Riding a motorcycle is a blast. The feeling of freedom is nearly unequaled. Some people think it’s the closest thing to flying you can engage in and still be on the ground. Unfortunately, it’s also considered dangerous by some insurance companies, so you may have a hard time finding superior insurance coverage at reasonable rates. Following are a few tips on how to get cheaper motorcycle insurance.
Find a Good Company
The first step in getting insurance for your motorcycle is to do a little fact finding–you want to make sure you’re dealing with a reliable insurance company. Not all insurance companies are created equal, so you want to make sure your insurer will actually back up what the policy states. Ask your friends who ride motorcycles what company they got their insurance coverage from, and if they’re satisfied with the service they’re getting. Find out if the company you presently deal with for your home, auto, life, and health insurance will cover motorcycles. If so, you may want to simply add your motorcycle to your present policies.
Before you actually sign a policy, it might be a good idea to do a little comparison shopping. Go online and get a few insurance quotes from insurance providers. You can use these quotes and compare them to the brick and mortar companies you’ve already researched to see how their prices compare. If the insurance company you presently do business with comes close in price, it may be good idea to stick with them–you know they provide good service or you wouldn’t already be dealing with them.
Collect the Information You’ll Need
Before talking to the insurance agents you will need to have certain information at your disposal, such as the make and model of your motorcycle as well the size of the engine. You will also need the VIN number of the machine, and of course you’ll need your personal information, such as birthday, address, social security number, and driver’s license number.
Determine the Coverage You Want
Motorcycle insurance is similar to automobile insurance, but not exactly the same. With a motorcycle, you won’t need full coverage unless you opt for it–you are only required to carry liability insurance. Further coverage, usually called comprehensive, will protect you from such things as theft and injury. If your present health insurance policy will cover you while you’re riding, you may not need to add the injury protection. Generally, motorcycle theft insurance will only cover the present cost of the bike, not replacement value. It may be possible to purchase a rider to the policy that would provide replacement coverage. That’s something you’ll have to talk over with your provider. As with most other types of insurance, you can protect yourself from virtually anything, as long as you’re willing to pay for it.
One of the reasons to give serious thought to insuring your motorcycle through the same company you insure your auto, home, life, and health with is that you may be eligible for multi-policy discounts. Frequently insurance companies will offer significant discounts to those who carry multiple policies with them. Generally, this is called bundling, and it can save you a lot of money.
You may qualify for additional discounts if you’ve taken a motorcycle safety course. If you can provide the company with documentation, such as a certificate stating you passed the course, your payments could go down significantly. You may also get a discount if you ride fewer miles a year or store your bike during the non-peak riding season. Your age could also earn you a discount, because unlike other types of insurance, such as life insurance where the rates go up as you get older, motorcycle insurance rates go down as you age. Your insurance rates will also remain lower if you are the only person listed on their policy that is eligible to ride the bike. If you go this route, keep in mind that if you allow someone else to ride the motorcycle, your insurance coverage will not be in effect.
[Guest post from Sydney Sommers. Sydney writes about motorcycle insurance for MotorcycleInsurance.com]