What you need to know about buying motorcycle insurance, including how to find the lowest quotes. How insurance companies rate motorcycle insurance and more.
- How do insurance companies rate motorcycle insurance?
- Do I need to have a motorcycle license to purchase insurance?
- Why is full coverage so much more than liability insurance on my bike?
- Are there benefits to using an agency to quote my motorcycle insurance?
- How do I find the cheapest insurance policies?
1. How do insurance companies rate motorcycle insurance? Insurance companies rate motorcyclist insurance just like auto insurance with a few differences. Here is a list of the key assessment factors used to determine your rates….
- Zip Code – Areas with a greater loss history score higher
- Date of Birth – Wisdom and security come with age
- Driving Experience – More experience equals lower rates
- Marital status – Married riders enjoy slightly lower rates
- Violation history – More violations, more bounty
- Covers requested – Better covers, higher premiums
- Engine Value – Only with full coverage purchase
- CC Size – Size matters, bigger engines pay more
- Cycle endorsement date – the date you obtained a motorcycle license
- Discounts and other grading factors – ask your company for details
2. Do I need to have a motorcycle license to purchase insurance? You don’t need to have a motorcycle license to purchase driver insurance, but having a motorcycle license will affect your rates. Having a class M driver’s license shows the insurance company that you are an experienced driver and less likely to be involved in an accident. The longer you have your motorcycle license, the lower the rates. There are many companies where you can get motorcycle insurance even if you don’t have a driver’s license but are willing to pay a higher rate than those with a driver’s license.
3. Why is full coverage so much more than liability insurance on my bike? The reason full insurance on a motorcycle is so much higher than liability is simply because of the risk involved. Remember that liability insurance covers others for whom you are liable, not your bike itself and that full coverage covers both your bike and liability. If you hit someone with your motorcycle, your insurance company must pay for the damage you caused to others and their property. How much damage can you really do with a motorcycle? That is why third-party motorcycle insurance is usually so cheap. The damage you can cause with your bicycle corresponds to the rates you pay for liability. Now it’s a whole different story when it comes to full coverage. Almost every kind of accident causes major damage to your bike that has to be paid for, resulting in much higher rates. Get quotes for both and compare your options before making a decision.
4. Are there benefits to using an agency to purchase my motorcycle insurance? Using a desk has great advantages. Agencies usually work with multiple carriers that have different guidelines, prefer different types of risks, offer different discounts, and more. Agencies can enter your information into a comparative rater and instantly see the rates of all the companies they have to offer you. Agencies will usually do everything they can, including but not limited to, offering all available discounts to help you find cheap motorcycle insurance.
5. How do I find the lowest motorcycle prices? When shopping for any kind of insurance quotes, you want to do your best to provide the most accurate information. The reason why you want to do this is because a company that offers you the lowest fares with let’s say no tickets will usually not be the cheapest if you happen to have a ticket. Each company has its own way of grading, so if you are comparing for your motorcycle insurance, provide accurate information, especially with previous tickets to ensure you are comparing accurate rates. Also, take the time to quote from at least 3 different companies to understand the price range you should be paying. Finally, make sure you get a quote from at least 1 agency, as an agency directly quotes multiple companies, so you get the lowest of many quotes with 1 phone call. Insurance agents can also usually offer discounts and advice to find the lowest motorcycle insurance price for you.