 injuries and 4,000 to 6,000 deaths per year related to motorcycle accidents.
If you currently own a motorcycle, recently bought one, or are thinking about buying one, you should learn as much as you can about motorcycle insurance.
You should also research and compare different motorcycle insurance companies so that you can find a good policy with high coverage and low premiums.
We have made it easier for you by listing several of the top motorcycle insurance providers and comparing them side-by-side.
The Best Motorcycle Insurance Companies
Here are the top 6 providers of the best motorcycle insurance on the market today:
Progressive is a well-known company that provides all kinds of insurance. Their website is easy to navigate and includes the option to request a call so you can learn more.
As long as your motorcycle is legally allowed to be driven, Progressive will cover it. As far as coverage goes, they’ll allow you to customize your policy.
But the standard coverages offered will include basic liability, comprehensive, and collision. With every policy, they’ll automatically include full replacement.
So if your bike is totaled or stolen, they’ll pay for a new one. This type of coverage is rarely included automatically by the insurer.
One specialized type of coverage they offer is “Carried Contents,” which refers to the protection of personal belongings that you carry with your bike, such as phones or camping equipment.
Nationwide provides all kinds of insurance, separating them into two different buckets: personal and business. Getting a quote on their website is easy.
Nationwide will require you to sign up for at least one year of coverage. So if you don’t use your motorcycle year-round and are looking for just a couple months of coverage, you’ll want to look somewhere else.
Their basic policies will include basic liability, property damage liability, comprehensive and collision coverage, uninsured motorist coverage, and medical payments coverage.
You’ll have the option of adding more coverage to your policy, such as roadside assistance, custom equipment coverage, and OEM endorsement, which promises to repair your bike with new parts from the original manufacturer when necessary.
USAA provides a wide range of financial services, not just insurance.
Since it’s not one of their primary services, you won’t find any information about motorcycle insurance coverage on their homepage. You’ll have to use the search bar to find information and get a quote.
Getting a quote is free, but you’ll have to create an account with them first.
USAA motorcycle insurance policies can include comprehensive and collision coverage, bodily injury and property damage liability coverage, uninsured and underinsured motorist coverage, and medical payments coverage.
They cover most types of bikes, including cruisers, dirt bikes, sport bikes, and scooters/mopeds. They can also set you up with a loan if you need help buying your first bike or need to refinance.
McGraw provides insurance for power sport vehicles such as personal watercraft, off-road vehicles, and of course, motorcycles.
McGraw’s services are broken down into three categories: powersports insurance, specialized coverage, and service contracts.
Their motorcycle insurance policies can include comprehensive and collision coverage, bodily injury liability, property damage liability, uninsured or underinsured motorists, and personal injury protection.
All of this is customizable, so you can pick and choose whatever types of coverage you want in your policy. Their specialized coverage includes roadside assistance, theft protection, and appearance protection.
Finally, their service contracts provide additional help for covering the cost of any maintenance work you may need.
Rider provides low-cost motorcycle insurance, but only in these states: New Jersey, Pennsylvania, Ohio, Indiana, Maryland, Delaware, Virginia, and Michigan.
If you live in one of these states, you can provide basic information on their website, and they’ll send you a quote.
Rider breaks down their different policies by state. So if you live in Delaware, your policy will be slightly different from the policy of someone who lives in New Jersey, though basically all come with liability coverage, personal injury protection, and uninsured/underinsured motorist coverage.
They also give you the option to add roadside assistance, accessory, comprehensive, and collision coverage.
TD is a Canadian insurance company that provides many types of insurance in addition to motorcycle.
Since this is a Canadian company, their products and services have slightly different names. But their standard policies provide the same kind of coverage as companies here in the states.
These policies include third-party liability (which is the same as basic liability), uninsured automobile coverage, and accident benefits (which is the same as personal injury liability). You can add comprehensive and collision coverage to your policy. Or, if you want the highest level of coverage they offer, you can get “All Perils” coverage, which is basically a combination of comprehensive and collision, with the addition of increased theft protection.
If your motorcycle is stolen or totaled within the first 24 months of owning it, TD will cover the cost of replacing it. They also offer accident forgiveness, which means that your rate will not go up after you get into an accident.
Though, you’ll want to look into the specifics, as there are requirements you’ll need to meet to be eligible, including an accident-free driving record for the past six years.
How We Chose The Best Motorcycle Insurance Companies
In order to save you time, we found the highest-rated motorcycle insurance companies out there and compared them side-by-side.
You’re probably wondering how we were able to tell which ones are the best. Let’s go over how we came up with our list.
We start by looking at financial stability. You’ll want to make sure that your insurance company actually has enough money to pay for repairs when you need them. If you get into an accident that totals your motorcycle, but your insurance company is financially unstable, you’ll be stuck waiting around for them to reimburse you. We determine an insurance company’s financial stability by looking at the ratings they receive from trusted financial agencies like Standard & Poor’s, AM Best, and Moody’s.
Then, we assess their reputation. How good is their customer service? Do they receive a lot of complaints from customers? Insurance can be very complicated, so you’ll want to pick an insurance company with a great customer service team that communicates clearly and answers questions quickly. We can see how good or bad an insurance company’s reputation is by referencing official customer ratings provided by the Better Business Bureau (BBB) and Trustpilot.
Finally, we analyze their coverage options and policies. This information can be found by simply going on to the company’s website and reading about their services. We review the different types of coverage and policies each company has to offer and identify any aspects that set them apart from the rest.
How Much Does Motorcycle Insurance Cost?
The cost of your motorcycle insurance policy will depend on a variety of factors.
How Much Coverage You Get
First, it will depend on how much coverage you end up going with. Most standard policies include basic liability, comprehensive, and collision. Though, if you want to save some money and don’t mind the risk, you could just pay for liability insurance.
Your Driving Record
Your personal lifestyle and history will play a role in determining the price of your policy. How often do you ride your motorcycle? Do you wear a helmet? Do you have a history of speeding tickets or a DUI on your record? The answers to these questions will be important when the insurer is deciding upon your rate.
Type of Motorcycle You Own
The type of bike you ride will have an impact on the policy’s price as well. Your insurer will want to know how old the bike is, how many miles it has, and when it was last taken in for a maintenance check. So if you bought your bike in the 90s and you’ve never had the tires changed, expect to pay a higher premium than you would with a newer bike.
Which Motorcycle Insurance is Best For You?
If you’re getting ready to buy your first motorcycle or feel like you’re paying too high of premiums under your current policy, check out the companies above.
These are some of the best motorcycle insurance providers in the world, but they’re not all the same.
In order to find the right policy, first determine what kind of coverage you’re looking for and how much you are willing to spend.
Then, by using the information we’ve collected, take a closer look at each of the top companies, and see who’s the best fit for you.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.