Choosing the right motorcycle insurance policy is an important consideration for many motorcycle owners. This insurance can pay medical bills resulting from motorcycle accidents, as well as motorcycle repair costs. And motorcycle insurance can also cover any outstanding loans on the motorcycle. In fact, if you are applying for a loan for a motorcycle purchase, most lenders will require you to purchase insurance as part of the loan application process.
Motorcycle insurance can be expensive, but there are several things you can do to make sure you get the best rate possible. First, determine the total dollar amount of coverage you need, as well as the deductible amount. Usually you want to get coverage for yourself or another driver, passengers, modified equipment, collisions, uninsured motorists and medical payments.
Your state may have minimum limits that you must meet, so make sure you’re aware of them before you begin pricing policies. And then get quotes from different insurance companies so you can do a price comparison and select the cheapest policy. You can do this by talking to your insurance agent or by searching online for motorcycle insurance quotes.
Always make sure you compare policies with the same coverage and deductible. Remember that a deductible is the amount you have to pay out-of-pocket for each claim you make before the insurance will pay anything. The higher the deductible, the cheaper the policy, but you should always be sure that the deductible is not so high that you would be unable to pay it if you had an accident.
And when you apply for motorcycle insurance, it is very important that you are honest when answering the questions on the application form. A few things that are taken into consideration when you apply for motorcycle insurance are your age, riding experience, riding experience, and details about your bike, such as value, horsepower, 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 pay your claims, forcing you to pay all medical and repair costs yourself.
Another tip to save money on your motorcycle insurance is to bundle it with other insurance policies you already have. For example, if you currently have insurance on your home or other vehicles, that particular company will likely 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 earn a discount on your motorcycle insurance because motorcycle manufacturers believe that a well-educated and trained rider who understands safety issues is less likely to make common mistakes or engage in reckless behavior.
Also, most insurance companies will give you extra discounts if you can store your motorcycle in a safe location, such as a garage or shed, which reduces the chance of it being hit, vandalized, stolen or damaged by the natural elements. Even if you don’t have a building to store your bike, you may be able to save money if you park it in an area monitored by a surveillance system.
Equipping your bike with high-quality anti-theft accessories such as disc locks, alarms and satellite tracking systems is another way to save money on motorcycle insurance costs. However, these devices themselves can cost hundreds of dollars, so always check with your insurance company before purchasing to make sure the savings you see on your insurance premiums are worth the extra cost.
In addition, many insurance companies will give you an extra discount if you do not ride your motorcycle during harsh winter months, when there is a higher risk of accidents due to bad road conditions. This is a great money saving option for riders living in the northern US. However, if you choose this cover, you should bear in mind that you will not be able to cycle for a few days during the winter months when it gets hot.
Finally, keeping a clean driving record, both in your motor vehicles and your motorcycle, will save you a lot of money on your motorcycle insurance. Insurance companies like to reward those who have remained low risk. They also want to keep your business. If you have paid your premium on time for six months and have no claims or violations, contact your insurance company and ask them to revise your policy at a lower price. Many insurance companies do this automatically when you renew your policy, but if you have an annual policy you will need to contact them after six months.