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6 Best Motorcycle Insurance Companies
By Joan Pabón MONEY RESEARCH COLLECTIVE
Has the most extensive list of covered motorcycle types
N/A
A+ (Superior)
Forgives claims of less than $500 and a major accident claim after four years
862/1000 (Among the lowest)
A+ (Superior)
Track day coverage and replacement cost with Plus and Elite packages
N/A
A (Excellent)
Up to $50,000 in coverage per bike for vintage or custom bikes/trikes (up to 12)
876/1000 (Below average)
A+ (Superior)
Covers mechanical breakdowns unrelated to crashes
N/A
A (Excellent)
Manufacturer parts included with comprehensive and collision
871/1000 (Below average)
A (Excellent)
You know car insurance is a must-have, but what about motorcycle insurance?
Accidents happen, and insurance can give you the peace of mind that comes from being financially protected against expensive repairs and related costs. Most states require some form of motorcycle insurance, and the right coverage can save you thousands of dollars in the event of an unforeseen incident.
We’ve done some research into the best motorcycle insurance companies of the year to help you determine which carrier and coverage are right for you.
Our Top Picks for the Best Motorcycle Insurance Companies
- Harley-Davidson: Best for New Riders
- Progressive: Best for Accident Forgiveness
- Foremost: Best for Track Riders
- Nationwide: Best for Motorcycle Collectors
- Markel: Best for Mechanical Breakdown Coverage
- Safeco: Best for Homemade and Kit Bikes
Best for New Riders: Harley-Davidson
Why we chose it: Harley-Davidson offers a range of perks and discounts specifically for new riders. It offers discounts for new vehicles and participating in the H-D Riding Academy New Rider Course. It also services and finances bikes, so you can meet all your motorcycle needs in one place.
- Has the longest list of covered bike types
- Offers financing and extended service plans
- Has a replacement cost benefit for optional equipment
- Discounts for law enforcement, military and experienced bikers
- Doesn't sell insurance in AK, HI or DC
- Slightly higher premiums than other options
Harley-Davidson is the only motorcycle specialist in the insurance industry. It offers coverage for a full range of motorcycle types, from standard bikes to sports bikes and scooters. And not only does it insure your bikes, but it also offers bike loans and maintenance plans, making Harley-Davidson a one-stop motorcycle shop.
Besides offering a well-rounded base coverage, Harley-Davidson extends a wide array of add-ons. These include full replacement cost coverage for total losses, equipment replacement cost, and medical coverage for you and a passenger.
However, there are two things to keep in mind if you’re considering a Harley-Davidson motorcycle insurance policy. First, coverage is unavailable in Alaska, Hawaii and Washington, DC. Second, you may pay more for coverage through Harley-Davidson than with other companies. Still, although premiums are higher, it does offer several discounts that could help you save.
Best for Accident Forgiveness: Progressive
We we chose it: We chose Progressive as the best in this category because its policies are particularly generous compared to other insurers, especially when it comes to accident forgiveness. It automatically covers your small claims without raising your rates. Plus, if you ride accident-free for four years, it covers your first major claim of over $500.
- Get small and large accident forgiveness after four years
- Provides coverage for accessories and original parts
- Comprehensive and collision include a diminishing deductible benefit
- Offers replacement cost coverage
- Customer satisfaction ratings are among the lowest in the industry
Progressive leads in both coverage and pricing. If you get in an accident, Progressive offers a broad selection of replacement parts and will replace custom parts too. Another unique add-on that sets Progressive apart is total loss coverage for new motorcycles. It also beats its competitors in enhanced protection for injuries. If you’re injured and can’t return to work, the company will pay you up to $250 every week for two years under this policy.
Progressive also offers a seasonal insurance option called lay-up motorcycle insurance. If you ride only when the weather is nice, Progressive makes it easy to adjust your coverage and your payments during the off-season. With this option, you can pause liability and collision coverage while maintaining theft and non-accident damage protection.
