If you are in the market for a new motorcycle, especially if your are a first time bike owner you will need to also begin figuring out how you will to insure the bike and with which company you might take out a motorcycle insurance policy . While there are some similarity when it comes to choosing the best motorcycle insurance policy that mirror the kind of considerations a car owner needs to keep in mind when choosing auto insurance owning and riding a motorbike brings with it some unique insurance concerns as well.
There is no big master list of insurance companies that are the best at providing great motorcycle insurance policies. All the big “national” insurance companies now offer motorcycle insurance plans but there are a number of smaller companies that make it their business to specialize in insuring motorcyclists. Which one actually ends up being right for you will depend on a number of different factors and doing the right amount of pre purchase research.
Which are the Best Motorcycle insurance Companies for New Riders?
If will be purchasing your very first motorcycle you should definitely do your homework and research on motorcycle insurance costs before you begin visiting dealerships or shopping for your new motorcycle in other ways.
A good starting place is to try to connect with who own similar motorcycles to the one you want to purchase and ask them what motorcycle insurance companies they personally use to insure their bikes. Often when shopping for insurance its common to use the same company your parents do, but even if your parents are motorcyclists the company that provides great coverage for their Harleys may not provide such great rates on the type of Japanese sport bike you have been saving up for for all this time, as the two bikes are so very,very different (and be warned, even the biggest Harley type motorcycles usually cost less to insure than their sportier, sleeker Asian cousins)
If you personally do not know anyone who owns the type of motorcycle you plan to buy head online to the Internet forums. People in these forums are usually very helpful and will be happy to share their knowledge and experiences with you and at least you will have a fairly good starting point for your motorcycle insurance research.
Will I get a Better rate from a Larger Motorcycle Insurance Company?
As previously mentioned all of the major national insurance companies who provide auto insurance (the one with the gecko, the one with the animated pink haired girl etc) now offer motorcycle insurance policies as well, most of which can be combined worth other insurance policies (home, renters, auto) to save you money.
All motorcycle insurance companies will take all of the following personal factors into account as well as looking at they kind of motorcycle you want to insure when calculating the rate they are willing to offer you:
- Your age (the younger you are, the higher the rate is going to be)
- Your occupation(yes it makes a difference)
- Where you live (your rate will be higher if you live in a urban area than a suburban or rural one)
- Your driving record (even traffic tickets make a difference and the longer you have held a license the better)
- Your credit rating
- Your gender (lady motorcyclists usually get a better rate than the guys)
All companies use these criteria whether they are huge national motorcycle insurance companies or smaller local ones. Although you may be most familiar with the big guys do not forget to check out the rates offered by those smaller companies, especially if they specialize in motorcycle insurance only.
Which are the Best Motorcycle Insurance Companies for those on a Tight Budget?
If your finances are tight, which is the case for so many of us these days , it does not mean you cannot afford adequate insurance for the motorcycle you love so much. Settling for state minimum basic coverage will save you a lot of money but it will not replace or repair your bike in the event of an accident, just the other guy’s.
Fortunately there are a number of different ways you can save on motorcycle insurance and you should keep them in mind when shopping around the various motorcycle insurance companies.
The very best way to reduce your annual or monthly motorcycle premium is to opt for a higher deductible. Yes, you are taking a bit of a chance in that you will have to find money out of your own pocket if your bike is damaged in an accident or is stolen, but it is a way to save, on average, about 30% on the cost of keeping your motorcycle insured.
You may also be able to get a good discount on your motorcycle insurance premium if you are a member of a motorcycle owners group or organization such as the Gold Wing Road Riders Association, American Motorcycle Association, or Harley Owners Group. When comparing motorcycle insurance companies ask each one if they offer such a discount.
To save even more money on your motorcycle insurance make sure you are not paying for thins you really have no use for. For example, if you already have a decent stealth insurance policy there is no need for you to pat for medical accident insurance on your motorcycle insurance policy because you already have coverage in that area. You may also not need to take passenger insurance if you never intend to have (although in some states that is mandatory)
In the end the best motorcycle insurance company for you depends upon who offers you the best coverage for the most reasonable rates and also one that has good reputation for customer service, something that seems fairly unimportant until you actually need to make a claim, at which point it often becomes the most important thing.