Founded in 1930, Markel is a global company of many insurers. Most of Markel's insurance companies have earned high financial strength ratings, which makes Markel a reliable choice.
About 25 years after its founding, Markel began offering motorcycle insurance. Its motorcycle policies are competitive for the industry both in coverage and discounts.
Markel is a large, global insurance company that owns 20 insurance providers. Eighteen of these have received high financial strength ratings from A.M. Best. The other two do not have ratings listed on Markel's site.
High financial strength ratings show that an insurer will likely be able to meet its claims obligations. You'll always want to check an insurance provider's financial strength before buying a policy.
These high ratings make Markel a competitive insurance carrier. Although, it's worth asking which of its insurers will be underwriting your policy so you can check the financial strength rating.
Another advantage of working with Markel is the range of motorcycles it covers. You can find insurance coverage for the following types of motorcycles:
Although other insurers cover multiple types of motorcycles, the list on Markel's website is one of the longer ones.
Markel offers the industry's standard coverage options that you can include in your policy:
Collision and comprehensive coverage automatically include some coverage for accessories. You can add additional coverage for accessories including riding gear and some parts. A complete list is available on Markel's website.
Whatever kind of coverage you want to include with your policy, you can find it with Markel.
You can also add roadside assistance coverage to your policy. Markel uses Nation Safe Drivers Auto Club's roadside assistance program. In addition to roadside assistance, you can benefit from auto service, theme park, and hotel discounts with Nation Safe Drivers membership.
Access to these discounts makes adding roadside assistance to your motorcycle insurance policy more attractive compared to other insurers, particularly if you like to travel.
Markel's discounts are also competitive for the motorcycle insurance industry. You can find discounts for your motorcycle's features (anti-lock brakes and anti-theft alarms), driver safety (being accident-free or participating in an approved motorcycle safety course), and for choosing Markel (switching to Markel and renewing your Markel policy).
Beyond these discounts, Markel rewards policyholders for loyalty and safe driving with its accident forgiveness and diminishing deductible features. You can receive accident forgiveness if you've maintained your Markel motorcycle coverage for four consecutive years, and it's your first at-fault loss.
Each year you have your Markel policy, your deductible lowers by 25 percent if you are accident free. After the fourth year, your deductible will be nothing.
Some other insurers offer similar programs, but they are usually optional and may cost more. From Markel's website, it seems like its accident forgiveness and diminishing deductible programs are included with its policies.
Best Company has not received many Markel motorcycle insurance reviews. Without sufficient customer insight, it's hard to gauge customer satisfaction or understand the customer experience.
Markel has shareholders. Some insurance providers are mutually-owned, which means the policyholders are also shareholders. This structure makes it easier for insurers to prioritize the interests of their policyholders.
Since Markel has shareholders, it has to balance the sometimes different shareholder and policyholder interests. Although this is a slightly less-advantageous structure, it's not a deal-breaker.
For example, if Markel didn't take care of its policyholders, they would switch companies. Losing lots of policyholders would in turn negatively affect shareholders.
Even while balancing shareholder and policyholder needs, doing right by policyholders is important.