How To Get The Most Out Of Your Motorcycle Insurance Coverage
In order to legally ride your motorcycle in the United States, you must maintain adequate motorcycle insurance coverage (or a legal equivalent, such as a bond).
Take the following steps to get the most out of your motorbike insurance policy:
- Avoid unnecessary risk.
- Assume a higher deductible, in order to lower your annual premium.
- Further reduce your risk of an accident by consistently practicing safe riding skills. Even consider taking a rider education course, as many insurance providers offer certain discounts to educated riders.
- Purchase more liability insurance than the minimum required.
- Purchase seasonal coverage.
- Shop around.
Continue reading to learn how these steps can help you get the best motorcycle insurance policy.
Avoid Unnecessary Risk
Some ways to avoid unnecessary risks include:
- Avoid riding at excessive speeds, in harsh weather conditions, and on poorly paved roads or uneven terrain.
- Perform regular maintenance on your motorbike, such as checking tread depth and tire pressure.
- Avoid riding when you are ill, injured, or under the influence of alcohol.
Taking care to avoid risk means avoiding accidents, claims, and, in turn, more expensive insurance.
Higher Deductibles
The auto insurance deductible is the amount you agree to pay out of pocket in the event of a motorcycle accident.
Assuming a higher deductible will typically lower your insurance premium, which is the annual cost to maintain your motorcycle insurance policy.
Do not, however, make the mistake of assuming a deductible amount you cannot afford, as this could lead to financial hardship if you're unable to pay the out-of-pocket expense.
Practice Safe Riding Skills
Always practicing safe riding skills is important; not only does it keep you and your bike safe (not to mention other motorcyclists and their bikes), but it also helps prevent accidents that require filing auto claims.
The fewer auto claims you file, the safer your insurance company sees you and the lower your rates can become.
Whether you're just getting started on motorcycles or have been riding for years, consider enrolling in a motorcycle safety course. This course will sharpen your riding skills, and some insurance companies even offer motorcycle safety course discounts.
Purchase More Liability Insurance
Most states require you to have liability insurance for your motorcycle. This will help pay for costs associated with property damage and bodily injury suffered by others in an accident you cause.
In order to protect yourself from costly lawsuits, it is highly recommended that you purchase more liability insurance than your state's minimum requirements.
Purchase Seasonal Coverage
If you garage your motorcycle for part of the year, you should consider purchasing your motorcycle insurance seasonally. Remember, most states require you to have liability insurance on your bike in order to keep it registered and street legal. However, you may be able to register it as non-operational during the parts of the year you do not plan on riding it.
When you store your bike for the season, you should consider keeping your comprehensive coverage to help protect your motorcycle in case something happens to it while in storage.
Shop Around to Save Money on Motorbike Insurance
Compare insurance quotes online in order to obtain a competitive insurance rate.
Be sure to compare quotes for several different types of coverage, including liability, collision, comprehensive, and accessory coverage―from several different sources.
Talk to other motorcycle riders, particularly riders who have been involved in a motorcycle accident, for firsthand experiences with insurance providers.
