Motorcycle owners are required to carry insurance on their vehicle. Most states specify a minimum amount of liability coverage. Even with that requirement, it is possible for motorcycle owners to purchase cheap insurance. Shopping around and making oneself aware of what is available will lead to savings on motorcycle insurance rates.
Finding an insurer should be relatively easy. You may be able to use the same insurer you have for your auto. Or you can ask friends and neighbors. Other sources include nearby motorcycle shops and motorcycle publications.
Types of Motorcycle Insurance Coverage
In common with other types of vehicle insurance
, motorcycle insurance may include liability, collision and comprehensive policies. Liability insurance covers injury to other persons when you are involved in an accident. If you think other passengers may ride with you, it is advisable to inquire ahead of time if they will be covered by your liability policy. Collision insurance will cover damage to the motorcycle in an accident. Damage caused by fire, theft or vandals is covered by comprehensive insurance. Usually this coverage is only for standard parts. Any extra equipment that you have added will be your own responsibility. Uninsured/underinsured coverage will pay for medical treatment and lost pay in the event of an accident.
Be aware that coverage for all these policies kicks in only after you pay the deductible you have selected. If you agree to a higher deductible, you will get lower premiums. It actually pays to inform oneself about motorcycle insurance before purchasing the motorcycle. When considering the type of motorcycle and engine size you want to purchase, also ask several insurance agents for motorcycle insurance quotes for your particular preferences. Those individuals on a budget may want to limit their insurance costs by first buying a less expensive motorcycle.
A variety of factors, both controllable and uncontrollable, will determine your insurance policy cost. Both your age and sex are influential factors. Motorcycle insurance rates for women younger than 21 and males younger than 21 are higher than for the rest of the population.
Other influences on your insurance premiums are more controllable. Your driving record is a key factor. It is best to be clear of driving violations and tickets. Financial and credit history is an item insurance companies take into consideration. Avoid acquiring debts, especially for your motorcycle. Try to keep a good credit record. Avoid making claims on any other vehicles you may own.
Also avoid using your motorcycle for your job or business. These uses will increase your premiums. Even the town or city where you reside or travel through is a consideration that will affect the motorcycle insurance quotes you can get from agents. Residing in areas with larger populations and higher speed limits are likely to increase your premiums, even if you have a good record. The amount of mileage you put on a motorcycle in a year will factor into premium costs.
Cheap Motorcycle Insurance
In addition to maintaining a good driving record, a good credit history, waiting until you are older to purchase a motorcycle, and limiting your annual mileage, what else can an owner do to purchase cheap motorcycle insurance? A very important consideration for motorcycle insurance companies is where you store your motorcycle. They will want to learn that you keep your motorcycle in a locked garage or shed. This practice makes it less likely to be stolen and keeps it in good condition longer. Then the company also will look at what kind of a motorcycle you have chosen to purchase. One that is suited to cruising rather than speeding will limit your premiums.
Discounts are available. Inquire about motorcycle insurance quotes from a number of agents. In addition to the factors discussed above, graduation from a motorcycle driver training course is looked upon favorably by insurance companies and often will bring you a discount of from ten to fifteen percent. Motorcycle owners in northern states sometimes are offered lay-up policies that suspend coverage during the winter months and thereby result in cheaper insurance rates.
Rates and discounts do vary by insurance company and state, which regulates the rates. Profiting from the cheapest rates is possible by taking the time and making the effort to look into all the influential factors on premium costs.