List of Best Cheap Motorcycle Insurance Companies

The biggest concern for every insurance shopper is to find a suitable insurance company that provides an affordable policy without any hassle. Talking specifically about motorcycle insurance, finding the best cheap motorcycle insurance provider is not much of an easy task. Many shoppers have bundles of questions circling their minds in regards to what type of policy will be suitable for them, which insurance company is the best, and how to find out whether a company is good or not. In order to answer most of these questions and give clarity of purpose, this post will highlight all the necessary details about finding the best cheap motorcycle insurance.

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What to Look for in the Best Cheap Motorcycle Insurance Companies:

Hitting the nail right away, the best motorcycle insurance company will have the following two qualities:

• Excellent customer service.
• Financially capable of paying claims without any hassle.

If any insurance company is known to have these two qualities, then it definitely deserves to be called the best motorcycle insurance company. In order to know whether or not a company possesses these qualities, one can check out the ratings provided by well-known rating agencies like J.D. Power, A.M. Best, and S&P’s.

S&P’s (i.e. Standard & Poor’s) and A.M. Best agencies rank the motorcycle insurance companies on the basis of their financial capability to respond to claims quickly. Whereas, J.D. Power’s ranking is based on customer satisfaction. The J.D. Power agency ranks the companies by considering the customer satisfaction in both auto and motorcycle insurance policies. This is because; customers for both auto and motorcycle insurance policies have almost similar issues and concerns.

As per the ranking, the following is a list of best cheap motorcycle insurance providers in the United States:

• Progressive
• GEICO
• Foremost
• USAA
• Markel
• Dairyland

Each of these companies has its own specialty and benefits that have been the reason for them to be ranked in this list of best motorcycle insurance company.

Progressive: Overall Best Motorcycle Insurance Company

Progressive tops the list of best insurance providers in the United States for several reasons. Here is a list of all its outstanding qualities that have resulted in excellent customer satisfaction:

1. Flexible Coverage Plans and Add-ons: Progressive offers well-built insurance plans that cover most of the necessary areas at cheap rates. While other insurance companies tend to charge an additional amount for coverage add-ons, Progressive facilitates its customers by providing these services at no additional costs and includes them in the policy amount itself. The company offers full replacement cost for motorcycles and doesn’t even deduct the amount for depreciation. For instance, if a motorcycle’s back wheel, which is three years old, gets damaged badly in an accident, then Progressive will provide the full replacement cost of a new back wheel, without cutting down the amount for depreciation. This feature cannot be found in any other company and hence, makes Progressive to stand out from the rest.

Another coverage add-on that further enhances the benefits provided by Progressive is the optional equipment plan. As per this plan, any repair or replacement of original parts of the motorbike will be done with other original parts. Similarly, custom parts are replaced or repaired with equivalent custom parts. Also, all plans provided by Progressive include $3,000 coverage for damage repair, customizations, and upgrades of custom parts.

2. Easy Discounts: Progressive offers its customers with several discount schemes that can help one to enjoy cheap insurance premiums. These discounts come in varied forms and can range from discounts on the premiums till special coverage plans and accident forgiveness schemes. In regards to accident forgiveness schemes, if a customer meets with a motorbike accident after spending 4 accident-free years, then Progressive will not count it against the insured, unless and until it costs beyond $500. The inclusion of these discounts and offers has made Progressive to offer the best motorcycle insurance rate in the United States.
3. Access to the Website: Progressive runs a well-maintained website that offers the customers with easy tools to compare quotes online when compared to any other insurance company. All in all, Progressive is the best cheap motorcycle insurance company in the United States.