What about the drawbacks? First, Progressive has the lowest customer satisfaction rating on this list. Also, because Progressive sells coverage both directly through their company and through independent insurance agents, it’s not easy to find the best quote. You could get wildly different numbers depending on how you purchase your coverage.
Best for Track Riders: Foremost
Why we chose it: Many insurance companies won’t cover track riders because of the high risk of injury or damage to your bike, but Foremost will. In fact, no other insurer on this list specifically protects track bikes. Moreover, Foremost offers accident forgiveness for your first accident, so even beginners can hit the tracks with peace of mind.
- Among the few companies offering track day coverage
- Comprehensive list of discounts and coverage for helmets and apparel
- Offers small accident forgiveness plus replacement cost on select plans
- Customer service hours are limited
- Policies must be purchased through an agent
Foremost offers a wide range of plans and a fantastic set of discounts to match. But where it really stands out is in its Plus and Elite plans, which include replacement cost coverage, track-day coverage and roadside assistance (plus towing and trip interruption). While Plus includes the above features — along with $3,500 optional equipment coverage — the Elite plan provides added benefits like $5,000 in coverage for optional equipment and $2,000 for personal effects at replacement cost.
Foremost covers other types of bikes as well. Your vintage, low-speed or custom motorcycles will all be safe and sound under Foremost’s robust plans. These even cover enhanced rental and include permissive-use benefits, which insures your bike when others ride it.
Where Foremost falls behind is in customer service. First, it doesn’t offer 24-7 customer support; if you have an issue in the middle of the night, you’re stuck until service hours. Second, it doesn’t have the best internet presence, so you can’t buy a policy online.
Best for Motorcycle Collectors: Nationwide
Why we chose it: Nationwide is one of the leading car insurance companies, and its generous policies extend to motorcycle insurance too. Nationwide provides more robust coverage than other insurance companies and will cover more bikes as well. It allows up to twelve custom bikes on a single policy, with maximum coverage of $50,000 per bike and $30,000 for accessories and trailers.
- Insure up to 12 bikes under one policy
- Get $50,000 in coverage for custom and vintage cycles
- Vintage package includes apparel coverage
- Limited number of discounts
- Only covers original parts for select makes
- Poor customer satisfaction ratings
Nationwide stands out because of its extensive coverage and the number of bikes it allows you to add under one policy. It offers a range of more common benefits as well, including original parts replacement and a vanishing deductible that reduces by $100 every accident-free year.
Nationwide’s coverage stretches beyond bikes. It provides up to $500,000 per person per accident in bodily injury liability coverage, which is among the highest levels of coverage in the industry.
While Nationwide offers excellent coverage, it comes at a price — and the company offers relatively few discounts. Discounts exist for taking a safety course and for paying your premium in full, but little else beyond bundling insurance policies will garner you a lower price.
Best for Breakdown Coverage: Markel
Why we chose it: Motorcycle insurance policies generally cover accidents and injuries, but Markel takes this a step further by covering repairs if your bike breaks down or fails for any reason. And not only is your bike covered for mechanical breakdown, but your motorcycle trailer is too. Markel is the only company on this list offering such protection.
- Among the few insurers covering mechanical breakdowns
- Covers $1,000 in accessories when you buy full coverage
- Offers accident forgiveness on first losses
- Funeral expenses and trailers are covered
- Not licensed to sell insurance in all states
In addition to common coverage options and perks like accident forgiveness, Markel will cover repairs and breakdowns even if you never get into an accident. Additionally, customers can get coverage for trailers and almost any type of bike. You can even get up to up to $30,000 coverage in $1,000 increments for custom gear and accessories like leathers, helmets and goggles.
Another way that Markel stands out is through funeral coverage. If an insured rider dies in an accident, Markel will pay out a set amount to cover the funeral expenses — which is a rare extra in the industry. It also offers a variety of discounts, like a safe driver discount, multi-bike discount and renewal discount. After four years without an accident, Markel will forgive your first at-fault loss and reduce your deductible by 25% for each accident-free year.
