Lowering Your Motorcycle Insurance Costs
19 November 2007What do you know about motorcycle insurance? I spoke with my auto insurance agent this morning (at American Family). She said the following: 1. Full coverage insurance on an everyd...
Motorcycle insurance? I am looking to get a motorcycle in the future and I know it takes time and money, but most people do not ride in the winter (NJ), so my que...
Ideally, the way to get a good deal on your motorcycle insurance is to make sure that you know what the cost of insuring a motorcycle is before you buy it. By being aware of the ongoing costs, the buyer can make informed choices about what the purchase is going to cost in real terms and how other alternative compare. I am not saying that we should all be extremely sensible and buy a 50cc scooter when what we really want is a big bore sports motorcycle, but some insurance costs can be avoided without sacrificing too much performance.
The cost for insurance varies greatly from bike to bike and often the difference in horsepower and performance is relatively small. For example, a Kawasaki ZX12 is and exceptionally fast motorcycle, the only problem is that paying the insurance cost of your new motorcycle may leave you too broke to even put gas in the thing! On the other hand motorcycle insurers are far more kind to the Honda CBR1100. Yes, this motorcycle does have a little less power, but with the insurance costs being significantly lower, then perhaps it needs to be considered. In fact buying a motorcycle without getting firm insurance quotes beforehand can lead to major problems. There are quite a lot of bikes on the market that the major insurance companies simply won’t touch! More information about what brands should This can lead to owners being forced to use smaller insurance companies that can deliver substandard products. Another problem with using smaller companies for motorcycle insurance is that you are often unable to combine any other insurance policies that you may have, which is usually a good way of saving money.
Another thing to do is make enquiries with a range of motorcycle insurers as to what accessories or security devices may increase or lower your insurance policies. Disc locks, alarms, and satellite tracking are the kinds of things that tend to make a difference but a list is available . You may be surprised by how much a two or three hundred dollar security device can affect your insurance costs, and it is far better to know this information before you buy your motorcycle as dealerships tend to give more bargaining power with major purchases.
So before you buy, make sure you:
-Get a range of insurance quotes for each motorcycle that you are considering
-Find out how security devices and accessories can affect you insurance cost
-Find out if you can reduce your insurance costs by locking you motorcycle in a secure area
Motorcycle Insurance Information and Tips
If you have been looking for motorcycle insurance, you’ve probably noticed how similar it is to insuring an automobile. Motorcycles are a lot of fun, economical to ride and they give you the ability to experience freedom on the road. However, just like any vehicle, you must at least be minimally insured to be allowed on the road to protect yourself, others and your motorcycle investment. You have the option to shop around to find cheap motorcycle insurance, regardless, there are many factors affecting the premium of your policy.
Motorcycle Insurance Premiums Usually Vary According To ;
- Number of years riding experience
- Your age
- Value of bike
- Type of bike - cruiser, touring, sport, sport/touring
- Driving record, previous claims - tickets, accidents, etc
- Where you reside - High crime areas will result in higher premiums
- Engine size of motorcycle - commonly under 500cc, 500-750cc, 750-1000cc and 1000 and up
- Commute - Whether or not you commute to work and amount of mileage you ride
- Training - Whether you have taken a motorcycle safety course or special training
- Number of years consistently insured
With many companies, you may find that motorcycles are considered to be high risk vehicles, and depending on the size, power, make and year, motorcycle insurance may seem a little costly to some. Get a motorcycle insurance quote and make a few rate comparisons, but cheaper may not necessarily better, depending on what you get. Motorbikes are very fast, and could be somewhat intimmidating to an inexperienced rider. If this applies to you, a great way to obtain cheap motorcycle insurance is to take a riding course and purchase a basic motorcycle that is a few years old with less power. This will keep your premiums low while you learn to handle a motorcycle and accumulate some experience. An older motorcycle may not require as much coverage as a sporty and flashy new one.
Types of Motorcycle Insurance Coverage commonly include ;
- Liability - in an accident, covers damages to others ;
- Passenger liability - covers injuries and bodily harm to passengers ;
- Uninsured motorist - protects you from drivers with insufficient or no insurance ;
- Medical expenses - due to an accident ;
- Collision and Comprehensive - Pays for the repairs or the replacement of your motorcycle, as well as protects against fire, theft and vandalism. Additional insurance may be required to protect any modifications done to your bike, equipment other than standard equipment and more.
Motorcycle insurance policies can be quite flexible considering their level of risk due to theft and danger. An older, more basic one will alter your chances of finding cheap motorcycle insurance. This could be a good option for beginners until they get a few years of riding experience under their belt. You could save a considerable amount.
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