The Motorcycle Insurance Primer – Ways to Save Cash Money on Your Motorcycle Insurance
Because a motorcycle only has two wheels it’s inherently dangerous.
That’s the thrill and the paradox of riding.
If you don’t hold it up while you’re stopped or balance it while you’re riding, it’ll fall over. Bikes are relatively small and tend to be overlooked by automobile and truck drivers, and carrying insurance is absolutely necessary.
Save a few bucks on motorcycle insurance by taking a motorcycle safety course.
There are a couple of advantages to taking a safety course; you become familiar with your bike’s controls, and you’ll develop a feeling of confidence when you’re riding. It’ll make you a better rider and you won’t have to hesitate or think about which handle or lever to pull when an emergency stares you in the face.
You’ll know by instinct to grab the brake and not the clutch if you need to stop quickly, and most insurance companies will give a substantial discount to riders who have completed a safety course.
Part-Time Coverage for Part-Time Bikers Makes Sense
If you live in an area of the country that features cold weather for part of the year, you should ask your insurance agent about part-time coverage. That means you won’t be riding the motorcycle for a certain period of time, and your insurance isn’t in effect until a predetermined time–except for comprehensive coverage, which will protect you against theft.
Different Models, Different Prices, Different Coverage
Insurance rates depend not only on how old your motorcycle is, but on the model of bike you ride. Sports bikes cost a lot more to insure than a cruiser. Touring bikes may be relatively expensive to ensure, because they’re worth more. People frequently pay $20,000.00 and up for a tricked-out touring bike, so naturally the insurance premiums will be higher than for a bare-bones standard model.
Storing or parking your motorcycle in a garage rather than on the street will also lower your insurance rates because it reduces the possibility of the bike being stolen. If you let your insurance agent know you carry a chain with you, and lock the bike up while you’re traveling, but away from the motorcycle, your rates could go down a bit. Keeping your motorcycle in a garage will also enhance its resale value.
Saving More By Getting Old
Motorcycle insurance is one area of insurance coverage where you actually save money as you grow older because insurance companies recognize that experience comes with age, and the more power-to-weight-ratio, racing oriented bikes are usually ridden by young people. Coverage costs can also be reduced if you have more than one motorcycle. You may also get a price break if you drive a minimum number of miles per year. These are all areas of coverage that should be discussed with your insurance agent.
Do Your Homework
Do some research on the subject and find out what type of coverage to get.
Unlike cars and trucks, motorcycles don’t necessarily have to carry anything but liability insurance.
Due to the inherent danger factor it may be sensible to carry additional coverage–and that can be expensive. If you do a little research into insurance statistics you should be able to determine what types of claims have been filed by motorcycle owners in recent years. The results will help you determine what type of coverage you should get.
Shop, Shop, Shop
Finding inexpensive motorcycle insurance is no different than getting any other type of coverage – you should shop around for the best prices.
Take some time and do a little online comparison shopping. Collect quotes from online companies and then start contacting brick and mortar insurance agencies.
Talk to a couple of agents from different companies and find out what sort of deals you can get on motorcycle coverage. After comparing what the various companies have to offer you should be able to make an informed decision about your insurance coverage.
Tips for buying your motorcycle insurance, coverage you need:
- Collision to pay for damage caused to your vehicle in an accident with another vehicle or any stationary object.
- Comprehensive to cover such things as fire, hail, wind, vandalism, hitting an animal, etc.
- Towing / Pickup
- Medical payment or personal injury protection to cover the medical bills resulting from an accident.
- Uninsured or underinsured motorist to protect us when the other driver is at-fault and does not have coverage or assets out of which your bills can be paid.