State Farm Motorcycle Insurance Review
State Farm has the skills to pay the bills when it comes to your claims, courtesy of the company’s stellar financial standing. Additionally, State Farm is one of the few motorcycle insurance providers to extend its protections to vintage, custom, and classic bikes, and its educational resources are second to none. That said, it’s missing the breadth of discounts that other providers offer, so it’s important to compare quotes to make sure you’re receiving the best possible premium on your motorcycle insurance.
Where motorcycle insurance is concerned, State Farm claims to offer “more coverage options than the states’ minimum financial responsibility limits,” with extra coverage options available should you need them. It also claims that “while some companies charge extra for certain motorcycle coverage, you get more” with State Farm.
Is it true?
In some respects. State Farm motorcycle insurance does extend to options outside of state minimums; for example, it covers vintage and classic bikes, which isn’t always an option with other providers. The company also offers coverage for custom equipment and upgrades, as well as reimbursement for damages to any protective gear.
Beyond that, it’s hard to verify any of State Farm’s claims about affordability. For starters, its official motorcycle insurance page is entirely bereft of any discounts. Instead, you need to speak with a representative to see which ones (if any) are available in your location. You also can’t get a quote without engaging with a customer rep, which can be a hassle if you’re just shopping around. While it’s possible that State Farm could offer you a low rate or a wealth of discounts, there’s no way to easily track what you’re qualified for.
- In business since: 1922
- A.M. Best financial strength rating: A++
- Moody’s financial strength rating: Aa1
- S&P Global financial strength rating: AA
- Better Business Bureau rating: A
- Pros: Strong financial ratings, custom parts coverage
- Cons: Few discounts, must call for a quote
• Motor scooters
• Classic motorcycles
• Custom motorcycles
• Trail bikes
•Comprehensive and collision
• Custom parts
• Attached side cars
• Emergency roadside expenses
• Damage to protective gear
• Trip interruption expenses
• Full replacement cost
Vintage and custom bike coverage
State Farm insures custom and classic motorcycles, in addition to factory-built models — coverage that is rare among motorcycle insurance companies. This is because the replacement cost for custom or classic bikes is so much higher than that of your standard motorcycle. State Farm motorcycle insurance offers both collision and comprehensive coverage, so you can protect your vintage or custom bike from all sorts of damage.
“If you own a motorcycle, then chances are you’ve made a few upgrades or improvements to your bike. Maybe it wasn’t a full-blown $20,000 customized change, but simple things like new handlebars or upgraded pipes or seat can easily add $3,000 to $5,000 in parts and labor to the value of the bike. Motorcycles, like cars, are typically insured for actual cash value, not including added accessories over and above $2,500 to $3,000. If you have highly modified your bike, make sure you have additional coverage for those items.”
John Espenschied Agency Principal and Owner, Insurance Brokers Group
State Farm earned A.M. Best’s highest financial strength rating of A++. Very few motorcycle insurance companies can claim this high of a rating, which indicates that State Farm shouldn’t have any trouble meeting its obligations to customers. If you choose to go with State Farm motorcycle insurance, you can feel confident knowing that it will be there to help you in the unfortunate event that you need to file a claim.
Not much in the way of advertised discounts
State Farm’s website lacks any discounts specific to motorcycle insurance policies, and there were none available in our area when we spoke with a representative. Furthermore, an in-depth Q&A featuring a customer and motorcycle veteran seemed to indicate that there were none to speak of. We do recommend speaking with a local representative — there may be some unique opportunities to save in your region or some crossover with the company’s auto insurance discounts — but the lack of advertised discounts is disappointing for a company that claims to offer affordable policies.
Must speak to a representative to get a quote
State Farm does not have an online quote tool available for motorcycle insurance at this time; you have to speak to a representative, either in person or over the phone, if you would like to get a quote. Online quote tools are a great way to compare rates and coverage options between motorcycle insurance companies, and the lack of one on State Farm’s website makes the quote-gathering process a little more inconvenient.
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*Customer complaints are registered by the NAIC and measured relative to the company’s market share.
State Farm vs. Allstate
Allstate doesn’t offer any coverage options for vintage or classic bikes like State Farm. However, Allstate beats State Farm in one key area: discounts. While Allstate does not offer the most discounts of our favorite motorcycle insurance companies, it does feature classics, like a multiple motorcycle discount and multi-policy savings of up to 30%.
State Farm vs. Progressive
Progressive advertises the most discounts of all four companies we researched and compared. Not only does the company offer common ways to save, like the aforementioned multi-policy discount, but it makes available some new ones as well: discounts for paying on time, opting for automatic billing, adding anti-lock brakes, and more. Keep in mind, though, that discounts and premiums depend on a range of factors, including your location. We recommend getting quotes from both companies and comparing coverage options before making your decision.
State Farm vs. Nationwide
Both State Farm and Nationwide offer policies that help protect custom, classic, and vintage bikes. However, they differ in a few key areas. State Farm is a great resource for information about motorcycle insurance, even if you don’t choose the company as your insurer; unlike State Farm, Nationwide’s educational resource page doesn’t include any section specific to motorcycle insurance. That said, Nationwide offers more advertised discounts than State Farm, and the site boasts an online quote tool — making it more convenient to gather quotes as you begin your search for motorcycle insurance.
State Farm Motorcycle Insurance FAQ
Yes. State Farm’s motorcycle insurance can help cover the medical costs resulting from injuries to someone else, even if you are legally responsible.
There are multiple bike types that are covered by State Farm:
- Factory-built motorcycles
- Motor scooters
- Classic motorcycles
- Custom motorcycles
- Trail bikes
It’s important to note that each bike will have different coverage options. Make sure you speak with your State Farm agent to identify which policy best suits your needs.
“The best piece of advice we can give is to understand how your bike is categorized and what that means for you should an incident occur,” says Roman Danaev, CEO of CarFinancePlus.com. “This will give you visibility into the ongoing costs of ownership and may well have a significant influence on the type of motorbike that you eventually purchase!”
Yes. State Farm offers an array of discounts when you bundle your motorcycle insurance with other lines of insurance. Make sure you speak with an agent before you purchase coverage, as discounts will vary depending on what policy you choose to bundle with.
Liability is one of the most common coverages for both auto and motorcycle insurance. In its most simple from, liability coverage helps pay for another person’s expenses concerning bodily injury and property damage. Although liability coverage is required by law in most states, you should also look into the amount of liability that is included when you purchase your policy.
“What we always tell our customers to look out for when choosing a motorcycle insurer is to consider the amount of liability insurance they offer,” says Eric Anderson, Co-Founder and Organizational Development Manager of ElMejorTrato.com. “Liability coverage pays for others’ injuries or damages if you cause an accident. What is important for customers is that the amount of liability you must buy should meet your state’s minimum requirements.”
The Bottom Line
If you’re looking for a financially stable insurance provider, State Farm is a solid choice, with near-perfect financial ratings from major organizations and third-party reviewers like A.M. Best and S&P Global. While it may not offer you the discounts and online quote tools of other big-name providers, we recommend including it as you begin to gather quotes.