There are over 8.5 million motorcycles registered in the US. Making sure you are properly insured is an important part of being a responsible motorcyclist.
When you are trying to find the best motorcycle insurance, there are important things you need to pay attention to. If you don’t know what you are looking for, you could end up paying more than necessary.
Continue reading this article to see what you should look for in insurance for your motorcycle.
Finding the Best Motorcycle Insurance
Before you start looking for insurance, you need to understand the insurance requirements of your state. Liability insurance is almost always required, but you often want to have more than the minimum requirement for your insurance.
If you aren’t sure how much liability insurance you need, it is the same amount as the minimum amount required for cars in your state. Some states require you carry a minimum amount of medical benefits as well.
Coverage Options to Consider
There are the standard options of liability and uninsured/underinsured motorists insurance. There are also other options to consider when looking at insurance for your motorcycle.
- Collision
- Comprehensive
- Medical Payments
- Personal Injury Protection
Collision insurance pays out on motorcycle damage minus your deductible. If you aren’t sure how much your deductible is, check your policy.
Comprehensive insurance pays out if your motorcycle is damaged by something other than a collision. It also covers if it is stolen.
If you have a lot of deer or other wildlife in your area, this kind of insurance can be very helpful since it does pay for animal collisions. Your deductible may be different on your comprehensive insurance.
Medical payment insurance is not available in all states. Where it is available, it pays for medical bills if you or a passenger is hurt in an accident.
Medical payment insurance is not the same as personal injury protection. Medical payment insurance doesn’t cover lost wages or other costs. Since motorcycle riding can be riskier than driving a car, many people opt for medical payment insurance in states where it is available.
Personal injury protection pays out for medical bills for injuries you, passengers or pedestrians experience no matter whose fault it is. Depending on your state, the rules vary.
Since there is such a high rate of accidents with motorcycle drivers, some states don’t allow companies to sell PIP for motorcycles. Check your state laws before you speak to your insurer about this option.
Insurance Add-Ons
When you get your insurance policy, there may be other add-ons you can choose from since you have insurance through this company. Pay attention to any limits or deductibles that might not be obvious.
Custom parts and accessories insurance may be included in your policy, but you need to see how much they are willing to cover. If you have a custom bike, your custom parts and accessories can cost thousands of dollars. You don’t want a big surprise when you go to make an insurance claim.
Knowing how much your insurer is going to pay will allow you to make an informed decision on whether you need more insurance for your parts and accessories. Some of these add-ons allow you to get up to $30,000 extra insurance on custom parts and accessories.
Trip interruption coverage is another option that allows you to experience more peace of mind. If your trip is interrupted, you will be able to get money for lodging, transportation, and food.
You only can use this coverage if your vehicle experienced problems when far from home. Check to see how many miles away your insurance company considers “far.”
What Are Motorcycle Lay-Up Periods?
One way you can save insurance is by seeing if your insurance company offers motorcycle lay-up periods. During this period, your motorcycle is covered by insurance in case of theft or other accidents that may happen during the time you are storing it.
Your annual insurance costs will be lower when you have a lay-up period set on your insurance. Your bike shouldn’t be on the road during this time because your insurance will not cover your accident.
Discount for Motorcycle Insurance
If you want to save on your motorcycle insurance, there are quite a few ways to save. Each insurance company may have a different set of discounts. The discounts below are popular discount companies offer that you should look into to see if they are available.
Bundle discounts are common because they encourage people to do more business with their company. You may have motorcycle insurance, car insurance, homeowner’s or some other type of insurance with the same company. If you have more than one policy with the same company, you are likely to get a bundle discount.
Clean driving records are important when you want to keep your premiums low. If you have accidents or DUIs on your record, you are likely to have very high premiums. You may have to get a special type of insurance for high-risk drivers.
Military discounts are available through some companies, and some offer a higher discount than others.
Motorcycle riding training usually helps decrease the amount of money you have to pay on your premium. When you prove you are committed to safe driving, it makes you less of an insurance risk.
Once you go through and compare insurance premiums, benefits, ease of use, customer service and any other factors you deem important, it is time to make the decision. Comparing difference insurance companies is important when you want to get the best rates and policy.
Experience Peace of Mind
When you have the best motorcycle insurance, you can experience peace of mind. If you wipe out on your bike, you will be able to get it back on the road easily. If you collide with anyone else, you can take care of their medical bills without any problems.
Are you ready to speak to a professional about your insurance needs? Get a quote today to find out how we can help you get the right insurance for your needs.