There are steps you can take to get the best deal on motorcycle insurance. Here are six to get you started:
Step 1 – Shop Around
You can’t always depend on the rates you have now. The first thing to do is shop around, either with your current agent or a new one. And don’t just go down the street for a quote from another agent – call an office in a different part of town from where you live and ride.
Step 2 – Get Full Coverage
Next, make sure you have full coverage. Unless your motorcycle is a classic or rare model, you can probably get by with limited liability on it. That means bodily injury and property damage only – not underinsured/uninsured motorists, comprehensive and collision coverage. The cost of those coverages can be high for bikes under 10 years old because there are higher theft rates.
Step 3 – Don’t Forget the Extra’s
Then, make sure you have coverage for all of your extras. Your bike is only as good as its accessories, so make sure you can replace any lost or damaged items on it with no out-of-pocket expense. That includes helmet, leathers and boots (which you hopefully wore when you bought your bike!) If they are stolen, make sure to inform your insurance company right away.
Step 4 – Make Sure Your Bike is Right for You
Next, consider the kind of bike you have. A cruiser may cost less to insure because there are fewer accidents involving them than sport bikes or touring models. Keep in mind that the cost of parts for repairs will be higher on any exotic, rare or unusual bikes. And if you have a custom-built model, it’s probably too costly to insure anyway.
Step 5 – Check Your Credit Score
Finally, check your credit report and score. The better your credit history is in general, the more you’ll save on insurance premiums. If you find mistakes or errors, dispute them with the credit reporting agency and make sure your agent knows about them too.
Step 6 – Discuss Your Options
Finally, if you have a high deductible or want to save even more money on motorcycle insurance, your agent can probably get you an endorsement to raise your deductibles. This is a great option for newer riders who may not feel comfortable with the increased risk associated with higher limits in the future.
After reading this article you should have some basic knowledge of the six steps to motorcycle insurance. Use this information wisely, do not copy verbatim!
How can one save money on motorcycle insurance?
There are many ways to save money on motorcycle insurance from getting a classic/rare bike, to having full coverage. Nearly every insurer offers discounts for getting your motorcycle license or riding courses as well as reductions if you take a safe-driving course like the Safety Course for Motorcyclists (SCMR). On top of that, you can look into getting savings on your motorcycle insurance by checking your credit report and score. Along with high deductible options to save even more.
What does underinsured/uninsured motorists coverage do?
This provides protection for you if you are in an accident with a driver that doesn’t have enough insurance to pay for the damage they’ve caused. It will provide extra money to cover your damages if another party is at fault for your accident, but has no insurance or not enough insurance to cover the costs.
How can I lower my insurance rates?
You can lower your motorcycle insurance rates by getting a classic/rare bike, having full coverage, checking your credit report and score if you find mistakes or errors dispute them with the credit reporting agency and making sure your agent knows about them as well.
How many types of coverage are there?
There are usually four types of coverage one can get for their motorcycle: bodily injury, property damage, underinsured/uninsured motorists coverage and comprehensive and collision.
What is the cheapest kind of motorcycle insurance?
The cheapest kind of motorcycle insurance usually comes down to what type of bike you own. Cruisers typically cost less than sport bikes or touring models due to there being fewer accidents involving them. If you have custom-built bike it’s probably too costly to insure anyway.
To Wrap Things Up
You’ve made it to the end of this blog post and we want you to share your thoughts. Comment below with what one thing stands out most for you. If you liked our article, please click “like” or leave a comment about how we can improve! We hope that by sharing these six important steps on motorcycle insurance, we’ve been able to answer some common questions and concerns people have when they’re looking into coverage options.