How To Get The Best Motorcycle Insurance Coverage On The Cheap
Like automobile drivers, motorcyclists need to have quality vehicular insurance. Since the insurance industry is very diverse and competitive – especially when it comes to vehicular insurance – it is in your best interest as a motorcyclist to do what you can to get the most affordable coverage possible. However, insurance premiums can vary dramatically, depending on a number of factors. By understanding these factors, you can drive your monthly payments down significantly.
Check Out Pricing Web Sites
The insurance industry is rife with independent online services that price comparable insurance policies from multiple insurers. Some of these specifically target the motorcyclist market. To find the lowest prices for motorcycle insurance, a site that compiles different insurance quotes would be one of the best places to start. However, remember that such sites usually do not provide every possible option. Instead, they tend to focus on a select number of companies.
Do Your Own Independent Research
Another way to shop around for the cheapest motorcycle insurance is by going to specific insurance companies’ websites and requesting quotes. The following companies are market leaders in motorcycle insurance:
- All State
When you visit these companies’ websites, they will require you to give contact information, as well as information regarding your lifestyle and the type of motorcycle you ride. Fill these out and compare the quotes that you get from various companies. Make sure that you get quotes on policies with the same parameters, such as the deductible and the maximum amount covered. A policy with low coverage or a high deductible cannot be compared to a policy with high coverage or a low deductible.
Consider A Higher Deductible
The reason you cannot compare the prices of two policies with different deductibles is because the deductible drastically changes the real value of the policy. The function of a deductible is to not hold the insurance company financially accountable for any incident that occurs until the financial loss exceeds a certain amount. By writing this into their policies, insurance companies keep from paying anything for minor accidents. If you want to bring down the monthly costs associated with your motorcycle insurance policy, one thing you can do is raise the deductible. However, remember that any losses up to the specified amount will come out of your own pocket.
Get Liability Coverage
Most states require motorists – including motorcyclists – to have liability coverage. If you purchase liability coverage, this protects other motorists from financial loss if you are at fault in a collision, but it does not protect you. If your goal is to save money on premiums, you may consider limiting your coverage to liability only. However, remember that this exposes you to considerable risk. Since collisions have more of a tendency to result in injury for motorcyclists, the money you save may not be worth the hospital or medical expenses you would incur due to a collision.
Don’t Get Medical Coverage If You Have Good Health Insurance
If you have a good health insurance policy from your job, then you do not need to purchase separate motorcycle health insurance. If you get injured in an accident, your normal health insurance policy will cover the costs.
Don’t Get Collision Coverage Unless Your Bike Is New Or Expensive
Collision coverage is coverage for damage done to the motorcycle itself due to a collision. If you have collision coverage and you are involved in a collision that results in scrapes or other damages to your motorcycle, your insurance company will pay for repairs according to the stipulations of your policy. Collision coverage is usually a good investment for new, expensive motorcycles. However, if your motorcycle is old or already has physical damage, you can save on premiums by opting out of collision coverage. Keep in mind that if you finance the purchase of your motorcycle, your lender will likely require that you purchase collision or comprehensive coverage.
Consider Getting Rid Of Guest Passenger Coverage
Some motorcycle insurance companies will allow you to purchase driver-only coverage at a discount to the cost of regular coverage. If you are ok with never allowing anyone to ride with you on your bike, you might consider this type of coverage if it is available.
Ask For A Discount From Your Auto Insurer
Most motorcycle owners are also automobile owners, and most automobile owners have insurance policies on those automobiles. To save money on your motorcycle insurance, contact the company that currently provides insurance for your automobile. In most cases, insurance companies give discounts to people who have multiple policies with them. For this reason, you may be able to add motorcycle coverage to your existing automobile coverage for less than what you would pay for a separate motorcycle insurance policy from any company. If your automobile insurance company does not provide such discounts, consider canceling that policy and getting one from a company that does.(For more information on how to get a good auto insurance policy, see How To Get The Best Deal On Car Insurance.)
Join A Motorcycle Club
Insurance companies like to offer policies to entire groups of people. This is because doing so helps to spread out the statistical probability of loss across more individuals. The fact that motorcyclists often become members of motorcycle clubs is helpful when it comes to saving money on insurance because insurance companies often offer lower rates for club members. If you are a member of a motorcycle club, ask club leaders about the insurance policies available. If you are not a member of a motorcycle club, consider joining a club.
Take Motorcycle Safety Classes
Some insurance companies will give you a discount if you enroll in a motorcycle safety course. Ask your insurer if it offers this discount.
Be Financially Responsible
Some insurance companies will give you a discount if you can prove that you are financially responsible. They might look at your credit profile or your ability to pay your bills on time in order to make an assessment.
Keep these tips in mind if you are in the market for motorcycle insurance. They could help you to save some serious coin on your motorcycle insurance premiums.