One of the most important decisions a motorcycle rider or owner has to take is choosing the right motorcycle insurance. Depending on the coverage chosen, motorcycle insurance can pay for the cost of repairs as well as paying for the medical bills as a result of a motorcycle accident.
Motorcycle insurance also covers outstanding loans on the motorbike. In most cases, applicants for a motorcycle purchase loan are required to obtain insurance as part of the loan application process. The cost of motorcycle insurance has usually been a major factor when taking motorcycle insurance. However, there are steps that can be taken to get affordable motorcycle insurance.
Steps to take for affordable Motorcycle insurance
The first step to getting an inexpensive motorcycle insurance coverage is deciding on the total amount of coverage needed. It is also important for you to decide the deductible amount. In most cases, it is best to get insurance that covers passengers, the rider, any other road users, medical payments, and uninsured motorists.
It is also important to note that states have minimum limits that must be met. Therefore, ensure that you are aware of the limits before proceeding with your search. It is also advised that you get motorcycle insurance quotes from different providers. This allows you to compare the prices before selecting the cheapest policy. Talking with an insurance agent or doing an online search would help in this circumstance.
For riders to get budget motorcycle insurance coverage, it is advised that you compare policies that have the same amount of coverage and deductible values. A deductible is an amount the insured has to pay for each insurance claim file. This is required before the insurance company pays anything. The general rule is that the higher the deductible, the cheaper the insurance policy.
It is important to be as sincere as possible when applying for insurance. An application form containing different fields will be given to you. Your age, driving record, riding experience, the value of the bike and other such details will be filled. The failure, to tell the truth, is usually disastrous as one of the principles of insurance is utmost good faith. Therefore, not telling the truth on your application could result in not getting your claims in the event of an accident.
Another tip that will help you in saving money on your insurance policy is to merge it with any other insurance that you have. An example will be to merge your home insurance with the motorcycle insurance. This could help you get a discount on your motorcycle insurance.
Another great idea will be to take a motorcycle safety course. Insurance companies usually consider trained and educated riders to be less risky. Consequently, they tend to get a significant discount on their insurance policies.
The storage of the motorcycle also determines the cost of the coverage. Insurers usually give additional discounts to riders that keep their bikes in a secure location like a shed or garage. This is so, as the chances of the bike getting stolen, hit, vandalized or damaged are reduced significantly. Parking the bike in an area with a surveillance system can also help save some money on your insurance if you do not have a building for parking your bike.
One other tip that will help in getting an affordable insurance is to fit your motorcycle with high-end anti-theft accessories such as alarms, satellite tracking, and disc locks. This also helps to save money on your insurance costs as the bike is considered less risky. Due to the cost of purchasing these devices, it is advised that you consult your insurer to be sure the savings on your insurance cost will be worth the accessorizing.
The time of the year is sometimes taken into consideration by insurance companies when calculating premiums. Many insurance companies tend to give added discounts to riders that do not ride their bikes during severe winter months. This is so as the chances of accidents occurring during this time are higher due to poor conditions of the roads.
The final and one of the most effective tips for getting an affordable motorcycle insurance is to keep a clean driving record. Insurance companies consider the history of the rider when calculating premiums. Consequently, riders with a clean driving record tend to get relatively inexpensive insurance policies.