Thinking of having to purchase insurance for your fun things like a motorcycle sometimes takes the joy out of owning them. This is just a little information to help you make a more informed decision before you take it on the road.
Motorcycle insurance rates, just like car rates, really do vary greatly depending on what type of motorcycle you purchase. Your premium could be as low as $200 for a small to mid-size, get you to work and back machine that's little more than a scooter, to more than $1,000 for a fast, racing type of motorcycle that will get you to where you're going at a speed the law might not approve of. It's best to shop for insurance prior to making your purchase so the cost of insurance won't be a shock.
Once you've decided on a motorcycle, there are several ways to help contain your motorcycle insurance rates. One way to lower your premium is to compare different deductibles. The deductible is the amount of money you are willing to pay for damage before the insurance company kicks in. The higher your deductible, the lower your premium will be, so taking on some of the potential cost yourself can help drive down your premiums. For older motorcycles, some people choose to carry "liability only". This simply means your insurance protects other people's property, but not yours. So if you get in an accident, a liability only policy will not pay to repair your motorcycle - it'll only pay to repair the damage you've caused to somebody else.
You can also contain costs by making sure you are maximizing all of the discounts available to you. Some of these include membership in groups, such as the Harley Owners Group, taking safety courses, insuring your cars and motorcycles with the same company, and even owning a home. Talk to your agent or broker to make sure you're taking advantage of every discount available and that you're not leaving any money on the table.
Insurance companies also looks at things like financial responsibility in determining your rate. If you pay your bills on time, most often, you will get a lower motorcycle insurance premium. The logic behind this is that if you are financially responsible, this will carry over to your driving habits.
Some insurance companies also offer motorcycle insurance discounts on drivers who take a motorcycle safety class. It varies by state, but if applicable the discount can be good for three years or more. It also doesn't hurt to take such a class to make sure you're as safe as you can be on the road.
So to review, buy only the coverage you need, but make sure you're buying the right coverage for your situation so that you're not wasting money. As always, if you have questions call your agent or broker. They will be happy to assist you in obtaining the right motorcycle insurance for you. Then you can concentrate on enjoying the road on your new bike!
Choosing The Best RV Insurance Making Motorcycle Accident Claim Caravan Insurance - Some Crucial Information About The General Conditions
0 comments:
Post a Comment