GEICO: Best Cheap Motorcycle Insurance

1. Cheap Rates: If one wishes to have the cheapest rates for motorcycle insurance, then GEICO should be the first choice. As said earlier, each company from the list has its own specialty; GEICO specializes in offering cheap quotes in comparison to other insurance companies. It is successfully providing the best motorcycle insurance rate for States that have the highest number of motorbike registrations, including California and Florida. According to research, GEICO offers annual premiums at about $374 and provides the cheapest rates in Florida (with a margin of 76%).
2. Discounts: In addition to providing cheap rates, GEICO provides its customers with insurance discounts that further reduce the already cheap rates. For example, if a person wishes to shift to GEICO from another insurance provider, then they are offered a 10% discount for changing their provider. Also, one can also enjoy such 10% discounts or specifically termed as ‘loyalty discounts’, by simply renewing the insurance policy.
3. Installments: Another brilliant option for people who are tight on their budget and cannot afford to pay full amounts, GEICO offers payments in installment. However, people who opt for paying in parts are required to pay a small fee for every installment.

Foremost: Best Cheap Motorcycle Insurance for Custom Bikes

Riders who are addicted to customizing their bikes can choose Foremost to insure their motorcycles. This is because; Foremost provides the optional equipment coverage at no additional costs. The policy itself offers $3500 for customizing and upgrading motorcycles and unlike other companies does not charge anything extra. This amount is $500 more than what Progressive offers. Moreover, customizing freaks can increase the coverage amount to $15,000. The plan covers almost all types of customizations such as adding a sidecar, chroming, painting, etc.

Along with the optional equipment plan, Foremost also offers an additional $1,500 coverage for safety accessories like goggles, helmets, etc. This company is available across all the States in the Country, except Massachusetts and Hawaii.

USAA: Best Cheap Motorcycle Insurance for Military Officials and their Families

USAA i.e. the United States Automobile Association offers motorcycle insurance in an indirect fashion. In simple words, this company directs its customers to Progressive and allows special features that are not available for other clients. This company offers insurance policies for presently working military personnel, retired officers, their families, and cadets at service academies. USAA refers its clients to Progressive so that military officials and their families can enjoy special discounts. USAA not only provides motorcycle insurance but also covers scooters, ATVs, and mopeds.

Along with discount facilities, USAA also provides its customers with loan and finance facilities for their new motorcycle purchases. Hence, USAA is a one-stop solution for all motorcycle needs and is termed as the best cheap motorcycle insurance provider for military officials.

Markel: Best Cheap Motorcycle Insurance for Expensive Bikes

Those who crave for having a variety of motorbikes and are enthusiastic riders should choose Markel for getting their motorbikes insured. This company has been serving insurance policies for over 40 years. It provides insurance policies for almost all varieties of motorcycles and is specifically more beneficial for people who have more than one motorbike. This is because; Markel offers a multi unit discount facility, which offers a special discount on the premiums if a person has more than one motorbike insured through Markel.

The company offers insurance for the following types of bikes:

• Sports bikes
• Sport-touring bikes
• Touring bikes
• Cruisers
• Street motorcycles
• Mopeds
• Big twins
• Scooters
• Custom Bikes
• Dirt bikes

Another highly beneficial facility provided by Markel is the policy of reducing deductibles. In simple words, safe drivers, who manage to ride a whole year without any accident, can enjoy reduced deductibles. Markel offers a 25% reduction in deductible every year for a safe driver and continues to do so till the deductibles fall to $0. This is by far the best motorcycle insurance rate motorbike enthusiasts can get.

Dairyland: Best Cheap Motorcycle Insurance for Less Frequent Drivers

Drivers who ride their motorbikes occasionally due to varied reasons can choose to opt for Dairyland insurance company. Dairyland provides the option to decrease the coverage limits according to one’s needs. This proves to be an ideal option for those who live in the Northern States, as motorbikes are usually shoved in the garages during the entire winter season. The flexible policy nature provided by Dairyland will help international visitors to change or reduce their premium packages when the bikes are not in use.

Also, Dairyland offers a special program, called as the ‘The Dairyland Cycle Visit USA Program’, according to which international visitors can apply for temporary insurance policies that are applicable for already owned bikes, rented bikes, and newly bought bikes for temporary visits. The policy comes in 30 days, 60 days, and 90 days packages and covers one motorbike. Hence, for those who use their motorcycles very rarely, Dairyland provides the best cheap motorcycle insurance policies.

To conclude, all the above insurance companies provide the best cheap motorcycle insurance and one may choose any of these providers depending upon one’s needs.