Finding a  good deal on a good motorcycle insurance policy can be quite a difficult task. Even with today’s “fifteen minutes or less” quick and easy Internet quotes, motorcycle insurance rates for any motorcycle can vary by hundreds of dollars a year from company to company but also by which elements a rider chooses to incorporate into the motorcycle insurance policy they eventually buy.

To make a decision that makes financial sense but still gives you adequate coverage , it is very important you understand the basic types of motorcycle insurance coverage as well as how you can save money on the policy you eventually choose to purchase.

Liability and Property Damage Motorcycle Insurance

Almost all the states in the US mandate that motorcyclists carry liability and property damage as the minimum motorcycle insurance allowed. Liability insurance is also sometimes referred to as bodily injury insurance and it basically means that if it were to be determined that an accident involving the injury of another person was your fault then your insurance will cover their related medical expenses/provide damages. The property damage element relates to any damage caused to someone else’s personal property (their bike, their car etc.) in an accident that it is determined was your fault.

Most people who own their own bike may be perfectly happy with this minimum coverage but if you are leasing or financing your motorcycle it is very rare that your lender would find this low level of coverage unacceptable, one of the reasons why it essential that you find out from your lender exactly how much coverage they expect you to carry on the motorbike that they are providing you with the finance for.

Collision and Comprehensive Motorcycle Insurance

If you have a leased or financed bike, a brand new bike or a more expensive bike collision and comprehensive motorcycle insurance are elements you may need – and should certainly consider – adding to the basic motorcycle insurance policy described above, Comprehensive motorcycle insurance covers you in the event that your motorcycle is damaged by fire, flood or vandalism or if it is stolen. Many people who choose to take a state maximum insurance policy do not realize that such a policy does not cover them for these kinds of eventual ties and get a nasty surprise when something does go wrong.

Collision insurance covers your bike for the cost of repairing damages it picks up in an accident, something that once again the state minimum coverage does not, that kind of basic coverage only covers damage to the other party’s motorcycle.

Both comprehensive and collision insurance come with a deductible attached to them. A deductible is a certain amount of money you agree you will be responsible for paying before your insurance coverage kicks in and that amount can be as low as $50 or as much as several hundred dollars. Usually the higher the deductible you agree to the lower your monthly premiums will be.

Another thing that some riders who do pay extra money on their motorcycle insurance policy for comprehensive and/or collision insurance is that when it comes to replacing damaged parts your insurance company will only cover factory standard items. For example if you chose to install  a new Yoshimura racing pipe onto your Suzuki GSX-R1000 motorcycle to improve its performance if that pipe is damaged a replacement will not be covered under the usual collision or comprehensive coverage most motorcycle insurance companies provide. If you do like to customize your bike (or bikes) a lot you can purchase specialist insurance that will cover the higher end parts in the event of accident or theft.

Uninsured Motorist Coverage

Another important motorcycle insurance coverage type that you should consider taking is uninsured motorist coverage. Unfortunately there are a lot of insured car drivers and motorcyclists on the roads and if you are involved in an accident that is the fault of such a motorist obviously they have no insurance coverage to cover any of your costs and you may be left thousands of dollars out of pocket through no fault of your own. By paying a little extra for uninsured motorist coverage on your motorcycle insurance policy you will have the piece of mind of knowing that if you are unlucky enough to encounter an uninsured motorist in an accident your own insurance policy will cover both your own medical expenses and any damages to your motorcycle.

Money Saving Tips

There are ways you can secure yourself a motorcycle insurance policy that provides good coverage and still save money on your monthly premiums. Here are a few tips for doing just that:

Take a Higher Deductible

If you have weighed up all the pros and cons and have decided that purchasing both comprehensive and collision coverage for your motorcycle is the best course of action for you it still may come as quite a nasty shock when you get your monthly premium quote, especially if you ride a high end sport bike. The single easiest and most effective way to lower that monthly premium rate is to agree to a higher deductible. Taking a higher deductible can shave as much as 30% off the actual dollar figure attached to your monthly payment.

Claim all Your Discounts

Most motorcycle insurance companies offer discounts for certain things but it may be up to you to make sure you are getting all the discounts you might be entitled to. Common motorcycle insurance discounts include:

• Not having had an accident in 3 years
• Not having had a moving violation in 3 years
• Being a motorcyclist over the age of 50
• Riding a motorcycle equipped with anti lock breaks
• Riding  motorcycle equipped with an anti theft device
• Low annual mileage
• Completing a defensive riding course
• Completing a motorcycle safety course

 

Combine All Your Insurance Policies

You can save quite a lot of money of you combine all of your insurance policies and take them all out with the same company. If you combine your motorcycle insurance with your car, homeowners, renter and/or life insurance policies many companies offer a good discount on them all. It is also far easier to keep track of them all as well!