Little Known Ways To Make The Most Out Of A Motorcycle Insurance Policy
If you are in the market for motorcycle insurance, you have no doubt found that not all policies are equal. You may have also found that it is quite a task to find just the right insurance for you, and this holds true especially if you are shopping for motorcycle insurance for the very first time. Read on and find out what you need to know to make the best decision for you.
Why You Need Motorcycle Insurance
In all 50 states, having motorcycle insurance is the law. You must carry liability insurance, and collision, comprehensive, and uninsured driver coverage are optional. The type of motorcycle you own and your own financial status will help you decide if these coverages are right for you. Here is a breakdown of these options.
- Liability Insurance
Liability, required by all 50 states, is a type of insurance that covers the damage you can potentially cause others, if you are at fault in an accident. There is a minimum level required that can vary from state to state. Liability does not cover you, any injuries you may receive in an accident, or your motorcycle. There are certain types of liability insurance that will cover your passenger, so be sure and ask your insurance agent if you are seeking this coverage.
- Collision Insurance
If you want to feel more secure, you can add collision insurance to your liability coverage. Collision insurance pay for damage to your motorcycle, and the amount it pays depends on your deductable. The smaller the deductable the more it pays—the larger the deductable, the less it pays. This coverage will still pay even if you are the one at fault in an accident.
- Comprehensive Coverage
Comprehensive insurance covers you against so-called “acts of god” and more. These include acts of vandalism, fire, storm damage, and other damage not related to an accident.
H2. Uninsured or Underinsured Motorist Coverage
This type of insurance covers you if you are involved in an accident with one of the many drivers out there today driving with no, or too little insurance coverage. It will pay for any medical bills, damages to you and your passenger, and lost wages. If your policy includes a provision for uninsured motorcycle damage, your motorcycle can be repaired as well.
Tailoring a Custom Policy To Meet Your Needs
If you talk with your insurance agent, they will be more than happy to help you put together a policy that is just right for you. If you are riding a custom $30,000 Harley Davidson, chances are you will want a policy that covers you in any and all situations. If you’re riding a $1,000 Japanese bike, chances are you’ll be happy with just the state minimum coverage.
Other factors you may want to take into consideration in deciding a policy that is right for includes the amount of time you ride on a regular basis, your age, and your budget.
What to Look For When Comparing Rates
You may want to consider getting your motorcycle coverage from the same people you get your life, home, and auto insurance from as they may offer you a special rate for bundling services. If not, get as many quotes from different companies as you can and compare rates with the coverage offered. Resist the temptation to get more coverage than you actually really need.
How to Get a Cheaper Deal on Motorcycle Insurance
You can get a significant discount on insurance if you take a rider safety course. These are offered by the Motorcycle Safety Foundation and can save you up to 15% on your insurance. If you live in a state where there is tough winter weather, you may be able to purchase a “lay-up” type of policy which can save you money. With this type of policy, coverage does not extend to the months when it is too cold for you to ride.
Factors That Determine Your Rate
There are a number of factors that go into the formula companies use to determine your rate. The type of bike you ride, the age of your bike, number of miles ridden in a calendar year, and the storage method are all factors used by most all of the insurance companies. If you have a record as a safe driver and safe rider, that also factors in your favor. The opposite also holds true.
If you take all of this into consideration when you are shopping for motorcycle insurance, you are much more likely to get a policy that suits your needs, your budget, and that meets all of the requirements for liability insurance for the state you reside in. Then you’ll be ready to ride off into the sunset for a new adventure.
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