Bike insurance is essential for protecting you, your motorcycle and other drivers. While most people are familiar with the standards of car insurance and motorcycle insurance, bike insurance is often unfamiliar and making smart decisions can be more complicated.
First, determine your insurance needs. Do you need only liability and collision insurance? Are you buying an expensive bike and want insurance against theft and vandalism? Are you planning on riding in races or dirt bike competitions, and may want more extensive insurance for possible injuries?
Next, learn about what factors influence premiums. Insurance companies base part of the decision on premiums based on the cost of repairs, so often lower premiums are lower on motorcycles manufactured by reputable companies. Keep this in consideration as you shop for a bike. Insurance companies will also consider your expected usage of the bike. Daily drivers will have higher premiums than bikes used primarily for weekend recreation.
Think about where you will store your motorcycle. Regardless of what choices you make on coverage, you’ll want to include theft and vandalism protection. If you can store your bike in a garage or other secure location, then your premiums will be lower than if you park the bike on the street. The cost of a small storage shed for your motorcycle may pay for itself in the savings in your premium.
Before you begin to shop for insurance, know the laws in your state. Every state except Florida currently requires bikers to carry liability insurance. Some states also require personal injury and medical payments insurance. Know the legal minimums you are required to carry, and have a list of additional protections you are considering before getting quotes on premiums.
If you insurance premium is too high, consider completing a motorcycle safety course. The Motorcycle Safety Foundation offers courses throughout the US. Confirm that the course you will be taking is recognized by your insurance company before signing up. Accredited courses can save you 10-15% on your premiums. Many insurance companies also offer discounts for members of motorcycle clubs or associations.
Regardless of your riding experience, you need to carry insurance for you and your bike. Don’t try to ride without it; the cost of an accident or injury will be exorbitantly more than even the most expensive insurance policy.
*Talk to one of our agents to learn more about bike insurance.