When you purchase your motorbike the initial thought is the cost of the bike, an afterthought is how much the insurance is going to cost you. The cost of insurance can be a deal breaker when looking for exactly the perfect bike because insurance can cost so much each year that you can’t even afford to ride the bike.
Here are some tips in order to get the best price of insurance for whichever motorcycle you decide on.
Motorcycle insurance is based on a number of factors which include the type of bike you own, your age, driving record, add-on’s, how often you drive, where you live, security features installed, if you have had previous motorcycle insurance and if you have completed proper rider training courses. Most states require a separate license to ride a motorcycle so you will most likely have gone through the proper rider training courses.
It can also depend on the number of year’s experience you have had on a motorbike. Insurance companies offer coverage for bodily injury and property damage liability, comprehensive and collision, uninsured or under insured motorist liability, medical payments, custom parts and equipment and roadside assistance. When choosing which insurance coverage options to get make sure you know if you have that coverage elsewhere, for example, the medical payments. Insurance coverage for medical payments only covers what would not be paid by any other policy. Meaning that if you have medical coverage from your employer or other health or disability insurance, see if you are covered in under either of these first before you get additional coverage for medical bills.
On top of all these coverage options that are either mandatory or optional there are some things to consider when purchasing that insurance.
If you live a state that doesn’t have sun for at least half of the year consider insuring your bike for only half the year. This part time insurance allows you to pay for insurance only when you are riding the bike.
Keep a good driving record as companies look at previous driving history to determine your rates.
Buy an affordable bike and not a sports bike. Sports bike are fast and insurance companies consider them very high risk. A high horse power, larger bike will also increase your premiums.
Don’t modify the bike. Modifications and any add-ons will be covered but the cost of your insurance will increase dramatically.
Riding your bike without a passenger will reduce your payment. Some states indicate that this is mandatory coverage and some consider it optional. If you don’t have any intention of inviting someone to ride on the bike with you, you can reduce your premium costs.
Make sure an anti theft device is installed. The most stolen bikes in America in 2011 was a Honda bike as this is the most popular bike to purchase, second a Yamaha bike and third a Suzuki.
Before purchasing the bike of your dreams do a motorcycle insurance comparison on the type of bike and what coverage you actually need. There are many companies that offer a preliminary cost comparison feature on their website.
