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Our Top Picks for the Best Motorcycle Insurance Companies
Motorcycle riding is a thrilling experience, but it also comes with its own set of risks and hazards. That is why it is crucial to have adequate insurance coverage that offers you protection on the road. In this article, we present to you our top picks for the best motorcycle insurance companies. These insurance providers have been selected based on factors such as coverage options, affordability, customer satisfaction, and more.
Best Motorcycle Insurance for Mechanical Breakdown Coverage: Markel
Why we chose it: Markel is the best option for those who want the best motorcycle insurance coverage for mechanical breakdown. This insurer offers mechanical breakdown coverage as an add-on to its standard policies, ensuring that you’re covered in case of any unexpected repairs.
PROS
- Mechanical breakdown coverage as an add-on
- Specializes in classic and antique motorcycle insurance
- Discounts available for experienced riders, multiple policies and safety courses
- Provides coverage for custom parts and accessories
CONS
- Limited online resources and not available in all states
- May be more expensive compared to other options on the market
HIGHLIGHTS of Best Motorcycle Insurance Markel
- J.D. Power Customer Satisfaction Score: N/A
- A.M. Best Financial Strength Rating: A (Excellent)
Markel is well known for providing insurance coverage for classic and antique motorcycles, making it the perfect option for those who own unique or high-value bikes. The company’s mechanical breakdown coverage provides peace of mind for those who want to ensure their motorcycle is protected from unexpected repairs.
In addition to mechanical breakdown coverage, Markel also provides coverage for custom parts and accessories, allowing riders to fully protect their bikes and the modifications they’ve made. The company also offers discounts for experienced riders, multiple policies, and safety courses, making it a great option for those who want to save on their insurance premiums.
Best Motorcycle Insurance for Motorcycle Collectors: Nationwide
Why we chose it: Nationwide is the best option for motorcycle collectors who want to ensure their valuable bikes are fully protected. This insurer specializes in providing insurance coverage for high-value and rare motorcycles.
PROS
- Specializes in high-value and rare motorcycle insurance
- Provides coverage for classic and antique bikes
- Offers a wide range of discounts and packages
- Can help you find a qualified motorcycle appraiser
CONS
- Not available in all states
- May be more expensive than other options
HIGHLIGHTS of Best Motorcycle Insurance Nationwide
- J.D. Power Customer Satisfaction Score: N/A
- A.M. Best Financial Strength Rating: A+ (Superior)
Nationwide is the best option for motorcycle collectors who want to ensure their valuable bikes are fully protected. This insurer specializes in providing insurance coverage for high-value and rare motorcycles, including classic and antique bikes. The company’s packages and discounts are designed to provide collectors with the protection they need to keep their bikes in pristine condition.
Nationwide also provides resources to help collectors find a qualified motorcycle appraiser, ensuring that the value of their bikes is accurately assessed. With a range of discounts and packages available, Nationwide makes it easy for collectors to find the coverage they need to keep their motorcycles safe and secure.
Best Motorcycle Insurance for Homemade and Kit Bikes: Safeco
Why we chose it: Safeco is the best option for riders who own homemade or kit bikes. This insurer provides coverage for bikes that are not factory-built, making it the perfect option for those who’ve built their bikes from scratch.
PROS
- Coverage for homemade and kit bikes
- Provides coverage for custom parts and accessories
- Offers a range of discounts and packages
- Specializes in classic and antique motorcycle insurance
CONS
- Limited online resources and not available in all states
- May be more expensive compared to other options on the market
HIGHLIGHTS
- J.D. Power Customer Satisfaction Score: N/A
- A.M. Best Financial Strength Rating: A (Excellent)
Safeco is the best option for riders who own homemade or kit bikes, providing coverage for bikes that are not factory-built.
Best Motorcycle Insurance for New Riders: Harley-Davidson
Harley-Davidson is our best pick for new riders. The company specializes in motorcycle insurance and offers one-stop shopping for insurance, bike loans, and extended service plans. The company covers a broad range of motorcycle types and offers discounts to military members, law enforcement personnel, and experienced riders. Harley-Davidson also provides full replacement cost coverage in case of a total loss, rental reimbursement coverage, and equipment replacement cost coverage.
Highlights
- J.D. Power Customer Satisfaction Score: N/A
- A.M. Best Financial Strength Rating: A+ (Superior)
Pros:
- Financing and extended service plans available
- Extensive coverage options for different motorcycle types
- Optional equipment replacement cost for total losses
- Discounts for military members, law enforcement, and experienced riders
Cons:
- Coverage is unavailable in AK, HI, or DC
- More expensive compared to other insurance companies
Best Motorcycle Insurance for Track Riders: Foremost
Foremost is the best option for track riders as it is the only insurance company on this list that covers these particular customers. The company offers track day coverage, first-accident forgiveness, coverage for helmets and safety apparel, and a long list of discounts, including lay-up, locked storage, and preferred operator. Foremost also covers legal all-terrain vehicles (ATVs) and trailers.
Highlights
- J.D. Power Customer Satisfaction Score: N/A
- A.M. Best Financial Strength Rating: A (Excellent)
Pros:
- Track day coverage and replacement cost with Plus and Elite packages
- First-accident forgiveness and helmet and safety apparel covered
- Long list of discounts, including lay-up, locked storage, and preferred operator
- Covers legal all-terrain vehicles (ATVs) and trailers
Cons:
- Limited customer service hours
- Does not sell policies online
Best Motorcycle Insurance for Accident Forgiveness: Progressive
Progressive is one of the best options for those looking for accident forgiveness benefits. With this insurance provider, your rates won’t increase even if you have a claim of less than $500. The company provides coverage for full replacement cost, carry-on items, original parts, and accessories. Additionally, the company offers diminishing deductible options with comprehensive and collision coverage.
Highlights
- J.D. Power Customer Satisfaction Score: 819/1000 (Above average)
- A.M. Best Financial Strength Rating: A+ (Superior)
Pros:
- Accident forgiveness for claims less than $500
- Coverage for original parts and accessories
- Diminishing deductible options with comprehensive and collision coverage
- Full replacement cost and carry-on items covered
Cons:
- Low customer satisfaction compared to other top insurers
- Only three discounts offered
- Not all discounts are available in all 50 states
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