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The Best Motorcycle Insurance Companies (2022) – ValuePenguin

best for low cost coverage – nationwide

nationwide offers riders some of the cheapest motorcycle insurance rates in the country. On average, policies cost $593 a year, with annual rates in some states as low as $291. Nebraska, North Dakota, Maine, Iowa and Kansas make up the five cheapest states to insure your motorcycle in the entire country.

While the entire country offers the best low-cost coverage, policyholders also benefit from highly qualified customer service. The company has a 0.53 rating on the NAIC Complaint Index, which measures the number of complaints an insurer receives compared to its share of the overall market. the national complaint rate is 1.0, which means that a company with a complaint rate of 0.53 has about half as many complaints as its average competitor.

Reading: Who has the cheapest motorcycle insurance rates

nationwide helps riders keep costs down with a vanishing deductible. each year you are accident free, the deductible is reduced by $100. The company also offers a multitude of discounts, including:

Customizable policies make Nationwide motorcycle insurance a good option for most drivers, not just those looking for affordable insurance. policyholders can add custom equipment coverage, original equipment manufacturer (oem) coverage, and roadside assistance.

best for daily riders: dairyland

dairyland’s roadside assistance and rental reimbursement coverage make it the best option for drivers who use their motorcycle as their primary vehicle. emergency roadside assistance coverage gives dairy policyholders peace of mind, with fuel, fluid, oil or water refills just a phone call away. coverage also includes service for punctures, defective batteries, mechanical or electrical problems, and towing service if repairs are needed.

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When cyclists use their bikes to get to work or for daily activities, an accident or breakdown can derail their lives. Dairyland helps cover the cost of a rental vehicle while your motorcycle is being repaired. In addition, Dairyland offers replacement cost coverage for motorcycles that are less than three years old. many other companies have a mileage limit or cap full replacement coverage at one year.

best for custom bikes: progressive

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Progressive’s deep discounts and coverage add-ons, many of which are included at no additional cost, make it a great option for custom motorcycles. All progressive motorcycle insurance policies provide full replacement cost coverage, ensuring your motorcycle is restored to pre-accident condition without a deduction for depreciation.

Another benefit that helps cement Progressive as our number one choice is Original Equipment Manufacturer (OEM) coverage, which guarantees that all original or custom parts on your bike will be replaced with the same parts. Progressive includes $3,000 of coverage for damage to custom parts, upgrades and customizations with collision and comprehensive coverage, along with the ability to increase the limit up to $30,000 if needed.

progressive also offers a long list of discounts and an accident forgiveness program. if you have an accident after four years without an accident, the first one won’t count against you, as long as the accident costs progressively less than $500.

best for military veterans: usaa

The United Services Automobile Association (USAA) does not offer motorcycle insurance directly. refers its members to Progressive, one of the best cheap motorcycle insurance companies. Despite this roundabout method of obtaining coverage, those who sign up for a progressive motorcycle insurance policy through USAA gain access to military-specific discounts.

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in other words, us. Military members, veterans and their families can take advantage of additional discounts and get the lowest rates on one of the best motorcycle insurance policies. In addition to motorcycles, USAA also offers insurance policies for ATVs, mopeds, and scooters.

another added benefit of getting motorcycle insurance through usaa is that it offers motorcycle loans and financing. therefore, it serves as a one stop shop for those who are buying a new motorcycle. usaa offers up to 100% motorcycle loan financing.

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who is eligible for usaa?

best for collectors: markel

Markel has insured motorcycles for over 40 years, so it is familiar with the needs of motorcycle enthusiasts. markel is great for motorcycle enthusiasts, offering multi-vehicle discounts and providing coverage for a wide range of motorcycle types.

The multi-vehicle discount reduces the insured’s contribution if they have more than one motorcycle insurance policy with Markel. In addition, Markel insures more types of motorcycles than many other insurers, making it perfect for anyone with an older motorcycle who is having trouble getting coverage elsewhere. These are some of the types of Markel covers for motorcycles:

While Markel has features that make it ideal for enthusiasts, it also offers a way for confident motorcyclists to save money through their decreasing deductible. markel will reduce your deductible by 25% each year you are accident-free until it is $0. is one of the best money-saving features for high-deductible insurance motorcyclists.

best for young riders: geico

geico is the best insurer for young motorcycle riders because they consistently offer some of the most affordable motorcycle insurance policies, along with a wide range of discounts that can lower rates even further. for example, young riders who complete a basic motorcycle safety course or a military safety course get a 10% discount.

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geico allows drivers to customize their motorcycle insurance to meet their needs, so policies don’t automatically include complex options that young drivers may not need.

geico also offers policyholders the option to pay their premium in installments instead of all at once. this is optimal for young motorcyclists who are on a budget and don’t want to pay for a policy up front. Please note that you may be subject to a small fee for each installment.

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