First, let’s talk about some of the things you should consider before shopping for motorcycle insurance:
Your BikeThe type of bike you drive will have the most to do with how much insurance will cost to cover it – and you. A small or midsize commuter motorcycle could cost as little as $200 a year to ensure; while a high-powered sport racer can cost five to ten times that much to insure. The reason is twofold: higher priced bikes cost more to repair in the event of an accident and the more power your bike has, the more likely you are to be involved in an accident in the first place. Those two things alone can send your premiums skyrocketing.
The Coverage You NeedAnother thing that can affect your bottom line when it comes to getting solid motorcycle insurance prices is the type of coverage you need. Not every policy is equal and thus not every price is the same (or even close). Some of the more important things to consider when determining exactly the coverage you will need are:
- Who will be riding on the bike. If you plan on being a sole rider then your premium will be lower. Of course, if you do not buy passenger insurance coverage, then you will NEVER be able to take a passenger along for a ride. Still, for those who ride alone, getting rid of those passenger premiums can save you a few bucks.
- Whether or not you need comprehensive and collision insurance. Smaller, less expensive bikes can usually be fixed (or even replaced) much more cheaply when covering them with comprehensive collision insurance is. Compare the cost of the two and consider what the odds are that you will need to file a claim before dropping any coverage.
- If you have a loan on the bike. If you borrowed money to purchase that dream cycle, then you may be required to carry a full line of coverage. See your lender for details.
- What your state laws are. In some states every motorcycle must be insured with a standard package that includes passenger service; health coverage, and more. Your insurance agent should be able to easily outline the coverage you must carry by law and what coverage items you can waive.
Whether or Not You Belong to Motorcycle Club or AssociationBelieve it or not, belonging to a certified motorcycle group like Motorcycle Safety Foundation may qualify you for insurance discounts. Be sure to check with your carrier about nay safety course discounts or organizational discounts available in your area.
Your Driving HistoryAnother main premium component is your own driving history – and not just your cycle driving, but your complete driving history. The better you drive, the less you will pay for any vehicle insurance – including the coverage you need for your motorcycle. Keep claims at a minimum and don’t get any tickets for awhile and you can ask for a safe driver discount for both your motorcycle and standard car insurance policies.
Your Credit HistoryMany insurers are now standing by the notion that those who are responsible for paying their bills on time are also more responsible when it comes to their driving and safety habits. Simply keeping your credit score high can help save you 10-20% on your insurance coverage.
Once you have determined the type of coverage you will need and use some of the tips listed above to trim your liability costs, it is time to begin looking for the best carrier and the best policy in the industry has to offer. When shopping around for motorcycle insurance, be sure to compare like polices, which include basically the same coverage items. Then ask about such important things as whether or not the company handles claims 24/7; what their average claim time is; and what filing a claim will do to your future premiums. Armed with this important information, you will be better able to choose the right policy and the right provider at the right price to handle you motorcycle insurance needs.