Best Full Coverage Motorcycle Insurance Companies 2021 • Benzinga

If you drive a motorcycle, you want to make sure you stay safe because accidents can happen at any time. You also want to protect your motorcycle in the event it is damaged and needs repairs or to be replaced. Full coverage motorcycle insurance will cover the cost of damages to your or if it is stolen. It is important to note that full-coverage policies are not cheap — they are usually more expensive than those that include only the state-required liability coverages.

What is Full Coverage Motorcycle Insurance?

Full-coverage motorcycle insurance has no definitive definition. However, it generally means a policy that includes collision and comprehensive coverage. Liability insurance is also a factor taken into consideration. This means getting more coverage than what is required by your state. The best way to ensure you are protected to the fullest extent is to learn more about motorcycle insurance and coverage options given your personal and financial circumstances.

Which Factors Affect Motorcycle Insurance Premiums?

Motorcycle premiums are tailored to you and your situation. Here are some of the factors insurance companies consider. 

  • Type of motorcycle
  • Your riding experience
  • Your location
  • How often you ride
  • Your driving record
  • Your claims history
  • The coverage you choose
  • Whether you’re buying motorcycle insurance from your auto insurance company

Types of Motorcycle Coverage

The most distinct feature of full-coverage motorcycle policies is the fact that they include collision and comprehensive insurance. State-mandated coverages for riders also are included and range from:

  • Bodily injury liability
  • Property damage liability
  • Uninsured motorist coverage
  • Personal injury protection

Collision and Comprehensive Coverage

Under collision and comprehensive coverage, the costs to repair or replace your motorcycle in the event of a covered loss are paid by 1st-party coverage. Collison pays for damages that result from accidents involving another vehicle or object. Hit and runs fall under this type of coverage, too. On the other hand, comprehensive coverage protects against theft and what are classified as extraordinary incidents like floods, fires, hail and falling objects. 

Any type of accident out of your control falls under the comprehensive coverage option. Look for comprehensive coverage if you are more of a seasonal rider, meaning you only ride during a certain point of time during the year. Comprehensive protection helps riders who store their bikes during the off-season because that accounts for a significant amount of time. If anything were to happen to your bike while in storage, comprehensive coverage will not penalize you but rather step in to help.

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Bodily Injury Liability Coverage

If you are in an accident with another party, this type of protection will cover medical care for the others involved but only if you are found to be at fault. Death benefits are also provided if necessary. Your own medical bills are not covered under bodily injury liability.

Property Damage Liability

Any damages that incur to a property as a result of an accident that you are found to be at fault are covered under this policy. Any other cars, motorcycles, homes, and structures like fences, walls, etc. fall under this protection plan.

Uninsured/Underinsured Motorist Coverage

If you are in an accident with someone who doesn’t have insurance or who doesn’t have enough insurance coverage, an uninsured/underinsured plan will protect you.

Personal Injury Protection

This plan helps with medical bills for you and your passengers. Lost wages, childcare and other expenses related to the accident are covered under a personal injury protection policy.

Best Full Coverage Motorcycle Insurance Providers

As you compare motorcycle insurance options, you want to make sure you are thinking ahead and about the big picture with all the little details. You want to meet your state’s minimum requirements for liability coverage, and you want to protect investments like custom parts or expensive riding gear. Unfortunately, not all companies are willing to cover the finer or smaller details.

There are plenty of providers for you to select from, but it may seem like a daunting task. To make it easier for you, Benzinga we found the best options in terms of coverage, discounts, customer satisfaction and other benefits. Based on well-researched findings, the top 5 insurance providers are listed below.

Best Overall: Markel Insurance Co.

Markel Insurance Co. has more than 45 years of experience and a wide range of options that make it the best overall choice for motorcycle insurance or car insurance.

With an expansive list of discount offerings and accident forgiveness, Markel allows customizable policies for purchase so you can protect your bike and all its accessories. Discount offerings have saved insured drivers as much as 35% of their typical premium cost.

Customer satisfaction rates are among the top, with Markel receiving very few complaints over the past couple of years. The company has consistently fewer complaints when compared to other agencies.