Unfortunately, Markel motorcycle insurance is available in only nine states. You can get coverage only if you live in Alaska, California, Florida, Georgia, Michigan, North Dakota, South Dakota, Vermont or Wyoming.
Best for Homeade and Kit Brakes: Safeco
Why we chose it: Of the major insurers on this list, Safeco, part of Liberty Mutual, is the only motorcycle insurance company that extends coverage to select homemade and kit bikes. Safeco also offers a number of unique and customizable features, including replacement coverage for original equipment manufacturer parts (in select plans) and a 24-7 roadside assistance program that services riders anywhere in the U.S. or Canada.
- Extends coverage to kit and homemade bikes
- Comprehensive and collision coverage includes manufacturer parts
- Has a discount for experienced riders and replacement cost for Harleys
- Offers very few discounts (only four)
- Race bikes are not covered
- You can't get quotes online
Safeco is unique for covering homemade bikes, kit bikes and even ATVs and snowmobiles. It will also cover the replacement of original equipment manufacturer parts under its comprehensive and collision policies.
Another great perk of working with Safeco is that it offers roadside assistance and emergency assistance across the U.S. and Canada. Services under the roadside assistance program include help with lockouts, battery jump-starts, flat tires, emergency fuel delivery and towing. The emergency assistance program, on the other hand, will cover such items as lodging (up to $500) and emergency expenses, personal property coverage and transportation expenses.
However, Safeco may not be the most convenient motorcycle insurance to obtain. The company is agent-based, which means you need to call for quotes. Also, Safeco doesn’t offer as many discounts as other companies do. Finally, Safeco does not cover bikes used for racing, and only select homemade and kit bikes will make the cut.
Best Motorcycle Insurance FAQ
Is motorcycle insurance required in every state?
Every state except for Florida requires proof of motorcycle insurance coverage before you can register your bike and get a license plate. Since it's illegal to drive an unregistered bike on the open road, you need at least minimal coverage. Specific state requirements vary, but in most places you will need at least $25,000 in coverage for both bodily injury and property damage.
Wondering about your moped or scooter? Well, laws are less restrictive for some of these vehicles, but that will really depend on their engines. Models that can exceed 30 mph are categorized as fast scooters, and most states mandate full coverage for them. In contrast, only about half of states have rules about slow scooters and mopeds.
How much does motorcycle insurance cost?
Your individual motorcycle insurance rate is affected by factors like the value of your bike, the state you live in and whether you've had a major violation such as a DUI in the past. As such, the price of motorcycle insurance varies widely. On average, you can expect to pay between $300 and $1,000 per year for full coverage.
Other factors that may affect your rate include the following:
- • Your age and experience
- • The type of motorcycle you own
- • How often you ride
- • Your credit history
- • Your history of speeding and traffic tickets
- • Your accident and claim history
- • The level of coverage you buy
Is motorcycle insurance cheaper than car insurance?
Motorcycle insurance tends to be cheaper than car insurance. In fact, motorcycle coverage can cost about a third of what auto insurance does.
While motorcycles are more dangerous than cars in the eyes of insurance companies, they also cause less damage to others on the road, which reduces your liability. Motorcycles are also much cheaper to repair than cars.
Who has the best motorcycle insurance?
How do you buy motorcycle insurance?
You can buy motorcycle insurance online or over the phone with most major national carriers. But before you do, we recommend comparing quotes from different companies to make sure you're being offered a decent rate for the coverage you want.
Rate shopping can be quick and simple, all you need to do is provide some personal details and information about your motorcycle, including its year, make and model. Most insurance companies also run a credit check when you purchase coverage.
To get the most affordable motorcycle insurance coverage, we recommend you get quotes from several insurance companies. If you're not sure where to begin, you can always get help from an insurance agent. An independent agent may be most helpful, as they will be able to offer you motorcycle insurance quotes from different companies.
