Motorcycle insurance provides financial protection for the world’s most susceptible drivers. While people who drive cars, trucks, and SUVs have glass and metal protecting them in the event of an accident, motorcyclists haven’t those protections and accidents are often far more severe. While only safe driving can prevent a motorcycle accident, insurance can provide assurance should the unthinkable occur. Before shopping for a motorcycle insurance policy, there are a few important pieces of information to keep in mind. The seven below are of most importance.
1. Minimum Policy Amounts
Each state has minimum liability policy amounts motorcyclists must carry to comply with the law. For example the law for South Carolina insurance dictates that riders must have liability and uninsured motorist coverage. Learn those amounts before browsing companies or policies. Insurance companies will not sell a policy containing less than these minimum mandatory amount indicated in the state of residence, although it is possible to add additional policies or higher coverage amounts for added protection. The average motorcycle accident tallies over $12,000 in damages alone.
2. Motorcycle Insurance Costs
Numerous factors determine the costs of an insurance policy. Rates considerably vary from one individual to the next. Factors that affect costs of an insurance policy include:
– Age
– Driving history
– Credit score
– Location
– Education
– Marital status
– Insurance company selected
3. Compare Rates
Compare rates with three to four companies to find the best rates for your specific needs. It is easy to get free estimates online as well as use various comparison tools to find the companies offering the best rates for the specific policy you want.
4. Ask for Discounts
To further reduce the cost of motorcycle insurance, discounts are available. Discounts typically available include multi-policy discounts, safe driver discounts, and others. Ask for these discounts and take advantage of up to 50% savings.
5. Types of Coverage
A liability policy, required by state law, provides basic personal protection to those involved in an accident that you’ve caused. It doesn’t offer protection for your injuries or damages. Add collision coverage, which also includes comprehensive coverage, for personal property and injury protection for your damages. Uninsured motorists coverage covers damages caused by uninsured drivers.
6. Custom Parts Coverage
If you own a custom-designed bike, you can better protect your investment with a custom parts coverage policy. Most motorcycle insurance companies offer this coverage for additional fees with the purchase of a liability policy.
7. Don’t Buy a Policy Based on Price Alone
Don’t assume the cheapest insurance policy is the worst or that the most expensive is the best. Cost is an important factor to consider when choosing an insurance agency, but only one of the many that you must use to find the best company for your needs.