If you're looking to buy motorcycle insurance, there are some key points that you need to know. You can get very good coverage on motorcycle insurance for a very good rate as long as you know what you're doing. But if you don't know what you're doing, you're either getting stiffed on lack of coverage and/or not getting the right price. This article will help you understand what you need to know beforehand about buying motorcycle insurance. Some of these may seem very simple and obvious. But they made the list because they are often overlooked.
Here is a list of seven things that you need to be aware of as far as motorcycle insurance is concerned:
1. All of the basic components that apply to auto insurance apply to motorcycle insurance as well. And the same goes for any other type of personal vehicle such as a boat, RV, golf cart, snowmobile etc. While they all have their own specialized coverage, the basic parts of the policy are all the same. There are five basic components to any vehicle policy:
To learn more about the five basic components, see my blog article The Basics of an Auto Insurance Policy: Breakdown of each coverage explained.
2. While the basic coverage for auto insurance is just the same as motorcycle insurance, the pricing is very different! There may have been times where you wanted a particular coverage on your auto insurance policy, but passed because it was too expensive….. Don’t assume that is still the case with motorcycle insurance. The way insurance is rated for autos and motorcycles are similar in many ways, but very different in others.
3. Older bikes tend to rate below the minimum that a company will charge…. If so, take advantage of this! Every motorcycle insurance company has an absolute minimum price that they will insure a motorcycle for (usually in the range of $75-100 per year). Many bikes tend to rate below this minimum amount….. When that happens, you can in many cases take better or higher coverage at no additional cost. Many people are not aware of this.
4. Off-season coverage. In the cold weather months, many bikes get stored and put away. Some people decide to keep the same coverage on the bike all year around. Others cancel the policy while the bike is not being used…. What I suggest is going middle of the road here…. During the off-season when you’re not using your bike, you can lower coverage down, which will save you money…. Simply drop collision coverage (you’ll want to keep comprehensive coverage because it protects your bike from theft, fire, vandalism, etc.). Drop you medical coverage (if your state allows it, most do), drop uninsured motorist coverage (again, if your state allows it, most do), and drop your liability coverage down to the state minimum level….
Remember that when you ride again when the weather breaks, adding coverage back to where you had it only takes a two minute phone call to your agent.
5. Motorcycle License or Endorsement. If you have a motorcycle license, or a motorcycle endorsement on your driver’s license, this earns you a discount with most motorcycle insurance companies. However, I’ve seen a lot of people who are not aware of this, and their agent/company is not applying the discount. So make sure you inquire about it.
6. Discounts for safety features. Many motorcycles are equipped with safety features that a lot of companies give discounts for. These include things such as anti-lock brakes, LoJack or other type of anti-theft device, or other types of safety device. Although this seems simple enough, you would be surprised at how many bikes qualify for this discount but don’t get it because the agent or company is not aware of it.
7. Shop around! This is one thing that motorcycle and auto insurance both have in common. There is no better way to save yourself money than by getting quotes from multiple motorcycle insurance companies. The more companies that you quote with, the better the chance that you are paying the lowest possible rate. The most efficient way to do this is to get a quote with an independent agent who sells motorcycle insurance through more than one company. They will be happy to do the shopping around for you.
Summary: While some of these keys might seem overly simple, you would be amazed at how many people don’t take advantage of simple things that could be saving them a lot of money. A simple call to your agent can address many of these. So don’t leave money on the table!
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7/17/2018 09:06:20 am
You made a good point to check if you have a motorcycle endorsement in your license to make sure that you're covered for any possible discounts from the motorcycle insurance that you'll be availing. In that way, you can get the best of both worlds without paying too much from it. My brother just bought a motorcycle and is looking to buy an insurance to cover it. I'll have a word with him to check if he has in fact this kind of privilege in his license so it will be less costly for him.
7/20/2018 02:24:54 pm
Thank you for your response, Elsa.... Whether you have a motorcycle license, or a motorcycle endorsement on your auto driver's license doesn't matter. Both earn a discount with most motorcycle insurance companies.
8/17/2018 12:41:45 am
I really like your tip about asking around different motorcycle insurance firms to get the best deal possible. A buddy of mine recently got his first bike, and he's having some trouble getting it covered. This article will definitely help him in getting a great deal with a reputable insurance firm.
8/31/2018 03:17:46 am
My husband arrived last night with a new motorcycle. I thought it's for him but a gift to his eldest son. He's so happy with that, and to cut the story short, we are now checking on its insurance if its the comprehensive one or not.
9/20/2018 03:58:41 pm
I recently decided that I want to buy a motorcycle and I am looking into the importance and cost of motorcycle insurance, so I am glad that I found this article. You make a great point that if you buy a used motorcycle the cost of insurance will be much less and they will sometimes provide better coverage at no additional cost. Also, the fact that many insurance companies will provide discounts for safety features is a great benefit because it can definitely help me save money.
1/9/2020 03:10:32 pm
That's interesting that older bikes help you take better coverage for no additional cost. My dad has an older Harley he loves to ride. We'll have to get him motorcycle insurance.
6/19/2020 05:42:13 pm
It's good to know that some insurance is required in some states. My close friend recently got a motorcycle a couple of weeks ago, and he was telling me about how he was wondering if getting insurance for it would be a good idea to do. I'll make sure to pass this information along to him so that he can know more about getting insurance for his motorcycle.
4/1/2021 11:48:02 am
It's cool that you mention that motorcycle insurance can cover you financially in case you get into a collision. I'd like to buy a motorcycle this year, so it sounds like I should get some insurance for it. I'm going to look for a good business that can sell me some motorcycle insurance.
4/12/2021 02:44:51 pm
It's terrific that you mention that motorcycle insurance can help cover you against financial losses in case you get in a collision. I'm thinking about buying a motorcycle this month, so I should probably buy some insurance for it. I'm going to see if there's a good business in my area that can help me get some motorcycle insurance.
10/19/2021 01:57:08 pm
It's good to know that auto insurance and motorcycle insurance have the same basic components. That really helps me plan for my future. I have had to get car insurance before so motorcycle insurance should be easy to get.
2/23/2022 09:35:10 am
I want to make sure that I get the right motorcycle insurance. It makes sense that I would want to work with someone to ensure that get the right plan. That way, I can ensure that it works well for me.
3/11/2022 11:48:47 am
If you have a motorcycle license, or a motorcycle endorsement on your driver’s license, this earns you a discount with most motorcycle insurance companies. Great blog thank you!
7/22/2022 05:56:16 pm
It's great that you mention that motorcycle insurance can provide you with financial coverage in case you get into a collision. I'd like to buy my first motorcycle next week, so I'll have to make sure that I purchase the correct insurance for it. I'm going to look for a reputable business near me that sells motorcycle insurance.
2/23/2023 05:31:14 am
It's great that you mention that motorcycle insurance can help cover your medical bills if you get into an accident. I'm thinking about buying a motorcycle this month, so I need insurance for my motorcycle. I'm going to see if there's a good business in my area that can help me get the best insurance coverage.
3/20/2023 04:19:38 pm
This article provides useful insights on key points to consider while purchasing motorcycle insurance. It emphasizes the similarity between auto and motorcycle insurance while highlighting the differences in pricing. The article also suggests taking advantage of discounts for safety features, inquiring about discounts for having a motorcycle license, and shopping around for multiple quotes to get the best possible rate. Overall, a helpful guide for anyone looking to purchase motorcycle insurance.
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..