With the rising gas prices, more and more people are looking for ways to save money on fuel. Therefore, many people are choosing to ride a motorcycle, as they are more fuel-efficient than automobiles. However, riding a motorcycle carries more of a risk than driving a car because you are more likely to be in accident. Therefore, it is important to obtain more than just car insurance and have proper motorcycle insurance.
Motorcycle Insurance Requirements
Motorcycle insurance is required in every state except Montana and Washington. Laws on motorcycle insurance will differ among each state, but motorcycle insurance is much like that of a car. However, some states are a little different. For instance, Utah, Oregon and Texas does not provide personal injury protection coverage and the insurance companies in Alaska do not have to require more that minimum liability insurance. Florida citizens who have a good driving record are not required to register their vehicle. Some states also have different laws regarding wearing a helmet while riding a motorcycle.
Types of Motorcycle Insurance
When choosing motorcycle insurance for your bike, there are several things that you should consider, such as:
- Size of the Motorcycle
- Power of the Motorcycle
- Age of the Motorcycle
Here are the common types of motorcycle insurance that are offered:
- Property Damage Insurance: This will prevent you from having to pay the cost for the damage to someone else’s vehicle if you were involved in an accident. Each state will vary on the amount of coverage that is required; however, if you have a smaller motorcycle, you probably only want the minimum amount required, as it probably is not capable of causing much damage. Most states require this type of insurance, and the minimum amounts normally range from $5,000 to $25,000.
- Bodily Injury Liability Insurance: Most states require this, as it covers the injuries to other people if the accident is your fault. It can also pay the cost of legal fees. Most states require $10,000 to 25,000 of coverage, but the requirements in Alabama and Maine are higher.
- Collision Coverage: This type of motorcycle insurance will offer you coverage to cover the cost of your motorcycle if it is involved in an accident. Some lenders require this type of coverage if you still owe money on the bike. If you are not sure if you need collision coverage, you need to consider how much the motorcycle is worth. You could wind up paying more in premiums than what it would cost you to buy a new motorcycle if it is involved in an accident. Therefore, sometimes older bikes are not worth the cost.
- Road Assistance Coverage: This type of motorcycle insurance covers the cost of things such as towing or a rental vehicle if your motorcycle is undergoing repairs or maintenance. You must have collision coverage in order to get road assistance coverage, and you are required to be a certain number of miles from your home in order to benefit from this type of coverage. Road assistance coverage might be beneficial if you travel frequently.
- Uninsured/Underinsured Coverage: If you have an accident and it was someone else’s fault, this type of motorcycle insurance covers the cost if they do not have insurance or if they have insurance but it is not an adequate amount. This insurance will cover the cost of medical bills and lost wages if you cannot work.
Ways to Save Money on Motorcycle Insurance
It is now easier than ever to purchase motorcycle insurance, as you can simply go online and compare prices. Most companies will offer you free quotes, so you can get the best deals. It is easy to purchase motorcycle insurance online, as you can pay your premium and file any claims online. There are many companies online that specialize specifically in motorcycle insurance.
One of the best ways to lower your premium is to raise your deductible because the higher your deductible, the lower your premium will be. However, you need to make sure that you have the money to cover the cost of your deductible.
You might also be able to find cheaper motorcycle insurance if you talk to the agent about how you are planning on using the bike. You could be able to save a substantial amount of money if you only use your motorcycle during certain times of the year.
If you have a good credit score, insurance companies are more likely to offer you cheaper insurance. The insurance company will see that you are reliable and pay your bills on time; therefore, they might lower your premiums.
Discounts on Motorcycle Insurance
It is possible to find inexpensive motorcycle insurance if you will just look around and ask for possible discounts. Some of the motorcycle insurance discounts might include:
- Loyal Customer Discounts
- Being a Member of the American Motorcycles Association
- Taking a Course in Motorcycle Safety
- Seasonal Discounts (such as discounts for the winter months)
- Safe Driver Discounts
You want to make sure that you research your options to find adequate coverage for you. Riding a motorcycle is becoming more and more popular, so find a reliable company and you will be taken care of if you fall victim to a motorcycle accident.
