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The Hanover Adds Motorcycle Insurance

The product offers motorcycle coverage for touring bikes, cruisers, sport bikes, scooters, motorcycle cargo, transport trailers and more.
Sponsored by

PRODUCT: Motorcycle Insurance

COMPANIES: The Hanover Insurance Group Inc.

BEST RATING: A

AVAILABILITY: Appointed personal lines agents and brokers only.

FOCUS: Motorcycle ownership rose by 2.5 million over the past four years, according to the Motorcycle Industry Council. In 2018, 8% of U.S. households owned motorcycles, with a little over 13 million bike owners.

The Hanover's motorcycle insurance product enables the company's agent partners to offer protection for all its customers' important assets, including customers with more complex insurance needs, such as those with motorcycles and boats.

“The Hanover recognizes customers often turn to direct writers for their motorcycles, which enables direct writers to market to those customers," says Brad McCreedy, vice president of personal lines, The Hanover. “The Hanover wanted to offer a specialized motorcycle product from a carrier that understands the importance of the independent agent." 

COVERAGE DETAILS: This product offers motorcycle coverage for touring bikes, cruisers, sport bikes, scooters, motorcycle cargo, transport trailers and more. The Hanover also offers expanded coverage enhancements that can be easily customized to meet the needs of its customers and their bikes, including:

  • Custom and chrome coverage
  • New and newer bike replacement guard
  • Trip interruption
  • Rider safety apparel
  • Second chance accident forgiveness
  • Original equipment and mechanical parts
  • Roadside assistance

For customers with complex insurance needs, The Hanover also offers additional motorcycle coverages through its Hanover Prestige offering, including the option to add agreed value cash out. It also offers reduced premiums for the winter season, as well as discounts for rider groups, safety course completion and packaged home and auto policies. Customers can also choose to have one bill for all their personal lines policies.

UNDERWRITING: In most markets, The Hanover requires motorcycle customers to have a Hanover auto policy.

TARGET: “This is a well-rounded product that can easily be bundled with home and auto policies and tailored to the unique needs of a customer. This offering will help our agents be able to write the full account for their customers with Hanover home and auto policies," McCreedy says.

COVERAGE AVAILABILITY: MI, IL, CT, PA, OH, TN, NH, WI and ME. The product will be available in New York and Massachusetts soon with the rest of the company's personal lines states to follow next year.

CONTACT: Brad McCreedy, vice president of personal lines, The Hanover.

Will Jones is IA editor-in-chief.

15937
Monday, July 26, 2021
Personal Lines