Motorcycle Insurance

Finding Low Cost Motorcycle Insurance

First off, what's the best way to insure that motorcycle? There are two main ways of doing this. You could do it by endorsement or you could get a separate motorcycle insurance policy. 

Adding by endorsement?  

An endorsement is a written document that is added to the basic policy when the policy is purchased, or added during the year. This becomes part part of the auto insurance policy and increases the coverage provided by the auto insurance policy. If you insure your motorcycle by adding an endorsement to your auto insurance, you will only have one auto insurance policy bill to pay to cover both your car and your bike.

However, there are certain disadvantages to getting this type of motorcycle insurance. In most cases, you cannot customize your motorcycle insurance with an endorsement. You are locked in to the same coverages, limits, and exceptions for your bike that apply to your car. Thats why it is important to discuss with our agents what a motorcycle endorsement covers and how its covered before you add it to your auto insurance policy.

One of the many great things about owning a bike is the ability to personalize it, but many of these customizations aren’t covered unless you purchase separate motorcycle insurance. Typically, basic motorcycle insurance will extend coverage for custom parts and equipment up to a specific limit, such as $1,000. If your custom accessories or parts are worth more than the basic policy limit, iit would be a good idea to purchase additional coverage to cover those parts in case of damage. Also, be sure to ask for a list of the specific custom parts that are covered, and any exclusions that may apply.

How to obtain low cost motorcycle insurance

1. Installing an anti-theft device can reduce your premiums. This gives you low cost motorcyle insurance. Alarms make it that much harder for thieves to make off with your bike. Not only do they protect your motorcycle from theft, but they can lower your insurance costs at the same time.
2. Get seasonal coverage - Most bikers aren’t road warriors who consistently ride their bikes all year long. If you store your bike for several months out of the year, there is no need to fully insure it. Many insurers offer seasonal policies that cover your bike for six to nine month periods of actual usage.
3. Take a motorcycle-safety course - Some states require these courses before they willl issue a motorcycle license. Even if your home state doesn’t require it, you could be eligible for a 10% to 15% discount on your policy for completing one. Before signing up for a program, it’s a good idea to contact your agent. Some companies only recognize certain programs. If you’ve been riding for a while, you might be able to get a discount for taking a refresher course.
4. Increase deductibles - A deductible is the amount of money you have to pay before the coverage kicks in. The higher your deductible, the lower your premiums. When choosing a deductible, make sure you can afford to pay out-of-pocket for any costs that are incurred before your motorcycle insurance kicks in.
5. Ask about multiple bike discounts just like your auto insurance policy - If you’ve got more than one bike, or live with someone else who rides, you can usually get a discount. Likewise, it might be worthwhile to insure your motorcycle with the same company that covers your car in order to get low cost motorcycle insurance coverage.
6. Install anti-theft devices - If you financed your bike, you’ve probably taken out comprehensive coverage. Comprehensive protects against theft, fire, and other damages not caused by an accident. Some companies offer a discount on comprehensive coverage if you utilize an anti-theft device.
7. Maintain a good driving record - Insurance companies analyze your driving history to determine rates. How you drive a car usually indicates how you will ride a motorcycle. If you’ve only recently obtained a driver’s license, you might want to wait a year or two before getting a motorcycle. If you maintain a good driving record, your rates will be lower once you’re considered an experienced driver.
8. Ride with a group - Membership in a motorcycle club, such as the American Motorcycle Association, BMW Motorcycle Owners of America, Harley Owners Group or Retreads can also save you some money on your low cost motorcycle insurance premium.