If you fell in love with the idea of the open road this summer and are now thinking of buying a motorcycle, there are a few things you should know first.
Yes, you’ll need to take a course, earn a license, and buy your dream bike, but you’ll also be shopping around for insurance.
With that in mind, we put together an easy to understand guide on the basics of motorcycle insurance.
The Ins and Outs of Motorcycle Insurance
Motorcycle insurance is like car insurance in some ways as it protects you in the event of an accident and from the financial burden of medical bills or repair costs. A standard motorcycle policy will include third-party liability – which compensates you if you cause harm to another person or their property, as well as covers the costs associated with damage to your bike, accident benefits (if you have personal medical costs) and uninsured automobile coverage.
You also have the option to customize your coverage to better suit your needs. For instance, you can add comprehensive coverage protecting your bike when it’s parked from weather events, extend basic medical coverage, or get uninsured/underinsured motorists’ coverage if another driver is at fault and doesn’t have enough coverage to pay for your costs. Weight the costs and benefits to you when deciding what coverage is best for you.
Can I afford it?
Get a quote before you decide to buy a motorcycle to understand how much it costs. Will you buy or lease? What are your monthly payments? How much will gas cost? What about repairs? Where will you store your motorcycle for the winter? You should also shop around for insurance quotes or call your insurance broker for ideas on costs.
You should also review commonly asked questions about motorcycle insurance. Make sure to Get the right coverage for your needs: Minimum liability coverage isn’t always enough. It’s wise to get more coverage than you need as it’s better to be safe than sorry! Motorcycle liability-only coverage can be bought at a reasonable price too.
How to save on insurance when buying a motorcycle
Any new purchase should be something worthwhile and you’ll want to know you’re saving as much as you can with your purchase. There are a few things that can help with the costs.
- Include what you need: It’s critical to understand your insurance options and to buy what you need and suits your budget.
- Choose the right bike: Choose a bike that’s practical, that works for you, that makes you happy. Consider that the more exotic your bike or the bigger the engine is, the more it will cost to insure. Buying used can also be a good decision if you want to save some money.
- Increase your deductible: The more risk you’re willing to assume as a rider, the lower your premium will be. If you go for a higher deductible, you pay a larger share of a loss and so your monthly premium payment would be less. A minimum of $1,000 is recommended as a good benchmark to help reduce premium costs
- Shop around: You can buy insurance sometimes direct from an insurer. Most of the time you can shop online or Use a licensed insurance advisor to do all the shopping for you to compare quotes from leading providers. Depending on your current situation, you may have the opportunity to save quite a bit.
- Maintain a safe driving record: Driving safely on any vehicle will keep you and passengers out of danger and will also help save you on your insurance costs. Drive safely!
- Get your M1 license: Getting trained and certified will help motorcycle riders get a discount by pursuing their license, and if you pass a motorcycle safety course every three years.
- Get on the road: Time and experience will only help you build your experience and reduce your risk (and costs!) There’s still a lot of summer left so get on the open road, and enjoy your new ride!