A motorcycle is a significant investment, and it makes sense to protect that investment with a good insurance policy. It’s relatively easy to make a good choice, and there are just a few things you need to know before you make your selection.
1. Understand the Coverage Types
Not all insurance policies are equal. There are a lot of types that exist to cover different needs. Some only cover damage to property caused by accident, while others include injuries, protect the bike itself, or include accessories coverage. There are also various degrees of coverage that offer greater protection in some situations than others.
You should know what type of policy you want before you start shopping. Some areas will require drivers to have specific coverage, while others will ban some plans, so knowing the local laws is also essential.
2. Know Your Bike
Your bike will have a significant impact on the policies that are available to you and their prices. You should make sure that you know the model of your motorcycle and its approximate value before you get started. If possible, you should also get a copy of its repair history in case the insurance companies want to see that information.
3. Find Your Discounts
Most insurance companies will offer a variety of discounts to people who are known to have a low risk of being involved in an accident. Proof of completing a motorcycle safety course is usually the easiest way to get a significant discount, but it isn’t the only option. Joining a riding club or even adding anti-theft devices to your bike can also help. The precise list will vary from one company to the next, so you should make a point of asking the insurance agent about discounts before you make your final decision.
4. Ask About Deductibles and Exclusions
There are exceptions to every policy, and you should learn about them before buying one. Many will have a deductible, or amount of money that you must pay after an accident before the policy covers the rest. Others will exclude specific types of damage or have an upper limit on the payments. Plans with more restrictions tend to be cheaper, so you will have to decide how to balance those factors.
5. Know Your Other Policies
You should keep the insurance policies that you have on your car, home, or other items in mind when shopping. If you can get insurance for your bike from the same company as an existing policy, you can often save money by bundling the policies together.
6. Who Shares the Bike?
Insurance providers care just as much about who drives the bike as who owns it. If the bike is being shared, such as with a spouse, then that driver will also have an impact on the insurance policy and need to be listed on it. You need to remember to bring all of the information that applies to every rider, not just to yourself when you start shopping for insurance.