Best Motorcycle Insurance Companies of 2018
When searching for the best motorcycle insurance, it is essential first to understand what motorcycle insurance is and then what went into determining the best motorcycle insurance companies for this list.
What is Motorcycle Insurance?
Like auto insurance, most states require that you carry at least a minimum limits liability policy. But, it is imperative to keep in mind that you if you hit another person and are not adequately insured, the consequences could be significant.
On the flip side if you are not the one at fault and are in an accident, you could end up paying thousands in medical care, lost property, and motorcycle repairs out of pocket without the proper coverage.
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Liability Coverage– Liability is the money the motorcycle insurance companies pay out in the event you cause an at-fault in an accident. Most of the carriers we looked at max out around 250/500/100. In insurance lingo that means your insurer will pay up to $250,000 per person injured / with a limit of $500,000 total per accident / and up to $100,000 in property damages.
Uninsured / Underinsured Motorist Coverage– If you get hit by another driver who does not have insurance or sufficient insurance to cover your repairs and medical bills UM/UIM kicks in. Think of it just like liability coverage, only in reverse. 250/500 means the insurance company will cover you and your passengers at up to $250,000 per person or $500,000 total per crash. Let’s put it this way; if you are on a bike and a car or truck hits you, you have a high likelihood of going to the hospital. Non-fatal incidents can carry a price tag of up to $1.4 million depending on the injuries. Most states demand a minimum liability limit of 25/50/25. That translates to you paying for the rest of your injuries out of pocket.
Collision Coverage –If you have to repair or replace your bike due to damage or it is totaled in an accident, collision coverage will kick in. It is an elective coverage, but you should add it to any policy you carry. The tricky thing is determining how much of a deductible you will pay. The higher deductible means lower premiums upfront, but it also means more money out of pocket in the event of an accident.
Comprehensive Coverage- Let’s say your loss was not the result of an accident, but from theft or vandalism or even a flood of epic proportions, this is where comprehensive coverages will take over. If it is a covered event, comprehensive insurance ensures that you will not have to repair or replace your bike out of your pocket completely. Just as collision coverage, you will have the ability to choose a deductible that fits your needs and budget.
Medical Payments or Personal Injury Protection
Medical Payments or Personal Injury Protection- Medical Insurance in the most simplistic form is a complicated landscape to navigate. It is important to keep in mind is that hospital, and emergency room visits add up; possibly reaching tens of thousands of dollars, so it is important to consider adding med pay or personal injury protection to your policy. A carrier that offers medical coverage (either PIP or MedPay) will supplement your copays and deductibles in the unfortunate result of a costly accident.
Now that you know the basics, this is what we looked at when determining the best motorcycle insurance carriers for 2018.
Best Motorcycle Insurance Companies By Ratings
In compiling this list, we looked at the customer satisfaction and financial ratings of motorcycle insurance companies to determine the best. Both are important factors to consider when choosing a policy. If there was some information not available, we looked at the next closest metric to assist with our review. The following is how some major motorcycle insurance companies ranked based on the following criteria: customer satisfaction with the buying experience claims handling and financial strength ratings.
|
INSURANCE COMPANY |
PURCHASE EXPERIENCE* (2017) |
CLAIMS SATISFACTION* (2017) |
A.M. BEST (2018) |
S&P (2018) |
|
USAA |
5 |
5 |
A++ |
AA+ |
|
Erie Insurance |
5 |
4 |
A+ |
Api |
|
Amica |
4 |
5 |
A+ |
Api |
|
American Family |
4 |
3 |
A |
N/A |
|
GEICO |
3 |
4 |
A++ |
AA+ |
|
State Farm |
3 |
3 |
A++ |
AA |
|
Allstate |
3 |
3 |
A+ |
AA- |
|
Farmers Insurance |
3 |
3 |
A |
A+ |
|
Nationwide |
3 |
3 |
A+ |
A+ |
|
Liberty Mutual |
4 |
2 |
A |
A |
|
Progressive |
2 |
3 |
A+ |
AA |
In Conclusion, most motorcycle insurance agencies offer up the same basic coverage but with a few different caveats. You should review your quotes and go with the company that best fits your needs.
Overall Performance-Progressive
Progressive boasts on their website that “1 in 3 insured motorcycle riders” choose their company, which doesn’t come as a total shock as many times as we see a certain lady on television. A study conducted in all 50 states comparing motorcycle insurance quotes from major carriers, and Progressive had some of the best rates time after time. Along with their competitive rates, the motorcycle insurance agency also shines when it comes the coverages included in their policies, robust discounts and the types of vehicles they insure.
Road Trip Insurance- Esurance
If long road trips are your thing, then an Esurance motorcycle insurance policy is probably the best. Motorcyclists can pick coverages they need or want from the standard list offered by most carriers, like bodily injury and property damage liability, or comprehensive and collision coverage. The reason it is excellent for road trippers is the trip interruption coverage and towing and labor coverage. Allstate backs Esurance.
For U.S. Military And Their Families- USAA
If you are an active or retired member of the military, you and your family can qualify for a USAA insurance policy. These policies include an incredibly comprehensive coverage relative to their cost for both renters insurance or motorcycle insurance.
ConclusionAfter weighing your options, if you are looking for a best all-around strong product, you should go with Allstate for your motorcycle insurance.
Listed as one of the best motorcycle insurance companies in 2018, Allstate can provide coverage for your bike or scooter. For more on Allstate and their motorcycle insurance click here.
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