How does motorcycle insurance work?
Motorcycle insurance is a hedge against the financial and legal consequences of motorcycle accidents. Even if an accident is your fault, your insurance provider will cover qualifying damages and losses.
The following are common types of motorcycle insurance coverage:
• Liability insurance – This comprises two types of coverage, bodily injury liability and property damage liability. The first covers medical bills and lost wages for drivers involved in an accident in which you're at fault, while the second covers damages to the other person's vehicle or property.
• Medical payments – Covers medical bills and related expenses if you or your passenger are injured in an accident.
• Personal injury protection (PIP) – Some states offer this as a separate coverage for medical bills, lost wages and even funeral expenses if you're injured in an accident.
• Collision – Will cover damage to your bike that results from any kind of collision , whether with another vehicle or a stationary object.
• Comprehensive – Will cover damage or losses caused by things other than collisions, including vandalism, theft, flooding, wind, hail and falling objects.
• Uninsured motorist coverage – Covers costs related to injuries to you or your passenger if you are in an accident with a driver who has no coverage or insufficient coverage.
• Towing and roadside assistance – A typical insurance rider that covers fuel delivery, flat tire changes, locksmith services and towing.
Insurance requirements vary by state, but in most places you need a minimum of liability coverage. Additional coverage may be advisable depending on how you ride and the type of motorcycle you own. Your insurance premium will be based on the types and levels of coverage you select, in addition to personal details such as your driving record and claims history.
Besides premium payments, you may also have to pay a deductible before your insurance company steps in. Deductibles typically range between $500 and $1,000, but opting for a higher deductible amount can result in lower premiums.
How to lower your motorcycle insurance premium
Besides shopping around for the best rate, another great way to lower your motorcycle insurance premium is choosing a higher deductible amount. According to the Insurance Information Institute, you can save between 15% and 30%, sometimes more, by opting for a higher deductible on your collision and comprehensive coverage.
Most insurance companies also offer discounts, so seeking out as many of these as possible can help you lower your monthly insurance spending. Common motorcycle insurance discounts include:
- • Multi-policy discounts for bundling motorcycle insurance with car or homeowners insurance
- • Discounts for insuring more than one bike
- • Motorcycle safety course discounts and discounts for safe driving
- • Mature or experienced rider discounts
- • Discounts for being part of organizations like the Harley Owners Group (H.O.G.)
Major carriers also offer discounts for paying in full, signing up for automatic payments and purchasing coverage several days before your current policy with a different insurer expires.
How We Found the Best Motorcycle Insurance Companies
As when purchasing car insurance, there are many factors to consider when comparing motorcycle insurance. To find the best companies selling motorcycle insurance, we assessed companies’ products, discounts, customer service awards and financial strength ratings.
Every motorcycle rider is different, so we also sought out insurance companies that tailor policies to unique situations. Each provider on our list stands out because of the type of coverage they offer or because of perks and discounts.
To measure customer service and satisfaction, we considered J. D. Power’s latest US Auto Claims Satisfaction Study and included only companies ranked above 850/1000. As evidence of financial strength and ability to pay out claims, we looked to AM Best’s financial strength ratings. All motorcycle insurance providers on this list are rated as excellent or superior.
Summary of Money’s Best Motorcycle Insurance Companies of 2022
- Harley-Davidson: Best for New Riders
- Progressive: Best for Accident Forgiveness
- Foremost: Best for Track Riders
- Nationwide: Best for Motorcycle Collectors
- Markel: Best for Mechanical Breakdown Coverage
- Safeco: Best for Homemade and Kit Bikes
Joan is a professional translator, writer and editor with a special interest in personal finance and insurance topics. She has been a contributing author and independent researcher at ConsumersAdvocate.org since 2017 and an editor at Money since 2019. Her work has been featured in MSN Money and Apple News.