Motorcycle Insurance

What to Consider When Comparing Motorcycle Insurance Quotes

When you own a motorcycle, you are required by law to carry continuous motorcycle insurance on the bike in your state of residence. As you are saving to buy the bike of your dreams, it is extremely important to consider the cost of insurance for that specific bike before you make a commitment to buy. Motorcycle insurance rates can vary dramatically from bike to bike, and knowing how the engine displacement and value of the bike will affect your premiums is essential. If you are not sure how to go about starting an insurance quote comparison, here are some valuable tips to keep in mind:

Will You Buy or Finance?

One of the first factors you should consider is whether you are going to buy or finance your bike. If you finance your bike, you should know that your lender will require that you carry full coverage on the vehicle. If you buy the bike outright, you have the option to purchase comprehensive and collision, depending on the bike’s value.

Select Adequate Liability Limits

When requesting motorcycle quotes, the agent you speak with will recommend different limits of liability. You should ask about the minimum limits of liability for both Bodily Injury and Property Damage coverage in your state. While minimum limits will satisfy state financial responsibility laws, they may not provide you with sufficient coverage on the road. Review the cost of raising these limits, and compare the premium difference between each before you make a decision.

Take Advantage of Discounts

One major difference between motorcycle insurance and standard auto insurance is that you may qualify for special discounts if you have experiencing operating a bike. If you have completed a special training course or you have a motorcycle license, make sure you let the insurance company know so that you can take advantage of these specialty discounts.

Get Bulk Discounts

If you have a private passenger vehicle or you are a homeowner, you should consider insuring your bike, car, and home with the same carrier. Insurance companies offer bulk discounts, also called multi-policy discounts, to customers with two or more lines of insurance. These savings will add up.

Take your time to compare motorcycle insurance rates before you buy a bike or bind a policy. By comparing rates and customizing a policy, you will have peace of mind that you will not go over budget just to protect yourself and satisfy compulsory insurance laws.

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