Hello! I’m Dan Lyles with Lyles Insurance. This video is a buyer’s guide for buying motorcycle insurance.
Motorcycle insurance is very similar to auto insurance in some ways, and very different in other ways. Knowing these similarities and differences will go a long way in helping you select the right type of motorcycle insurance coverage, and also help you get a good price. I’m also going to cover some key points that you need to know.
Let’s go over the basics of a motorcycle insurance policy. And this is where motorcycle insurance is very similar to car insurance. They both have the same five different parts (or components) to the policy. Number one is liability coverage. This is required on all motorcycle insurance policies. And it covers the other guy if you cause an accident. Uninsured or underinsured motorist coverage pays you if the other guy causes an accident resulting in you either being injured or having property damage, and the other guy either wasn’t carrying liability coverage like he’s supposed to, or didn’t have enough liability coverage to pay for all of your damages.
Medical coverage: this pays you if you are in an accident regardless of who was at fault. In some states, medical coverage goes by different names. For example, medical payments, medical benefits, PIP (which stands for personal injury protection). But no matter what it’s called in your state, it works about the same way. And the fourth and fifth coverages kind of go together. It’s what people refer to as full coverage. Collision coverage pays for damages to your bike that resulted from an accident. Comprehensive coverage pays for damages to your bike that resulted from anything other than an accident (such as fire, theft, vandalism, hitting a deer, etc.)
Here’s a quick short list just to show you the bikes that can be insured. And as you see, there’s a pretty broad range here.
There are two major differences between motorcycle and auto insurance. And the first one is pricing. If you compare apples to apples, meaning having the same exact level of coverage in all five components, a motorcycle policy is going to come out cheaper than an auto insurance policy almost all of the time. And that’s mostly because of a couple reasons: Motorcycles aren’t used as frequently as regular autos are, and weather becomes a factor. And speaking of weather, unlike autos that are driven throughout the year, motorcycles have an off-season where bikes are rarely ever ridden. Factoring this in lowers the rates even further.
Here’s a key tip for bikers that have older motorcycles, and this will also work for many of you who only need liability coverage on your motorcycle. Every motorcycle insurance company has a minimum price that they charge each year for a motorcycle insurance policy. And, what I have found is that many older bikes tend to rate lower than what the yearly minimum price is. For example, let’s say a company has its minimum floor at $75 per year. And so when I have anybody that has that price on their quote, I will up coverage and sometimes get the same price. So that’s a good trick that you need to be aware of.
As far as finding the best rate, your best bet is to find an independent motorcycle insurance agent. This way, you can get multiple quotes at once instead of quoting with one company at a time.
If you live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, and you would like for me to personally run you a motorcycle insurance quote, I’ll be very happy to do so. I’ve listed a page here on my website where you can get a quote online. Or if you’d rather just call and get a quote over the phone, I’ve also posted my phone number. Thank you for watching and have a great day!
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..