Motorcycle Insurance Buyer's Guide

You have just purchased your brand new motorcycle and you are more than ready to hit the road to show it off. However, before you take your bike to public roads, you should first have it insured. An uninsured motorcycle cannot be kept in public roads or highways. You do not want to be ticketed for driving an uninsured bike and you definitely do not want to be punished by your state regulations.

After having bought a flashy and gorgeous motorcycle, you should start shopping for motorcycle insurance. This is to ensure that you comply with the state rules and that you are protected from losses or liabilities you can incur if you get involved in a traffic accident.

Shopping for motorcycle insurance is like shopping for loans. It is always best to shop around to find the best deal at the smallest insurance rates. There are thousands of insurance companies that offer different policies at varying insurance premiums. In order for you to get coverage from the rightful insurance company, you have to have knowledge of the things being considered when buying motorcycle insurance.

What are The Bases of Insurance Premiums?

Your state requires you to maintain a minimum coverage for the insurance of your motorcycle. It is always important to get this policy before adding any more policies to your insurance. There are other things that serve as bases for the price of your insurance premiums. The following items are determinants of insurance charges:

1. Age
In auto insurance, the older you are, the lower your insurance premiums are. However, if you are a novice in operating motorcycles, your insurance rates are likely to be higher. Gaining riding experience with bikes may lower your coverage rates.

2. Classification of motorcycle
Your brand new motorcycle will have higher premiums than a motorcycle that is more basic and a little older.

3. Your address
Insurance companies take into consideration the place you live in or the garage where your motorcycle is parked. If your place has a high ratio of crime and traffic accidents, you may have higher insurance premiums rather than if you lived in a place with less crime and accidents.

4. Your driving record
Your driving record can positively or negatively affect the rate of your insurance charges. If you have a good driving record, you can enjoy smaller premiums. However, if you have a bad driving record, that would mean there is high risk in insuring you; therefore, you would have higher insurance rates.

5. Your workplace
The place where you have your motorcycle parked can dictate how high or low your insurance rates will be. If you park your bike in a high-risk area, as in a construction site, the rates are going to be high because of the high probability for damage or accidents.

What are The Types of Motorcycle Insurance?

Motorcycle insurance is a lot like auto insurance, there are policies which are required by the law while there are others that are optional or that serve as add-ons. Here are a few types of motorcycle insurance that you can choose from in deciding what motorcycle insurance to purchase:

- Bodily Injury Liability — Most of the states of America require motorcycle owners to have coverage on bodily injury liability. The minimum requirement of almost all states is $10,000 per individual, per accident. This kind of insurance pays for injury incurred by the person you had an accident with if the accident is your fault. This will pay for the repair of the damaged property and the medical costs of the injured person. Lost wages and other legal obligation to be paid off are also covered by this type of insurance.

- Collision and Comprehensive Coverage — In this type of insurance, your insurer covers for the repair or replacement costs if your motorcycle is stolen or damaged in a traffic accident, whether or not it was your fault. A deductible is required for this type of insurance. Once you are able to pay the deductible, your insurer pays for the remaining costs. The higher your deductible, the lower your insurance premiums are.

- Medical Coverage — In this policy, your insurer pays the medical costs you incur that are results of a motorcycle accident you were in. It does not consider whose fault the accident is. Generally, only the first three years after the accident are covered by the policy.

After knowing the things that determine your insurance rates and deciding which type of insurance suits you best, it is time to shop for quotes from different insurance companies. Shopping for quotes has been made easy because they are readily available online. You are no longer expected to call your insurance agents to shop for the best insurance quotes.

Compare the quotes you gathered so that you can find equilibrium between your insurance needs and your budget. Make sure you give the best value for your money by choosing insurance that gives outstanding benefits at the lowest possible premiums.