Things You Need to Know about Motorcycle Insurance
While having a motorcycle insurance policy in your back pocket won’t prevent you from getting hurt orfinding yourself in an accident, it’ll definitely ease the financial pain that you have to endure if thingstake a bad turn. Yes, motorcycle insurance may set you back by the hundreds, but you’ll be glad to haveone to fall back on once disaster decides to rear its ugly head.
What you probably don’t know, though, isthat you can lower the cost of your policy if you keep it smart. We’ve got some tips on how to do that.
Check your locality’s motorcycle insurance requirements.
As we all know, motorcycle insurance is mandated by law. However, the minimum coveragerequired varies from city to city. So before you go shopping around for a policy, check your locality’srequirements so that you won’t have to spend more than what’s necessary.
Liability coverage is the minimum requirement in most areas. However, we recommend that you at leastget collision coverage for your motorcycle. A collision almost never fails to cause damage to a bike, thusit’s smart to have this kind of coverage on hand if such a misfortune befalls you.
Know the factors involved.
1) Make and Model – Your bike’s make and model are the biggest driving forces behind the cost of your motorcycle insurance. Of course, newer and fancier bikes get tagged with higher quotes.
2) Age – Motorcycle insurance favors the wise and the experienced. Those who are higher up inage tend to get cheaper quotes than twenty-somethings, who are often thought to be morecareless than careful.
3) Your Home and Work Address – If you live or work in areas that are prone to accidents andfelonies, then you can expect your motorcycle insurance to come at a high price. In a way, crime“pays” for motorcycle insurance companies.
4) Driving History – If you have a spotless driving record, then you can use this to your advantagein negotiating for a lower price for your policy. On the flip side, a blemished record will bedetrimental to you.
5) Driving Skills – How well you drive is of course a huge factor. With that said, it’s a good idea toenroll in a motorcycle training course prior to obtaining motorcycle insurance. This way, you’ll be a much better driver and have the opportunity to avail of cheaper insurance.
Not all policies are priced the same.
Just like any other product in the market, there’s no standard price for motorcycle insurance—acompany may offer one at a higher price than the other. And for that reason, it pays to shop around for motorcycle insurance first rather than settling for the first one you see. The time you spend byresearching on insurance companies will be worth it since you’ll be able to save a considerable amountof money. If you’re not sure where to start looking, here are a few companies that are worth checkingout: Progressive, TD Insurance, and Famous Insurance.
Update your policy when necessary.
You equipped your motorcycle with a custom muffler? It’s probably best to update your policy andinsure that and other custom parts that you added. It’d also be a good idea to give your agent a callafter celebrating your 40thbirthday or finishing a motorcycle training course. Dropping certain coverageoptions should be considered as well as your bike becomes older.
When it comes to motorcycle insurance, it pays to be informed!