5 Best Motorcycle Insurance Companies of 2021 | News | Tonupboys.com

5 Best Motorcycle Insurance Companies of 2021 | News | Tonupboys.com

the best motorcycle insurance will keep you financially protected from curveballs the road throws at you, whether it’s damage from lawsuits, bike theft or paying medical bills so you’re fit to ride again.

there are plenty of companies out there offering motorcycle insurance. all of them are happy to take your money, but some are better than others. that’s why it’s very important to shop around.

You're reading: 5 Best Motorcycle Insurance Companies of 2021 | News | Tonupboys.com

companies can vary in their financial strength and ability to pay out for claims. some companies provide different types of discounts and benefits that can offer you more protection for less money.

read on to get a feel for the best motorcycle insurance companies. each individual’s needs are unique. use the comparison tool provided to get multiple quotes quickly and decide on the best option for you.

we looked through the top motorcycle insurance companies out there. we assessed companies according to their financial strength, customer satisfaction and claims satisfaction ratings, discounts and the things that make each company unique.

motorcycle insurance often isn’t cheap, so make sure you go with the best option. here are this year’s top ratings.

what are the best motorcycle insurance companies?

  • progressive
  • allstate
  • geico
  • harley-davidson
  • dairyland
  • markel

progressive

progressive has made a name for itself as one of the largest insurers of motorcycle riders in the u.s. in fact, the company claims to insure 1 out of every 3 riders. there are a lot of good reasons why progressive has climbed to the top of the pack, starting with the things it offers standard on all policies.

first is price. progressive advertises motorcycle insurance rates starting as low as $79 per year. however, it does warn that the premium is for basic liability only and is not available in all states.

all policies come with full-replacement cost coverage with no depreciation. that means if your bike is totaled, progressive won’t just offer you whatever your bike was worth before the accident. instead, it goes one step further and gives you the cash needed to purchase a new bike of the same model. you can even add coverage for gear and personal belongings.

progressive also guarantees that it’ll pay for oem parts when getting your bike fixed after an accident. if you purchase collision and comprehensive insurance, the company automatically gives you $3,000 worth of coverage.

this coverage can be put toward custom equipment and accessories such as riding gear, and you can purchase more coverage if needed. these are generally options that other companies charge for, but progressive offers it as a regular part of its coverage.

you can also manage your account and file a claim wherever you are with progressive’s mobile app, making it especially handy on extended road trips.

covered bikes:

  • atvs and utvs
  • cruisers
  • custom bikes
  • dirt bikes
  • scooters
  • mopeds
  • sport bikes
  • touring bikes
  • vintage bikes (25 years or older)

standard coverages:

  • bodily injury and property damage liability
  • uninsured/underinsured motorist
  • comprehensive and collision
  • medical payments
  • full replacement cost and no depreciation for parts
  • accessories and custom parts/equipment
  • oem parts

optional coverages:

  • total loss coverage for a new motorcycle
  • roadside assistance and trip interruption
  • carried contents
  • disappearing deductible
  • enhanced injury protection

available discounts:

  • multi-policy (like homeowners insurance)
  • responsible driver
  • pay on time
  • homeowner (even if your home is not insured by progressive)
  • quote in advance
  • completing a motorcycle, atv or snowmobile safety course
  • switch from another company
  • automatic bill pay
  • having a valid motorcycle license or adding a motorcycle endorsement to your driver’s license
  • membership in either harley owners group or united services automobile association
  • disappearing deductible (25% off your deductible for every claim-free motorcycle policy you have, potentially going all the way to zero)

am best rating: a+ (superior)

» get a quote from progressive

allstate

allstate is another good option for motorcycle coverage. nothing in particular sticks out as especially good with allstate, but it’s a solid option all around since it offers virtually every type of insurance policy available.

it also features a strong am best rating, though it received a slightly below-average rating for claims satisfaction from j.d. power.

allstate features all of the optional policy coverages you might expect, including coverage for trailers, rental reimbursement and new bike replacement cost if you total your current bike. it does not offer a separate policy for guest riders, however.

we also like that allstate offers a first accident waiver, in which your premium won’t increase because of a first accident. you must have a motorcycle policy with allstate for at least 48 months, and the accident must be the only one in the previous 48 months where you are determined to be at fault.

all policies come standard with $1,000 worth of coverage for custom equipment, with the option to purchase more in increments of $1,000 up to a maximum of $30,000. if you own a harley-davidson, a touring bike or a touring sport bike, you’ll also get complimentary towing coverage if you break down somewhere.

allstate has one important coverage type that most other providers don’t have — or at least, don’t advertise — and that’s lease/loan gap coverage. it covers the difference between what your bike is worth and the amount you owe on it.

it’s valuable coverage to have if you purchase a new bike. this is due to the fact that the rapid depreciation on new bikes can easily leave you “upside down” on your bike, where you owe more on the bike than it’s worth.

without this coverage, you’d need to cover the deficiency out of your own pocket. but if you have this coverage, and your bike is totaled, allstate will cover the gap.

