Here's a big motorcycle insurance tip that many bikers can take advantage of: If you own a motorcycle about 10 years or older, you might be amazed to learn that in many cases, upping coverage makes little or no difference in premium.
When you see a yearly premium of $100 per year or less, it is very likely that this tip will apply to you. If so, you should inquire about upping levels of coverage. That includes liability, uninsured motorist, medical coverage, and even sometimes physical damage coverage (comprehensive and collision coverage). Bikers need to be aware of several things when it comes to how motorcycle insurance rates are calculated. Knowing this, you can set yourself up with higher coverage for the same rate.
The reason why is because motorcycle insurance policies all have an absolute yearly minimum premium (usually $75-100 per year). But what a lot of people don't know is that older bikes tend to be rated well below this minimum. And thus, the insured can increase coverage essentially for peanuts more and sometimes for free!
I know many people might believe that sounds too good to be true, but I see it happening over and over with online motorcycle insurance quotes that I have personally ran myself. Although it does defy logic, you have to understand how vehicles are rated….
To illustrate, let me give you a real example of a motorcycle insurance quote request that I took in two days ago: The customer requested state minimum on liability coverage, no uninsured motorist coverage, only $1000 in medical payments coverage, and he also passed on comprehensive and collision coverage….. Premium = $75 per year……
His yearly premium came out to $75 per year. After playing around with the numbers and coverages, I realized that I could quadruple his liability coverage, add uninsured motorist coverage, up the medical payments coverage to 10,000. Result: He was still quoted with the same premium of $75 per year.
Furthermore, adding comprehensive and collision coverage only raised the premium by $8, to $83 per year.
Which of these levels of coverage would you rather have?!!!!!
Call it what you want, but it is not a fluke. It is simply gaps (flaws) that certain motorcycle insurance companies have in the way they rate motorcycles. Not all companies are like this, but I have a couple companies that are like this. And these are some of the largest insurers of motorcycles nationwide.
Bonus Tip: All of this also applies to insurance for off road bikes if not the same, but even more! This includes atv’s, scooters, mopeds, etc. So keep this in mind also if you need coverage for any other toys.
If you would like a quote for motorcycle insurance, click on the link below. I will help you maximize coverage for the lowest possible rate. And as always, I handle all quotes personally and privately.
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..