Motorcycling might be thrilling, but it's not without its risk. If the combination of the open road and a set of leathers gets your blood racing, you’d better make sure you have a good insurance policy behind you. While there’s no shortage of insurance providers offering coverage to easy riders, shifting the good from the bad can be a tough slog. Or it was, until we decided to help out by sifting through the data and coming up with the 10 best motorcycle insurance companies for 2020.
The Simple Dollar ranks USAA as one of the best motorcycle insurance companies of 2020, and we can’t help but agree. A great choice for military members, it provides affordable, one-year policy terms with a range of benefits to U.S. military active members, National Guard and Reserve members. Discounts are available, with some of the most popular including multi-vehicle, loyalty discount, defensive driving course, multi-policy discount, and new motorcycle discount.
You want discounts? With Safeco, you’ve got them. Its list of discounts is among the longest of all providers, extending to include everything from motorcycle safety foundation discount to garage discount, from riding club discount to mature rider. It’s also eminently affordable, offering low premiums on almost the whole spectrum of motorcycles, including scooters, touring bikes, mopeds, choppers, dirt bikes, sportbikes, cruisers, and sport cycles – in fact, the only type it doesn’t cover are bikes used in racing competitions or those without nitrous oxide kits.
8. Auto Owners
If you value good customer service, you’re going to love Auto Owners. The company has a reputation for delivering world-class support to its policyholders – as thebalance.com notes, it’s even managed to bag the highest possible award for in claims satisfaction in a J.D. Power & Associates customer satisfaction survey. Coverage is comprehensive and includes bodily injury/property damage liability, collision, uninsured/underinsured motorist, personal injury protection, medical payments, roadside assistance, rental reimbursement, full glass coverage, and loan/lease gap coverage.
If you’re looking for low-cost coverage, look no further than GEICO. Recommended by valuepenguin.com as the number 1 low-cost coverage provider for 2020, it’s one of the most affordable insurance companies in the US. Discounts are available, and as an added attraction, policyholders have the option to make payment in installments – great for those on a strict budget and who can't quite stretch to paying the entire premium in one go.
Consumersadvocate.org rank Dairyland highly, as do we. Founded in 1953, it’s got decades of experience in understanding what people want from motorcycle insurance, and doesn’t hold back from providing it. Policies include average bodily injury and property damage liability, comprehensive, guest passenger liability, collision, medical expenses, personal injury protection, and underinsured/uninsured motorist coverage. They also offer Physical Damage Plus cover, a very beneficial (and very hard to find) policy that covers the cost of genuine original manufacturer replacement parts to return your bike to its original, mint condition after an accident.
Young drivers often find themselves on the receiving end of a less than desirable insurance policy. But not with Allstate. Of all the providers, Allstate comes out tops for young drivers, offering as it does a range of benefits (no price hike after your first accident and access to the Allstate Rider Protection Project being just two of them) that are guaranteed to appeal to the 18 -25-year-old market. Discounts are available and cover everything from multi-policy and good rider to transfer discount.
If you’ve gone to the effort of custom building your bike, your choice of insurance provider is crucial. Not all policies have the higher coverage limits a custom bike demands, putting riders (or at least their bikes) at risk. Enter Foremost, a top-rated insurance provider that offers policies with high optional equipment coverage limits. Customized equipment such as chroming, custom paintwork, and sidecars can be covered up to $3,500, while helmets and goggles enjoy coverage up to $1,500 – best of all, it involves no additional cost to policyholders. Just bear in mind that while Foremost is available in most states, prospective policyholders in Hawaii and Massachusetts will need to look elsewhere.
Before we go any further, we should make one thing clear. Nationwide isn’t all great. For a start, it doesn’t offer agreed value coverage. Its range of discounts is also a little underwhelming. But those disadvantages don’t detract from the fact it’s still one of the best motorcycle insurance companies on the market… something that Reviews.com acknowledged when it named it the best provider for high coverage limits for 2020. The claims process is remarkably simple and can be completed either online or via the app. Customer service, meanwhile, is notable for its friendliness, efficiency, and 24/7 availability.
Want 24/7 claim support? Simple, online claim filing? What about a great range of discounts to reduce your premium? With Progressive, you’ve got them all. You’ve also got an insurance company that knows the value of good customer service, not to mention one that offers that rare thing – specialty insurance of vintage bikes. On the flip side, it’s a little pricier than some of the other top contenders, and doesn’t offer comprehensive breakdown coverage… but considering the number of advantages (not to mention its outstanding customer reviews on consumer websites) it’s still most definitely one to consider.
The Balance rank Markel as the top overall provider for 2020.After a quick look at what they offer, so do we. Unlike most providers, it’s got a pedigree and privilege that stretches back years – 40 of them, in fact. The policy covers almost every conceivable type of motorcycle, from cruisers to dirt bikes, sport bikes to trikes. Discounts are widely available and when combined, can take a whopping 35% off the total cost of your policy. If you’re a safe driver, you’ll also get a substantial 25% off your deductible for each year you don’t make a claim.
Written by Liz Flynn
Read more posts by Liz Flynn