In this article, we will take a look at the 15 best motorcycle insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to 5 Best Motorcycle Insurance Companies Heading into 2024.
Forcite: An Effort to Prevent Motorcycle Accidents
The casualties caused by motorcycle accidents have been a rising concern for authorities across the globe. While authorities are working towards the mitigation of such incidents, some startups are successfully preventing motorcycle accidents using technology. One such startup is Forcite. Forcite is a startup in New South Wales specializing in the production of smart motorcycle helmets. The Forcite MK1 helmet is inspired by F1 racing technology, providing riders with accurate road alerts and navigation commands. Additional features include music control, volume control, and camera control. Moreover, the helmet comes with a patented chin-mounted module, giving it a sleek look and preventing damage to the shell's EPS layer.
The company is making consistent efforts to expand its global footprint. On August 17, Forcite announced the opening of Forcite Labs in the Australian Motorsport Innovation Precinct (AMIP) at the Sydney Motorsport Park. The new facility will serve as the design and testing headquarters for the company while allowing it to collaborate with other smart automotive manufacturers. Moreover, the firm will also carry out on-track testing to ensure rider safety is not compromised.
Prominent Names in the Motorcycle Insurance Market
Zurich Insurance Group AG (OTC:ZURVY), Allianz SE (OTC:ALIZY), and AXA SA (OTC:AXAHY) are among the leading names in the motorcycle insurance market. Let's check out some recent updates from these companies. You can also take a look at some of the best travel insurance companies.
Zurich Insurance Group AG (OTC:ZURVY) is a prominent Swiss company engaging in the provision of insurance services across the home, commercial, property, general liability, causality, and motorcycle insurance lines. With climate change risks adversely impacting the global economy, the company is also stepping foot in the climate change prevention space. On September 13, Zurich Insurance Group AG (OTC:ZURVY) announced its collaboration with KPMG to provide climate change advisory services to address physical and transition risks associated with climate change. As more consumers begin to demand climate-friendly goods and services, many businesses have yet to transition to sustainable business practices. The two companies will together enable firms to implement the right policies while also focusing on the protection of their assets.
Allianz SE (OTC:ALIZY) is one of the most prominent insurance companies based in Munich, Germany. The company engages in the provision of life insurance, commercial insurance, motor insurance, home insurance, and motorcycle insurance. As one of the market leaders, the company also engages in uplifting small to medium-sized companies. On November 2, Allianz SE (OTC:ALIZY) announced an investment in NEXT Insurance, a technology-first small insurance business. The investment will total $265 million. With its partnership with NEXT Insurance, Allianz SE (OTC:ALIZY) is able to diversify to small businesses by providing niche and customized needs. NEXT Insurance uses modern machine-learning algorithms to get customized quotes in a few clicks.
AXA SA (OTC:AXAHY) is a prominent name in the insurance industry, based in France. The company provides coverage for home insurance, accident insurance, bike insurance, car insurance, public liability insurance, casualty insurance, motor insurance, term insurance, and windfarms insurance. With a clientele of 93 million, AXA SA (OTC:AXAHY) understands the importance of uplifting and engaging in the development of employees. On October 3, AXA SA (OTC:AXAHY) launched the "We Care" program for its workforce. As per the current plan, the company aims to spread the program to all its employees across 51 countries from 2024 through 2026. The plan is based on four primary pillars including the caregiver policy, domestic and sexual violence policy, parental policy, and a Healthy You program. Key features include care for immediate family members, psychological and specialist support for domestic or sexual violence victims, paid parental leaves for 16 weeks, and medical checkups along with teleconsultation and psychological services.
With that, let's take a look at the 15 best motorcycle insurance companies heading into 2024. If you own a car, you can also take a look at the best car insurance companies heading into 2024.
15 Best Motorcycle Insurance Companies Heading into 2024
15 Best Motorcycle Insurance Companies Heading into 2024
Our Methodology
We employed a consensus approach to come up with the 15 best motorcycle insurance companies heading into 2024. We sifted through 5 industry reports including Market Research Future, Verified Market reports, MarkWide Research, Allied Market Research, and Market Scope. This thorough process enabled us to list the 20 best motorcycle insurance companies heading into 2024. We then sourced the market cap for publicly listed companies or the latest annual revenue for private companies to identify the 15 best motorcycle insurance companies heading into 2024. We sourced market caps from Yahoo Finance, and annual revenue from official company reports.
For some private companies, we were unable to source the reported annual revenue. For such companies, we decided to rank them based on the number of employees or associates, as it reflects the size and position of a company. The number of employees may not be entirely accurate but a close depiction of the company's position in the industry.
The list of the 15 best motorcycle insurance companies heading into 2024 is in ascending order of the market capitalization as of December 13, 2023, or annual revenue for the latest year available.
15 Best Motorcycle Insurance Companies Heading into 2024
15. The Government Employees Insurance Company
Number of Associates: 38,000
The Government Employees Insurance Company, also known as GEICO, is a subsidiary of Berkshire Hathaway Inc. (NYSE:BRK-A). The company provides auto insurance, commercial insurance, boat insurance, and motorcycle insurance. The company's motorcycle insurance policy provides coverage for bodily injuries, collisions, accidents, personal injuries, and property damage. GEICO is home to over 38,000 associates across the globe.
