Motorcycle Insurance – Coverage Basics for Motorcyclists
Buying the right kind (and the right amount) of motorcycle insurance can appear complicated – but it doesn’t have to be! When shopping for insurance, there are three main types of policies to be considered:
Liability:
Liability insurance is the least expensive policy you can buy, and for good reason. It’s basically designed to protect the other guy and his bike – not you or yours.
Collision:
Collision insurance, on the other hand, will help pay for your bike’s repairs in the event of an accident.
Comprehensive:
Comprehensive is well, shall we say, the most comprehensive policy you can buy covering everything from, fire, theft and vandalism, as well as accidents.
When shopping around for motorcycle insurance, it’s important to understand every limitation of the policy you choose. For instance, a higher deductible will help lower your monthly premiums, but in the event of a claim, you will pay more out-of-pocket expenses. Another thing to consider is whether or not your policy will pay to replace your bike in the event it is totaled, or if the insurance company will pay your claim based on your bike’s depreciated value. This can make a huge difference between having enough money to buy the new bike and getting stuck taking whatever you can afford.
Of course, there are ways to get your premium down. Some of thing’s an insurance carrier will consider when setting your rate includes:
-The size of your motorcycle.
-What kind and brand it is.
-How old you are.
-Your driving record (have you had any previous accidents, claims or speeding tickets?).
-What you will use the bike for ex: to ride to work or for enjoyment.
-How many miles you’ll be wracking up on your bike every year.
-Where you live.
-What type od extras your bike has (face it, all the customized stuff that makes your bike great will also cost the insurance company more to replace should it be involved in an accident or stolen).
While every insurance carrier will consider these things when setting your individual insurance rate, there are ways to lower your premium – now and in the future. The first is to pay off any loans you have on your bike as soon as possible. When you finance your motorcycle, the bank requires a certain amount of insurance to cover the loan, but once it is paid in full, how much and what types of coverage you carry is totally up to you, leaving you to decide how much risk you want to take.
The second is to keep your driving record clean. Every claim you submit and every traffic violation you receive will add cost to your insurance premiums. Keep that in mind the next time you speed down the highway.
Make sure you tell your insurance agent if your bike is stored during the winter months (or any time of the year). The less it’s on the road, the less you will pay for insurance.
Also, keep up your credit score. It’s a little known fact among the general population, but more and more insurance companies are looking at a client’s credit score to determine how responsible they are. And how much they should charge them for their insurance. Statistics have shown that those with higher credit scores submit fewer claims – which is good business for insurers.
Buying motorcycle insurance is much like buying any other type of insurance. The key to getting a good deal is shopping around and making sure that you clearly understand the policy that you’ve chosen. Just because one company’s premiums are lower, doesn’t necessarily make it a better deal.
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Posted by American Car Insurance on August 25th, 2009 filed in motorcycle insurance | 18 Comments »
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18 Responses to “Motorcycle Insurance – Coverage Basics for Motorcyclists”
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August 25th, 2009 at 9:59 am
I was very pleased with my insurance experience. Auto Insurance in Salt Lake City UT Herb Kosterlitz Farmers Insurance Agency Inc
August 25th, 2009 at 10:52 am
Wonderful customer service, i was very impressed. Auto Insurance in Salt Lake City UT
August 25th, 2009 at 2:40 pm
I was referred to Herb Kosterlitz by my uncle who works in the business and he said that they were the best. I trust my uncle and he didn’t let me down! Auto Insurance in Salt Lake City UT Herb Kosterlitz Farmers Insurance Agency Inc
August 25th, 2009 at 9:42 am
Motorcycle insurance is CHEAPER than cars. I pay around $125 for a year….FULL COVERAGE, etc. through Progressive for my H-D. Check around and compare.
August 25th, 2009 at 11:01 am
Depending on what kind of bike you have, you might want to keep insurance even when you are not riding. If you have a nicer bike, I would suggest full coverage. In the event that somebody steals your bike, you are totally covered. Motorcycle thefts happen a lot b/c its so easy to steal one. I had two bikes and both got stolen from my apt complex. Good thing I was covered with Progressive insurance. They covered the costs of the bikes, so I didn't lose any money
August 26th, 2009 at 2:58 am
I knew I could count on Herb Kosterlitz because I always hear about him around town, helping out other people. Auto Insurance in Salt Lake City UT Herb Kosterlitz Farmers Insurance Agency Inc
August 25th, 2009 at 11:39 pm
I would get a fair amount of coverage, regardless of anything.. just because it's better to be safe than sorry.
And yes, hit and run has gone up quite a lot.
You can get free quotes at:
http://car-insurance.moneysavecenter.com/100.php?id=m3y227
August 26th, 2009 at 2:21 pm
They really know their stuff here, I definitely feel comfortable using them. Auto Insurance in Salt Lake City UT Herb Kosterlitz Farmers Insurance Agency Inc
August 27th, 2009 at 8:29 am
I have absolutely no complaints! Only good things to say, they did what they said they would and I am thoroughly satisfied! Auto Insurance in Salt Lake City UT Herb Kosterlitz Farmers Insurance Agency Inc
August 27th, 2009 at 5:37 pm
I have AAA insurance, the truck, the mustang ,the R.V.and the3 bikes are all insured as a package.
August 27th, 2009 at 5:53 pm
I rode for 12 years and always found Dairyland to provide great coverage at very low costs. Give them a look, it may be worth your while.
August 27th, 2009 at 6:55 pm
HOLY COW! We only pay about $150 a year here in Wisconsin. Since it's motorcycle season year 'round down there, that's probably why it's more expensive. I don't know if my company writes policies down there, but you could look them up on the web…Hastings Mutual Insurance Company in Michigan. Maybe Geico could help too, but I've never checked for motorcycles. They were higher on car insurance for us. Also, the kind of ride you have might make a difference too, such as a crotch rocket over a Gold Wing. Anyway, hope you find something. Ride to live, live to ride. <*)))><
August 28th, 2009 at 12:57 am
I really trust these guys. They know their stuff and are extremely helpful! Auto Insurance in Salt Lake City UT Herb Kosterlitz Farmers Insurance Agency Inc
August 28th, 2009 at 4:00 am
Herb was great. He helped me pick out the right kind of auto insurance that I needed. Auto Insurance in Salt Lake City UT Herb Kosterlitz Farmers Insurance Agency Inc
August 28th, 2009 at 7:47 am
I never thought about insurance, but I’m glad I finally got it, I feel much more secure. Auto Insurance in Salt Lake City UT Herb Kosterlitz Farmers Insurance Agency Inc
August 28th, 2009 at 4:55 am
Prices will vary a lot depending on what bike you get and what type of coverage you select.
Definitely get online quotes – I've posted links to a company that gives instant online quotes – but many of the traditional auto insurance companies also offer motorcycle coverage – give them a call.
In my case my motorcycle insurance was considerably cheaper than my auto insurance (I just have liability coverage on both my bike and my car).
August 28th, 2009 at 7:56 am
sorry, but insurance rates are determined by a number of factors:
1) your age
2) experience
3) make and model of bike, including engine size
4) property crimes in your area
5) city, county that you live in
6) criminal activity in your area
7) credit history
For a 17 year old, on his own insurance plan for a bike like a 600cc .. look at about $1000 – $4000 a year.
August 28th, 2009 at 3:07 pm
I guess that would depend upon what company you go with. I know I have our race bikes insured and my oldest son who doesn't race as much anymore has a 2 year old crf250r. The insurance is less on his bike than his brothers new race bikes with all the added extras as we usually have to state how much the bikes would be worth for replacement cost.