Now that you have found the bike for you, it’s time to get it insured. But, before you call just any insurance agent you will want to learn how the insurance company decides your rate.
By educating yourself on how the insurance company will view you, you can find the best insurance coverage for you and your bike while at the same time saving money. First, to find the best and cheapest motorcycle insurance you must understand how the insurance company will rate you:
1. Your Bike: If you have the latest and flashiest bike, that will cost you more than an older, basic motorcycle.
2. Your Age: As with auto insurance, usually the older you are the cheaper your rates will be. But, if you are new to operating motorcycles you will probably be in a higher rate category until you gain some riding experience.
3. Your Address: Sometimes the high insurance rates you receive can be greatly influenced by where you live. If you live and/or regularly drive in a high crime or high accident area, your rates will likely be higher than someone in a zip code with less crime and accidents.
4. Your Driving History: All accidents count. Even if you are new to a motorcycle, the accidents you had in your automobile will count against you. Therefore, the cleaner your driving record, the cheaper your insurance will be.
5. Your Job: Where you are driving to and parking your bike will influence your rate.
If you have to keep your bike parked on a construction site, you insurance may be increased due to the increased risk of injury to your bike.
Now that you know how the insurance company will view and rate you, here are some tips on how to get a good deal:
1. Shop, Shop, and Shop More: Insurance can vary widely in the same region.
Take a whole day to call as many companies as you can to get a rate quote. Shopping around for insurance can sometimes be the single best way to cut your insurance costs.
2. Securing Your Bike: What can you do to keep your bike more secure? If you can garage your bike, alarm it, or secure it somehow while it is parked, you may be able to secure yourself some discounts on your insurance.
3. Don’t Over insure: Remember, if something happens to your motorcycle, you will only receive the market value so over insuring will not help you get a higher price for your bike.
4. Mileage: If you only ride your bike once in a while during the summer for pleasure, you should be able to get a better rate if you can keep your mileage low.
5. Special Motorcycle Training: Taking special DMV or other motorcycle classes can help decrease you rate. Just make sure you keep your certification documents handy for the insurance company to view.
There is no reason to overpay one insurance company when another one is willing to give you a better deal. If an accident would occur you will get the same value for your bike regardless of what company you choose. By taking the time to find out how the insurance company will view you, your bike, and your riding habits, you can learn how to save while still getting a great policy.