Motorcycle insurance is one of the most important decisions all motorcycle owners must make. When an insurance company quotes you a rate, many factors figure in to that monthly premium including the type of motorcycle you have, how likely it is to be stolen or damaged, how old and experienced the rider is, and even where the motorcycle is being kept. All of these individual items are assessed in conjunction with each other to determine the level of risk you represent to the company. Your monthly insurance premium that you pay each month is used to offset the risk of loss. The higher the risk you represent, the higher your premium will be.
One sure fire way to lower the cost of motorcycle insurance is to remove coverage. Just like with auto insurance policies, motorcycle insurance policies vary when it comes to what they cover. Basic motorcycle insurance policies cover any damage that you and/or your motorcycle causes to someone else’s property. This is known as liability insurance and is the minimum insurance required by most state laws. Policies that cover theft (comprehensive) and damage to your motorcycle (collision) are much more expensive than liability insurance and will add to the expense of the policy.
Another way to reduce the monthly premium associated with your motorcycle insurance policy is to take a rider’s safety course. This will demonstrate to the insurance company that you have the necessary skills to ride safely, thus reducing the risk of loss. The more classes you can take to improve your riding skills, the better off you’ll be. On the flip side of this, keeping down the number of moving violations you have in both your car and on your motorcycle will also help prove that you are a responsible rider and will help reduce your premium by earning you a safe driver discount.
Insuring multiple vehicles with one insurer, or having more than one policy with a particular company will usually result in a multiple policy discount that you can take advantage of and reduce your monthly insurance bill. Many insurers will be able to offer multiple products including motorcycle insurance, homeowner’s insurance, auto insurance and more.
No matter what kind of bike you ride, having the proper insurance policy is a must. If you are unsure about what different coverages mean or what coverage you need, speak with an experienced insurance agent. These professionals are always ready to help you with all of your insurance needs and will make sure that you have the type of coverage you need and can afford.