Choosing the right motorcycle insurance is an important consideration for many motorcycle owners. This insurance can pay for medical bills resulting from motorcycle accidents, as well as motorcycle repair costs. And motorcycle insurance can also cover any outstanding loans on the bike. In fact, if you are applying for a loan to buy a motorcycle, most lenders will require you to obtain insurance as part of the loan application process.
Motorcycle insurance can be expensive, but there are a number of things you can do to ensure you get the best possible rate. First, decide the total dollar amount of coverage you’ll need, as well as the amount of the deductible. Typically, you’ll want coverage that includes yourself or another driver, passengers, custom equipment, collision, uninsured motorist, and medical payments.
Your state may have minimum limits you must meet, so make sure you know them before you start pricing policies. And then get quotes from several different insurance providers so you can do a price comparison and select the cheapest policy. You can do this by talking to your insurance agent or by doing an online search for motorcycle insurance quotes.
Always be sure to compare policies with the same amount of coverage and deductible values. Remember that a deductible is the amount you will have to pay yourself for each claim you file before insurance will pay anything. The higher the deductible, the cheaper the policy, but you should always make sure that the deductible is not so high that you cannot pay it if you were to have an accident.
And when you apply for motorcycle insurance, it’s very important to be honest when you answer the questions on the application form. Some things that are taken into account when you apply for motorcycle insurance are your age, riding experience, driving history, and details about your bike such as value, power, age of the bike, and any special modifications. If you don’t tell the truth about these items, you may find out later that the insurance company won’t make any payment for your claims, leaving you to pay all medical and repair costs yourself.
Another tip to save money on your motorcycle insurance policy is to combine it with other insurance you already have. For example, if you currently have insurance for your home or other vehicles, that particular company is likely to offer you a significant discount on insurance coverage for your motorcycle.
It’s also a good idea to take a motorcycle safety course. This will help you get a discount on your motorcycle insurance because motorcycle companies believe that an educated and trained rider who understands safety issues is less likely to make common mistakes or indulge in reckless behavior.
Also, most insurance companies will give you additional discounts if you can store your motorcycle in a safe place like a garage or shed that reduces the chances of it being bumped, vandalized, stolen, or damaged by the natural elements. Even if you don’t have a building to store your bike, you can save money by parking it in an area covered by a surveillance system.
Equipping your motorcycle with high-end anti-theft accessories like disc locks, alarms, and satellite tracking is another way to save money on your motorcycle insurance costs. However, these devices themselves can cost several hundred dollars, so always check with your insurance company before purchasing to make sure the savings you’ll see on your insurance premiums will be worth the extra expense.
Also, many insurance companies will give you an additional discount if you won’t be riding your motorcycle during the harsh winter months, when there is a higher chance of accidents due to poor road conditions. This is a great money-saving option for cyclists living in the northern US. However, if you opt for this coverage, keep in mind that you won’t be able to take your bike out for a ride when a heat wave hits for a few days during the winter months.
Finally, maintaining a clean driving record on both your motor vehicles and motorcycle will save you a great deal of money on your motorcycle insurance. Insurance companies love to reward those who have stayed at low risk. They also want to keep their business. If you have paid your premiums on time for six months and have not had any claims or moving violations, contact your insurance company and ask them to review your policy for a lower price. Many insurance companies will do this automatically when you renew your policy, but if you have an annual policy, you should contact them after six months.