14. American Family Insurance
Annual Revenue (2022): $14.4 Billion
American Family Insurance, also known as AmFam Insurance, is a leading insurance company based in Wisconsin, United States. The company provides coverage for property insurance, auto insurance, causality insurance, life insurance, health insurance, and motorcycle insurance. The company provides customized motorcycle insurance services to its clients. Prominent services include coverage for bodily injuries, property damage, passenger liability, collision coverage, comprehensive coverage, and earned accident forgiveness. American Family Insurance reported annual revenue worth $14.4 billion in 2022.
13. QBE Insurance Group Limited (OTC:QBEIF)
Market Capitalization as of December 13, 2023: $14.43 Billion
QBE Insurance Group Limited (OTC:QBEIF) is one of the best motorcycle insurance companies heading into 2024. The company is based in Sydney, Australia. The company provides coverage for worker's compensation insurance, boat insurance, home insurance, property insurance, and specialist insurance. Under its motorcycle insurance policy, the company provides a replacement for motorcycles and motorcycle accessories not older than two years. The company covers damages caused by accidents, theft, and fire. QBE Insurance Group Limited (OTC:QBEIF) boasts a market cap of $14.43 billion, as of December 13.
Market Capitalization as of December 13, 2023: $14.89 Billion
With a market cap of $14.89 billion, as of December 13, Aviva plc (OTC:AVVIY) ranks as one of the biggest motorcycle insurance companies heading into 2024. With more than 18 million customers across the globe, the company covers life insurance, car insurance, home insurance, travel insurance, and motorcycle insurance. Under its motorcycle insurance policy, the company provides coverage for damages caused by accidents, fire, and theft. It also covers third-party liabilities and legal obligations. Aviva plc (OTC:AVVIY) was founded in 2000 and is based in London, United Kingdom.
11. Assicurazioni Generali S.p.A. (OTC:ARZGY)
Market Capitalization as of December 13, 2023: $31.99 Billion
Assicurazioni Generali S.p.A. (OTC:ARZGY) is a leading insurance company based in Italy. The company provides coverage for home insurance, casualty insurance, accident insurance, health insurance, commercial insurance, and motorcycle insurance. Its motorcycle insurance policy provides coverage for damages caused by accidents, theft, fire, explosion, or lighting. Additionally, the company also compensates for bodily injury, accidental death, and damage to property owned by third parties. Assicurazioni Generali S.p.A. (OTC:ARZGY) has a market cap of $31.99 billion, as of December 13.
10. The United Services Automobile Association
Annual Revenue (2022): $36.00 Billion
The United Services Automobile Association, also known as USAA, ranks as one of the best motorcycle insurance companies heading into 2024. The company provides car insurance, homeowners insurance, auto insurance, health insurance, life insurance, property insurance, and motorcycle insurance. Under its motorcycle insurance policy, the company provides roadside assistance, collision coverage, bodily injury coverage, property damage coverage, insured and uninsured motorist coverage, and compensation for medical payments. USAA reported annual revenue worth $36 billion in 2022.
Market Capitalization as of December 13, 2023: $37.49 Billion
The Allstate Corporation (NYSE:ALL) ranks as one of the best motorcycle insurance companies heading into 2024. The company is based in Illinois and provides property insurance, home insurance, renters insurance, flood insurance, car insurance, and motorcycle insurance. The company's motorcycle insurance policy covers bodily injury, property damage, and medical payment coverage. The Allstate Corporation (NYSE:ALL) has a market cap of $37.49 billion, as of December 13.
Market Capitalization as of December 13, 2023: $42.13 Billion
With a market cap of $42.13 billion, The Travelers Companies, Inc. (NYSE:TRV) ranks among the best motorcycle insurance companies heading into 2024. The company provides coverage across auto, car, causality, property, and motorcycle insurance lines. Under its motorcycle insurance policy, The Travelers Companies, Inc. (NYSE:TRV) provides coverage for collisions, damages, and bodily injury. The company also compensates for replacement costs, provides rental reimbursements and roadside assistance, and compensates for special equipment. The company boasts a market cap of $42.13 billion, as of December 13.
7. Liberty Mutual Insurance
Annual Revenue (2022): $50.00 Billion
Liberty Mutual Insurance is a leading insurance company based in the United States. The company provides coverage for personal automobile insurance, homeowners insurance, worker's compensation, commercial insurance, car insurance, and motorcycle insurance. Under its car insurance policy, the company provides insurance for property damage, bodily injury, collision coverage, comprehensive coverage, and medical payments. Additionally, the company also provides roadside assistance and bike replacement coverage. Liberty Mutual Insurance reported annual revenue worth $50 billion in 2022.
6. Nationwide Mutual Insurance Company
Annual Revenue (2022): $56.80 Billion
Nationwide Mutual Insurance Company ranks among the best motorcycle insurance companies heading into 2024. The company is based in Ohio and covers home insurance, boat insurance, classic car insurance, renters insurance, life insurance, car insurance, and motorcycle insurance. Under its motorcycle insurance policy, the company provides coverage for medical bills, damages to the bike, liability protection, third-party injuries, and damages to other vehicles. Nationwide Mutual Insurance Company reported annual revenue worth $56.8 billion in 2022.