Read more: How to Determine Salvage Value If You Want to Keep Your Totaled Vehicle After an Auto Crash | Brauns Law, PC

covered bikes:

  • bikes not specified
  • atvs
  • utvs
  • off-road vehicles

standard coverages:

  • bodily injury and property damage liability
  • uninsured/underinsured motorist liability and property damage
  • comprehensive and collision

optional coverages:

  • medical payments
  • personal injury protection
  • towing and labor
  • rental reimbursement
  • motorcycle and off-road vehicle transport trailer damage
  • loan/lease gap
  • optional or added equipment (available from $1,000 to $30,000)

available discounts:

  • multiple motorcycles on the same policy (up to 15%)
  • bundling (up to 30%)
  • good rider (up to 10%)
  • transfer your coverage from another company (up to 10%)
  • completion of a motorcycle safety course (up to 5%)
  • membership in one of eight motorcycle organizations (up to 10%)

am best rating: a+ (superior)

» protect yourself and your bike

geico

geico is one of the top providers of car insurance, so it only makes sense it would be a leader when it comes to motorcycle coverage, as well. geico covers just about every type of bike there is, including some custom bikes.

while it provides the typical standard coverages you would expect to find in a basic motorcycle insurance policy, there are also plenty of optional coverages.

in addition to the usual lineup of medical payments, personal injury protection, emergency roadside assistance, and towing and labor, it also adds coverage for accessories and helmets.

and the company is particularly strong with discounts. for example, you’ll get a 20% discount just for switching to geico from another carrier. and once you’re onboard with geico, you can save up to 10% just for renewing your policy with them.

one of the big advantages with a major car insurance company is that you may already have your car or other vehicles covered with geico. adding your motorcycle to the same policy will save you even more money.

covered bikes:

  • sport bikes
  • cruisers
  • touring bikes
  • enduros
  • scooters
  • dirt bikes
  • trikes
  • some custom bikes

standard coverages:

  • bodily injury liability
  • property damage
  • collision
  • comprehensive
  • uninsured/underinsured motorist liability and property damage

optional coverages:

  • accessories coverage
  • helmet coverage
  • comprehensive physical damage
  • medical payments, no-fault or personal injury protection
  • emergency roadside assistance
  • towing and labor

available discounts:

  • switching from another company (20%)
  • multiple motorcycles (up to 10%)
  • bundling with other geico policies (5%)
  • mature riders (up to 10%)
  • good rider (up to 10%)
  • renew your geico motorcycle coverage (up to 10%)
  • completion of a motorcycle safety course or military safety course (up to 10%)

am best rating: a+ (superior)

» get a fast and free quote from geico

harley-davidson

no one knows motorcycles better than the company that makes some of the best ones — harley-davidson itself. that’s why harley-davidson’s insurance company made our short list of picks. you don’t need to own a harley-davidson to qualify for insurance coverage. this company insures most any motorcycle, whether it’s an indian, a honda, a suzuki or another brand.

like dairyland, harley-davidson offers starting motorcycle insurance rates as low as $6 per month.

harley-davidson’s financial strength hasn’t been rated by am best. however, harley-davidson has been a part of u.s. motorcycle culture for over a century, and is making strategic change to its business model to stay competitive.

one of the best things about harley-davidson’s motorcycle insurance is that the company offers more discounts than any other insurer we reviewed. the company offers 12 different discounts for a wide range of things including completing a course through the harley-davidson riding academy.

harley-davidson also offers accident forgiveness standard on all of its policies. if your policy has been in place for at least a year, your rates won’t go up after your first accident. it also offers a wide range of optional coverage types, including the only policy we’ve seen specifically for covering bike rentals while you’re on vacation.

there are two distinct disadvantages to harley-davidson insurance. it’s not available to riders in alaska, hawaii or washington, d.c. and the company also doesn’t offer a mobile app, so your business must be conducted entirely via computer, over the phone or in person.

covered bikes:

  • harley-davidson bikes (of course!)
  • most other motorcycle manufacturers’ bikes
  • cruisers
  • touring bikes
  • sport bikes

standard coverages:

  • bodily injury and property damage liability
  • uninsured/underinsured motorist liability and property damage
  • comprehensive and collision
  • medical payments
  • $1,000 accessory coverage standard
  • harley-davidson genuine motor parts and accessories

optional coverages:

