Motorcycle insurance is necessary for most riders who have motorcycles with engines bigger than 50-ccs. A 50-cc unit can be classified as a moped, which does not require insurance in some states. Every state views motorcycles as vehicles that drivers will use regularly on roads and highways. This necessitates motorcycle insurance to protect all other vehicle operators in case of an accident.
Not sure how to get started? Here's what you need to do.
Write Down the Details of the Motorcycle
You will need to know specific information about your motorcycle to obtain motorcycle insurance from a provider. You'll need information such as the vehicle identification number (VIN) and the make, model, year, and color of your motorcycle. Not sure why they need to know the color? Turns out, some colors will cost you more if they have high accident statistics, such as red. Additionally, your premium may be higher if you have a high-displacement motorcycle, such as a 1,000-cc superbike. You can choose from several tiers of coverage, ranging from liability only to full-coverage, but the one you choose must at least meet the state minimum.
Compare Different Providers
You have many options, so don't sign up for the first policy you see. If you don't want to place a dozen phone calls, you can use an online comparison tool to find the best rates for motorcycle insurance. These tools provide average prices of the premiums and consumer ratings for the insurance agencies.
Another way you can find reliable motorcycle insurance is by going through a broker. An insurance broker is a third-party person who is not partial to any company. Therefore, this person may be able to help you find the most affordable rates for your coverage.
Factors that Will Affect Your Premium
You can't control the cost of your insurance, but you can control the amount of coverage that you purchase. But some factors will raise your premium, and you cannot do much to prevent it. For instance, a 21-year-old rider will have to pay a larger premium than a 35-year-old rider because, statistically, young drivers have more accidents. Points on your license can drive your premium up drastically as well.
Basically, if you have any past accidents, traffic violations, or DUI points on your license, then you can expect higher rates. If your premiums seem high at first, don't worry too much. Many companies will offer discounts for safe driving or as you get older, so your cost may go down over time.
One thing to keep in mind? You will have a higher premium if you are financing your motorcycle because you may not have the option to choose minimum liability coverage. A finance company will expect you to carry full coverage until you pay the loan for your vehicle.
Sign Up
You can meet with an agent to select your insurance policy and set up your account or you may be able to set it up online. Either way, you must be careful to read the terms and agreements and review the coverage that you selected. You don't want to find yourself in a wreck only to find out that your insurance doesn't cover that particular situation. If you are not happy with your policy, then you can make changes to the coverage at any time.
