Top 5 motorcycle insurance policies
If you’re planning to purchase a motorcycle, there are several types of insurance policies you’ll want to familiarize yourself with before you head out to the dealership. Here are five of the most popular policies and why they’re so important to consider when buying motorcycle insurance.
The most important point #1: You will be covered
All states require that you carry liability insurance on your vehicle, but every state requires very different minimum amounts. One of the reasons that car insurance can be so expensive is because it covers everything from property damage to emergency medical care for others who might get hurt in an accident. So if you’re not carrying at least a minimum amount of liability insurance, then technically you are driving illegally.
The most important point #2: The coverage you receive
Most companies offer a $50,000 deductible for death and dismemberment. However, it is worth noting that certain insurance providers (such as Progressive) offer coverage with a $10,000 deductible. While you may save money on premiums by choosing a lower-deductible policy, keep in mind that if you make claims you will have to pay upfront. Also important: how much coverage do you need?
The most important point #3: Insurance rates
The price of your insurance is going to be determined by a number of factors, like age, driving history, vehicle type, and location. All things being equal, a newer bike with better safety features will likely cost more to insure than an older bike with fewer features. Likewise, drivers between 18 and 25 years old are typically charged higher rates than older motorists. And drivers in higher-risk areas (think Manhattan) will pay more for coverage as well.
The most important point #4: Deductibles
The deductible is what you must pay before your insurance company will start to pay. Low deductibles are usually more expensive than high deductibles, and vice versa. If you know that you’re not likely to have accidents (say, if you already have several years of driving experience), it might be a good idea to choose a low deductible for your policy. That way, if something does happen, it won’t put too much of a dent in your budget or change your financial situation too drastically.
Getting insurance for your motorcycle is more than just buying a policy and then calling it a day. Different states have different requirements, even if you’re just riding around your neighborhood, so it’s important to research each company thoroughly and make sure they offer what you need. If they don’t offer something, keep looking. And when you finally buy a policy, read it carefully so that you know what’s covered in case of an accident or theft.