  • coverage for helmets and safety equipment
  • total loss coverage
  • trip interruption
  • roadside assistance
  • guest passenger liability
  • vacation rental
  • personal injury protection
  • rental reimbursement

available discounts:

  • h.o.g. member discount
  • accident forgiveness
  • harley-davidson riding academy discount
  • new bike
  • motorcycle endorsement to your driver’s license
  • experienced rider (based on the number of years riding)
  • homeownership
  • prompt payer
  • multi-cycles on the same policy
  • loyalty (with h-d at least one year)
  • bundled protection
  • claim-free renewal
  • anti-theft devices
  • member of military or law enforcement

am best rating: n/a

» protect your bike now

dairyland

dairyland is owned by sentry, a slightly more well-known insurance company. don’t let this small company fool you, though: it still offers great motorcycle insurance policies. this company has a high am best financial rating, which means you can count on it to pay up when you need it.

it also offers low-cost motorcycle insurance with rates starting at $6 per month or $72 per year. that’s $7 less than progressive’s lowest quote.

covered bikes:

  • standard bikes
  • cruisers
  • touring bikes
  • sport touring bikes
  • sport bikes
  • trikes
  • dirt bikes
  • dual-purpose bikes
  • scooters, mopeds and autocycles

standard coverages:

  • bodily injury and property damage liability
  • uninsured/underinsured motorist liability and property damage
  • comprehensive and collision
  • medical payments

optional coverages:

  • personal injury protection
  • optional/special equipment
  • physical damage plus (oem)
  • rental reimbursement
  • replacement cost
  • roadside assistance

available discounts:

  • multi-cycles on the same policy
  • loyalty (with dairyland at least one year)
  • completion of a rider safety course
  • switching from another insurance carrier
  • roadside assistance
  • oem part guarantee for repairs
  • trip interruption
  • guest passenger coverage
  • homeowner
  • member of a riding club
  • h.o.g. member

am best rating: a+ (superior)

» save money with dairyland

markel

markel is another strong choice because this company offers specialized insurance products, not just cookie-cutter policies that other insurers dole out. this company has an am best rating of a (excellent), which isn’t bad, but it’s not the best either.

markel might also be the lowest-cost provider on this list. it offers policies starting as low as $50 per year with up to 35% in discounts.

it offers a unique policy option: mechanical breakdown coverage. this helps cover the cost of specific components that need to be replaced due to mechanical breakdown. however, this coverage is not available on all bikes.

markel is also one of the few companies to offer an accident forgiveness plan. if you go more than four years without getting an accident and need to file a claim, the company won’t raise your rate.

Read more: What happens if I don’t have motorcycle insurance? » Live Insurance News

the only downside of markel is that it doesn’t offer a mobile app. if you’re the type of person who values being able to conduct your insurance business on the open road, this might be a company to avoid.

covered bikes:

  • cruisers
  • touring bikes
  • sport bikes
  • sport touring bikes
  • big twins
  • street bikes
  • scooters and mopeds
  • dirt bikes
  • trikes
  • custom motorcycles

standard coverages:

  • bodily injury and property damage liability
  • uninsured/underinsured motorist liability and property damage
  • comprehensive and collision
  • medical payments

optional coverages:

  • accessory coverage ($1,000 with specialty collision and comprehensive, purchased in increments of $1,000, all the way up to $30,000)
  • mechanical breakdown (as discussed above)
  • trailer coverage
  • funeral expense coverage
  • trip interruption
  • roadside assistance
  • rental reimbursement

available discounts:

  • diminishing deductible (25% off your deductible for every claim-free year, potentially going all the way to zero after four years)
  • switching from another company (up to 10%)
  • multi-cycles on the same policy
  • antilock brakes and anti-theft alarm
  • safe drivers (no more than one minor moving violation in the previous three years)
  • safety course
  • accident forgiveness

am best rating: a (excellent)

» get the peace of mind your deserve with markele

how to choose the best motorcycle insurance

the biggest thing to consider when choosing the best motorcycle insurance is what coverage you need. everyone’s risk is different, so you need to choose what type of insurance best matches your risk. here are some things to think about:

  • do you ever carry passengers?
  • is your bike a target for thieves?
  • are oem parts important to you?
  • do you travel far from home frequently?
  • how good is your personal health insurance policy?
  • do you live in a state with many uninsured motorists?
  • does your life insurance policy cover you if you die in an accident?
  • how much are your custom additions, such as sidecars or riding gear, worth?

next, make a list of motorcycle insurance companies that offer the coverage you need. you can pretty much count on all motorcycle insurance companies offering the following types of insurance coverage:

  • liability
  • collision
  • comprehensive
  • uninsured/underinsured motorist
  • medical payments or personal injury protection

go to each of the companies on your list and ask for a quote. from there, you can compare each company based on cost, offered features, reputation and your evaluation of the company. this gives you a full picture of each potential company, so you can select the best motorcycle insurance for your situation.

