Buying motorcycle insurance is very similar to buying automobile insurance. Typically, you will need the following coverage:
- Liability insurance to cover you for bodily injury or property damage resulting from an accident with your motorcycle. Be sure to ask us whether your policy covers injuries to your passengers. Some states require it, while others don’t. Also ask us about the amount of coverage you think you’ll need. Some states have a minimum required level of coverage, but you may need more to protect you and your assets from the risk of financial loss.
- Collision insurance to cover you for the value of damage to your bike, after deductibles, that results from an accident. If you are making monthly payments for your motorcycle, your lender will require collision coverage.
- Comprehensive insurance to cover you for loss due to fire, theft, vandalism, and other events not resulting from an accident. Comprehensive coverage also carries a deductible.
- Uninsured motorist coverage to pay your medical bills and other damages if a driver without insurance hits you. It may also cover damage to your bike. Be sure check with us to see if property damage is included in your uninsured motorist coverage. If it doesn’t, you can purchase it separately.
- Underinsured motorist coverage to pay your medical bills and other damages, if you are hit by a driver with minimal insurance coverage and your damages exceed the value of that driver’s coverage. The underinsured motorist coverage will pick up any excess not covered by the underinsured driver’s policy.
How to minimize motorcycle insurance costs
Perhaps the best way to minimize motorcycle insurance costs is to maintain a safe driving record and try to attend a certified motorcycle safety class or if you have multiple vehicles covered under one policy you may be eligible for a multi-policy discount.
Eliminating collision and comprehensive coverage or increasing your deductibles will also lower your premiums (however, if there is a lien on the bike, you may not be permitted to do so). Special safety or antitheft equipment may also be a way to reduce your premiums. The number of miles you drive, the place where you store the bike, the size and style of the bike, the horsepower and age of the bike, may all affect your policy premiums as well.
If you are having difficulty with the price of motorcycle insurance, we invite you to discuss these issues with us. You may be able to make some changes to lower your premiums without taking on unacceptogglele additional risk.
Consider motorcycle insurance as a cost of ownership
If you are in the process of purchasing a motorcycle, it is always advisable to have looked into the availability and price of motorcycle insurance before you buy. It could be a factor in your decision making process.