UPDATED: Nov 17, 2016
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The good news is that purchasing motorcycle insurance is akin to car insurance. As opposed to business insurance and industrial special risks insurance, for instance, the transition is simple. The same rules and strategies apply with motorcycle insurance as they do with car insurance, which gives many in the insurance market a head start.
With this in mind, taking a look at how to purchase motorcycle insurance can be as pain-free as possible. Follow these tips to secure the best possible policy for your motorcycle.
What Will Motorcycle Insurance Cost?
Understanding the potential costs with motorcycle insurance can help you lower them. Indeed, this can be the “bad news” for those who are unprepared.
According to Ben Sheridan, general manager for the top motorcycle insurance underwriter in the United States, Progressive Casualty Insurance Co.: A $200 premium for a commuter-type motorcycle can become a $1,000 premium for a sport bike.
The following categories, just as with any car, will determine how much you may pay:
- Type of motorcycle
- Age of the driver
- Address of the driver
- Driving history of driver
- Status of first-time motorcyclist
- Type of coverage, limits, and extras
Motorcycle Insurance Discounts
With nearly any type of insurance, the topic of discounts should be an eye-opener. Even if you don’t qualify for many discounts, you certainly can with the right knowledge and action.
Take, for instance, the “ultimate discount” in virtually any insurance: bundling. By combining your motorcycle insurance policy with your home and life insurance, for instance, you could instantly save money. Note some common areas where you could find a discount:
- Membership: The aforementioned article notes that discounts can be commanded from a simple membership in a motorcycle association.
- Safety: Look into qualified safety programs for motorcyclists. A special DMV or other class can be an easy way to lower your premiums.
- Mileage: Do you only ride in the summer? Low mileage discounts could be a high priority.
- Others: Does your motorcycle have safety devices? These and other discounts can be a great way to transform your premium into something more acceptable.
Compare Motorcycle Insurance Policies, Companies
It may seem like a cliché in the world of insurance, but comparing policies is the best way to decide what’s best. You would do well to decide what type of insurance you would like to purchase, along with any extras that make sense for your situation.
Once you narrow down your prospects in terms of insurance coverage, begin obtaining detailed quotes from insurance companies. Obtain a full quote outlining what the cost would be to insure – not simply an estimate. But don’t stop there.
Obtain a full sheet of the company’s discounts. As you may discover, an advantage in available discounts could easily vault one quote over another. The cheapest quote may not hold up to others in this manner.
Also, compare the companies against one another. Avoiding a bad insurer is something that is worth the trouble. After all, in a tough call – the winner may be the insurer that offers the best quality of service. Would you pay $50 a year more for superior service and safety in a company?
Provided by: Jeff covers insurance related topics for the Motorcycle Insurance blog hosted by the Consumer Media Network.