breakdown of motorcycle insurance types

it’s important to understand the different types of insurance so that you can pick the best motorcycle insurance coverage options for you.

liability insurance

depending on which state you live in, you’ll need to purchase a minimum amount of liability insurance. generally, the minimum requirements for motorcycle insurance are the same as for auto insurance.

liability insurance only covers other people that you injure or other people’s property that you damage. it does nothing to protect you, besides providing a payout for the damage you may cause in an accident.

liability coverage is generally expressed as a series of three numbers, such as 15/30/25 or $15,000/$30,000/$25,000. this refers to the payout limits for:

1. each person injured
2. total injuries per accident
3. property damage

a 15/30/25 policy, for example, will only pay out up to $15,000 per person injured up to a maximum of $30,000 per accident and $25,000 for property damage.

just because you purchase the minimum required liability coverage for your state doesn’t mean you’re off the hook. if you cause an accident that injures more people or property than your policy pays out, you’ll have to pay the difference out of pocket.

that’s why it’s wise to speak with an insurance rep or research the average claim payout in your state to see what you might expect to pay if you cause an accident.

collision insurance

if you cause an accident, liability coverage won’t help you get your own bike back on the road. for that, you’ll need to purchase collision insurance. this covers damage to your own property, regardless of whether you caused the accident or not.

buying collision insurance provides you an advantage because even if someone else causes the accident, you can still file a claim with your own insurance company. this should get you back on the road faster because your insurance company can pay you immediately for the repairs. they can then pursue the other driver’s insurance company for payment, which is often a slow step in the process.

comprehensive insurance

just because you’re not physically on your bike doesn’t mean it’s not susceptible to financial threats. even if it’s parked in a garage for the winter, it can still be stolen, squashed by a fallen tree or lost in a house fire.

this is where comprehensive insurance comes to the rescue. this covers your bike for all nondriving damage. motorcycles can be prone to being stolen because they’re so portable, so this is a particularly important type of insurance to consider.

uninsured/underinsured motorist insurance

the insurance information institute estimates that 1 out of every 8 drivers on the road is uninsured. worse than that, many people purchase just the minimum liability coverage, which may not pay you enough if you get into a bad accident. it’s a bad game of roulette that you don’t want to play.

buying uninsured or underinsured motorist coverage can help provide extra protection if you are unlucky enough to be hit by one of these drivers. you can try suing the person who hit you for damages beyond what their insurance policy pays out (if they have one), but chances are if they skimped on their own coverage, they won’t have much in the way of personal assets to pay you. uninsured or underinsured motorist coverage can help cover the cost in these cases.

faqs for finding the best motorcycle insurance

how do insurance companies set my rates?

insurance companies take a wide range of factors into account when setting your rates:

  • your age
  • your gender
  • where you live
  • your credit history
  • how long you’ve been riding
  • your bike’s age, model and style

what is an am best rating?

this is a measure of how strong a company’s finances are. it’s a good idea to stick with companies that have an a rating or higher because this means they’re more likely to be able to pay out when you need to file a claim.

should i buy the minimum motorcycle insurance required?

you can do this, but it’s generally not a good idea. if you can’t afford to pay for repairs or a replacement for your bike, or for the medical and damage payments that would result from an accident, it’s a good idea to purchase more insurance coverage.

if you don’t, you might not be able to afford to get back in the saddle again after an accident.

what is oem parts coverage?

oem stands for original equipment manufacturer. this coverage ensures that if you need a repair for the harley-davidson that’s near and dear to your heart, for example, you’re covered for harley-davidson parts and not spare parts from the bargain bin.

some companies offer this as standard on all of their policies, and some companies charge a bit extra for it. if it’s important to you that your bike is repaired with authentic parts if you get into an accident, make sure you have this coverage.

how do i decide how much custom equipment coverage to get?

if you have a lot of custom gear or accessories for your bike, it’s a good idea to buy extra protection for it. the best way to assess how much you need is to simply make a list of what custom gear and riding accessories you’ve purchased for your bike and estimate it’s worth. keep the list updated as you buy new equipment.

the bottom line

buying the best motorcycle insurance you can afford ensures that you can take whatever hits riding throws at you. it’ll also give you peace of mind since you know you’re not a stone’s throw away from financial catastrophe.

it may take a bit of research to find the best policy at first, but it’s time well invested. make sure you revisit your insurance needs each year. if you get a new addition to your bike, for example, make sure your policy covers it so you’re not left high and dry. if you follow these principles, you can enjoy many more fret-free years on the open road.

Source: https://tonupboys.com
Category: Motorcycle Insurance