Tips for Choosing the Best Motorcycle Insurance Policy
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 for motorcycle repair costs. And motorcycle insurance can also cover any outstanding loans on the bike. In fact, if you apply for a motorcycle purchase loan, most lenders will require you to obtain insurance as part of the loan application process.
Motorcycle insurance can be expensive, but there are several things you can do to make sure that you get the best possible rate. First of all, decide the total dollar amount of coverage that you will need, as well as the deductible amount. Usually you will want to get coverage that includes yourself or another driver, passengers, custom equipment, collisions, uninsured motorists, and medical payments.
Your state may have minimum limits that you must meet, so be sure to be aware of those before you start pricing policies. And then get quotes from several different insurance providers so that you can do a price comparison and select the cheapest policy. You can do this by talking with your insurance agent, or by doing an online search for motorcycle insurance quotes.
Always make sure that you are comparing policies with the same amount of coverage and deductible values. Remember that a deductible is the amount you yourself will have to pay for each claim that you file before the insurance will pay anything. The higher the deductible, the cheaper the policy, but you must always be sure that the deductible is not so high that you wouldn’t be able to pay it if you had an accident.
And when you are applying for motorcycle insurance, it is very important that you are honest when you answer the questions on the application form. A few things that come into consideration when you are applying for motorcycle insurance are your age, riding experience, driving record, and details about your bike, such as value, power, age of bike, and any special modifications. If you do not tell the truth about these items you may find later that the insurance company will not make any payments on your claims, leaving you to pay all medical and repair costs yourself.
Another tip to save money on your motorcycle insurance policy is to bundle it with other insurance that 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 is also a good idea to take a motorcycle safety course. This will help you earn a discount on your motorcycle insurance because motorcycle companies feel an educated and trained rider who understands safety issues is less likely to make common mistakes or to indulge in reckless behaviors.
Also most insurance companies will give you additional discounts if you are able to store your motorcycle being in a secure location like a garage or shed that reduces the chances of it getting hit, vandalized, stolen, or damaged by the natural elements. Even if you don’t have a building to store your bike in, you may be able to save money if it is parked in an area that is covered by a surveillance system.
Fitting your bike 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 them to make sure that the savings you will see in your insurance premiums will be worth the extra expense.
In addition, many insurance companies will give you an added discount if you won’t be riding your motorcycle during severe winter months when there is a higher chance of accidents due to poor road conditions. This is a great money-saving option for riders who live 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 warm spell appears for a few days during the winter months.
Finally, keeping a clean driving record both in your motor vehicles and on your motorcycle will save you a great deal of money on your motorcycle insurance. Insurance companies love to reward those who have remained a low risk. They also want to keep your business. If you have paid your premiums on time for six months and have not have any claims or moving violations, then contact your insurance company and ask for them to review your policy for a lower price. Many insurance companies will automatically do this upon renewal of your policy, but if you have an annual policy then you should contact them after six months.