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Basic facts about your Motorcycle Insurance

Date: Aug 28 2009
Filed In: Auto Insurance101

This is the essential help guide for your motorcycle insurance. It is a great introduction to first time motorcycle rider looking for their first motorcycle insurance.

motorcycle-insurance

Prior to getting your motorcycle insurance, first think about this situation:

You are about to go on the road with your new bike smelling the fresh air. Your last down payment left a big hole in your wallet and lately you been thinking about this new soft tail and about to drop down load of cash for it.

Whether you are going to purchase a Ducati, BMW, Suzuki, Harley, Honda, Kawasaki Ninja, or Yamaha. You will first need to find and get motorcycle insurance. If you don’t believe us, just ask your motorcycle dealer. Your dealer will not allow anyone to drive off their lot until they have proof of motorcycle insurance.

The other information you need to know about your motorcycle insurance besides getting one?

We have gathered 7 important information you need to know about your motorcycle insurance.

1. Good drivers with clean driving history get discounts
All your past at-fault accidents and any other moving violation tickets will matter. It doesn’t matter if you were just getting your new ride, the insurance companies will look at your past driving records (usually in the past 3 years) to see if you have any accidents or claims. If you have a clean driving record for the past 3 years, you will pay less money for your motorcycle insurance premiums.

2. Motorcycle insurance with comprehensive and collision
Most motorcycle insurance coverage we know includes the basic liability. This basic insurance plan will not cover everything for your new motor bike if you get into an accident. Make sure you get the “full-coverage” which also known as comprehensive and collision to protect your new bike. The collision coverage will cover your new motor bike if you are at-fault in an accident and the comprehensive coverage will cover anything else other than the collision.

3. Gap Insurance?
The insurance company will only pay for what your motor bike is worth if you get into an accident and destroy your ride. If you got into an accident and totally destroy your motorcycle, but you owe more money than it is worth on your financing.

This is when Gap insurance comes to play; it is different from motorcycle insurance. The gap insurance covers the “gap in your coverage” it covers between what your motorbike is worth and what the insurance company will pay you. Many financial institutes will offer you gap insurance. If you are too worried about paying more money out of your pocket after your bike is totaled, then you should consider getting gap insurance.

4. Places you go to and places you park
If you are planning to only ride your new motor bike only on the weekends, you should tell your insurance company. If you don’t ride your motorbike to work or not, there is a big difference in the price as well.

The same thing with where you park. There will be additional discount for people parking their motorcycle in a garage. Motorcycles parking outside in the open are more likely to get stolen or damage than motorcycles park in lock garages. This is why they give discounts.

One more bonus for motorbikes owners are those who lives in the northern states. During the winters you may be entitled to a policy called “lay-up” which will suspend your insurance coverage plan. When that happens, you don’t have to pay for your motorcycle insurance premium during the winters.

5. Does motorcycles need chrome insurance coverage?
Chrome air filters or saddlebags are not usually cover by most motorcycle insurance plans. To have the extra items cover under your motorcycle insurance plan, you will have to talk to your insurance agent about additional coverage options.

6. Get more discounts on your motorcycle insurance
You might get another 10%-20% on your motorcycle insurance if you have completed a motorcycle safety class. When getting your motorcycle insurance quotes make sure ask about the discount. This may save you $100 dollars each year.

7. Save more money on your motorcycle insurance just by shopping around
To find the best deals and the cheapest motor cycle insurance plan that fit your need is to shop around. The best deal you can get is by getting more quotes to compare. James Miller said some of his customers save more than $400 dollars after shopping around for their motorcycle insurance plan.

You should at least get 3-4 quotes from highly regarded motorcycle insurance companies. You can always ask about a motorcycle insurance quote from your current car insurance company, but a lot of the time they might not have the best deal.

Lastly, be sure to have the same coverage when getting your motorcycle insurance quotes. This is to ensure you have all the same motorcycle insurance coverage for you to find the best rates and for you to make the best decision.

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