Follow These Simple Tips To Help You Make Decisions About Your Motorcycle Insurance
Motorcycle insurance policies represent a significant expense to most riders, and that makes it important to understand exactly how they work. Education is the key when dealing with insurers, and by taking advantage of the advice in this article, you’ll have a leg up when it comes to being a sharp insurance customer.
First and perhaps most critically, call your insurance company before you go to buy a new motorcycle. Motorcycle insurance can be a huge expense when you’re already making payments on a motorcycle, and if you know what to expect before you buy, and you will have an easier time budgeting for that expense. The difference in rates for various models and types of motorcycles can be huge. In general, the younger you are and faster the bike you plan to buy, the more your insurance will cost.
If you’re a senior citizen with a good driving record, you own your motorcycle outright but don’t ride much anymore, then you may will certainly be able to save on motorcycle insurance. Consider insuring only the main rider of your bike. If the principal rider has a good driving record, you’ll get a much lower rate.
Try to dig up as much information about how a particular motorcycle insurance company handles claims. There are some out there who will get any necessary repair work done on your motorcycle as quickly as your mechanic can take on the job. Other companies? Maybe not so much for the speedy service. Some will even drag their feet when it comes to paying out a claim. You find that kind of critical information by talking to fellow riders, and it helps if those riders have been out on the road a long time. Let their experience be your guide…
Find out if you can get a discount on your motorcycle insurance premiums. You probably can if you haven’t made any claims during the last three years. Insurance companies, at least the ones who want your business, will give you a special discount because you’re not seen as a high risk rider due to a lack of recent insurance claims.
There are several types of coverage for motorcycle insurance which can be confusing. Bodily injury, property damage, uninsured motorist to name just a few. If you find these choices overwhelming, find an agent who’s willing to take the time talking with you that will help you understand these terms. You need a clear understanding of what you’re buying, and it just doesn’t bode well if your prospective agent or company isn’t helpful before you buy.
As you consider selecting a new motorcycle insurance carrier, do some research into the company’s history of rate increases. Each state has an insurance oversight group or department dedicated to keeping an eye on the business practices of their state’s insurers, and these groups will provide historical information on the frequency and amount of rate increases by a particular carrier. While a company may offer initially low prices, if they frequently jack up their rates, you’ll find you don’t save any money over time by going with them.
This one is the most useful tip you’re going to read: pay for your motorcycle insurance coverage in one lump-sum payment up front. When you pay in full you won’t be charged interest as you would if you were paying monthly. Some companies also offer you a discount if your coverage is paid for ahead of time. Monthly payments can be convenient, but they surely won’t be a affordable as you’d like over the life of the policy.
Take buying your motorcycle insurance quite seriously. Having the right coverage and dealing effectively with an insurer can make a significant financial difference in the life – and perhaps death – of any motorcyclist. And don’t make the mistake of not buying uninsured or underinsured motorist coverage. Make sure you’re covered in the event the drivers around you on the road aren’t. The time to find out about that is before you need that kind of coverage…