The 5 Best Motorcycle Insurance Companies of 2022

The 5 Best Motorcycle Insurance Companies of 2022

Motorcycle insurance covers you and your vehicle in the event of an accident, as well as property damage and injury you may cause to others while riding. Most states need motorcycle insurance, and yearly rates may range from a few hundred to a few thousand dollars depending on the rider, bike, and region.

Read on to learn more about the finest motorcycle insurance companies on the market, as well as the discounts and perks they provide, whether your motorbike isn’t covered or if you’re wanting to switch carriers.

The 5 Best Motorcycle Insurance Companies of 2022

 

What insurance company has the best rates for motorcycles?

1-Progressive – Best for Accident Forgiveness.
2-Harley-Davidson – Best for New Riders.
3-Foremost – Best for Track Riders.
4-Markel – Best for Mechanical Breakdown Coverage.
5-Nationwide – Best for Motorcycle Collectors.
6-Safeco – Best for Homemade and Kit Bikes.

1-Progressive – Best for Accident Forgiveness.

 

Why we chose it:

 

Progressive is the best motorcycle insurance company for accident forgiveness because its policies are particularly generous in forgiving accidents, both large and small, so these claims don’t hike your rates. It also offers favorable policies on parts replacement.

PROS: 

1. After four years, it forgives claims of less than $500 and a big accident claim.

2. Add-ons for original components and accessories are available.

3. With comprehensive and collision coverage, your deductible will be reduced.

4. Full replacement cost and carry-on items are covered.

 

CONS

1. Some of the industry’s lowest customer satisfaction ratings

Accident forgiveness, choice of replacement parts, gratis accessories coverage, and deductibles — which decrease the longer you are a claim-free client — are all examples of how Progressive insurance are especially generous.

Progressive also offers a few extras that aren’t standard in the industry, such as total loss coverage for new motorcycles, up to $3,000 in coverage for items you bring along (which no other insurer on this list does), and enhanced injury protection ($250 per week for two years) in case you’re injured and can’t return to work.

2 : Best for New Riders: Harley-Davidson :

Why we selected it: For beginner riders, Harley-Davidson is the finest motorcycle insurance carrier. If you’re insuring your first motorcycle, Harley-Davidson provides one-stop shopping, which includes not only insurance but also a loan to purchase your bike and, if necessary, an extended servicing plan.

 

PROS: 

1. Bike insurance, financing, and extended service plans are available.

2. Has the most comprehensive list of motorbike kinds listed.

3. For total losses, it provides an optional equipment replacement cost.

4. Military, police enforcement, and experienced riders receive discounts.

 

CONS:

 

1. Coverage is not accessible in Alaska, Hawaii, or the District of Columbia.

2. Its premiums are a tad higher than those of other insurance providers.

 

Harley-Davidson, unlike the other firms on this list, focuses on motorcycle insurance and related items such as components, bike loans, and scheduled maintenance insurance. This makes it an excellent spot to look for insurance for your first motorcycle, especially if it’s a Harley. New riders may save even more money by combining these features with the company’s motorcycle safety course discount.

Also, among the firms on our list, Harley-coverage Davidson’s of motorcycle kinds and discounts are among the finest – only Progressive comes close. It offers a good selection of add-ons in addition to all of the normal coverage choices. Full replacement cost coverage in the event of a total loss and equipment replacement cost coverage in the event of minor accidents are among them.

3 : Best for Track Riders: Foremost :

Why did we pick it? Our top motorcycle insurance provider for track riders is Foremost; in fact, it’s the only one on this list that will cover these high-risk individuals. In the event of a motorbike accident on the racetrack, track-day coverage will cover the cost of repairs or replacement.

 

PROS:

1. With the Plus and Elite options, track day coverage and replacement costs are included.

2. Forgiveness for first-time accidents, as well as coverage for helmets and protective gear

3. Lay-up, secured storage, and preferred operator are among the many discounts available.

4. ATVs and trailers that are legal are included.

 

CONS:

1. Customer service hours are limited.

2. Does not offer insurance coverage over the internet.

 

Farmers’ parent business, Foremost, provides identical coverage, but through a superior website. Each of the three coverage options — Saver, Plus, and Elite — may be adjusted to meet your specific needs.

Foremost’s plans all feature first-accident forgiveness as well as coverage for helmets and safety gear in varying amounts depending on the plan. Track-day coverage, replacement cost coverage, and roadside assistance with towing and journey disruption are included in the Plus and Elite programs.

The Elite plan provides a lower deductible or a deductible waiver, as well as increased rental features such as permissive usage (allowing others to drive your bike). This approach also applies to vintage, bespoke, and low-speed cars.

 

4 : Markel: Best for Mechanical Breakdown Coverage:

Why we selected it: Markel is the best motorcycle insurance carrier for mechanical breakdowns since it’s the only insurer on our list that covers component failures that aren’t caused by an accident. Markel is also one of the few motorcycle insurers that provides accident forgiveness for your first at-fault loss as well as a reducing deductible benefit for claim-free clients.

PROS: 

1. Covers mechanical failures that aren’t caused by collisions.

2. With comprehensive and collision coverage, you get $1,000 in accessories coverage.

3. For the first at-fault loss, there is an option to pardon the accident.

4. Funeral fees and trailers are now covered.

 

CONS :

1. Not all states have it.

 

Markel offers all of the usual motorcycle coverage choices of most major insurers, as well as some unique extras, in addition to its accident forgiveness and declining deductible (receive 25% off each year and pay nothing after four years) programs.

The latter covers last expenditures up to a predefined sum for any insured individual riding an insured bike. Other unique features include agreed-value settlement for custom bikes and coverage for mechanical problems, trailers, and burial expenses originating from a motorcycle accident.

For custom motorcycles, the firm also provides a pre-agreed-upon-price alternative.

Best for Motorcycle Collections: Nationwide 

Why we selected it: Nationwide is our top motorcycle insurance provider for collections since it’s one of the few that will cover up to 12 specialty motorcycles on a single policy with a high maximum limit.

PROS :

1. Vintage or custom bikes/trikes are covered up to $50,000 per bike (up to 12)

2. With collision and comprehensive coverage, the deductible vanishes.

3. Many manufacturers’ original components are covered.

4. Coverage for motorcycle gear is covered in the vintage motorcycle package.

 

CONS: 

1. Not all makes have original-manufacturer components.

2. There are less discounts available than at other firms.

3. Customer satisfaction is below average.

 

Nationwide offers some of the highest coverage limits on this list, in addition to free yearly policy evaluations to ensure your policy is keeping up with your demands. Other from Progressive, it’s the only carrier that offers $500,000 in bodily injury liability and uninsured/underinsured motorist coverage per person and per accident.

With Nationwide’s collision and comprehensive insurance, you may get a $100 reduction in your deductible for every year you go without filing a claim, up to a maximum of $500. While several insurers provide coverage for custom bikes and trikes, Nationwide is one of the few that allows you to insure up to 12 in one policy for a total of $30,000 in custom components coverage.

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