Cheap Motorcycle Insurance

Okay, so your looking for cheap motorcycle insurance because you just bought your first motorcycle or maybe you had a bike for years, either way you’re looking for cheap motorcycle insurance. Do yourself a favor, DO NOT go ask your neighbor how much he is paying. Have you ever had a discussion with anyone you know over the cost of any insurance? Did the two of you ever actually pulled out your respective policies and compare them side by side to see if there was reason why he paid more or less than you? NO! Trust me or not, I can tell you, there are reasons and many of them. Finding cheap motorcycle insurance is not like shopping for a can of corn. There is considerably more to it than just the price marked on the can. First, you have to understand how the insurance companies make up their rates. They have these things they refer to as “rating factors”. These rating factors will consist of data such as your age, your driving record, your address and what you do for a living. It’s not so much that they care what you do, but rather, how far you drive in order to do it. Other factors that come into play are the make, model and age of your motorcycle. Let’s go over some of these factors.

Your age: like it or not, statistically, older people don’t have as many accidents as younger people. The older you are, the cheaper your motorcycle insurance is going to be.Your driving record: this is pretty much straight forward. If you have a history free of accidents and tickets, your motorcycle insurance is going to be cheaper. Your address: geographical areas are categorized into “territories”. Each territory gets a separate rate classification. It you happen to live in a lower rated area, you are going to pay less. Why is one area high than another? Unfortunately, some areas are higher crime areas than others. If you happen to live in a high crime area, the insurance company has a greater exposure for loss due to theft. This is just one example. Your work: remember, not what you do, but how far you go. The fewer miles you drive to work (i.e.-less than 3) the cheaper your motorcycle insurance is going to be. Also, if you work in a high crime area and your bike is parked outside, there is a greater exposure to loss due to theft on the part of the insurance company.Your motorcycle: Okay, let’s be practical here. If you have a big, flashy bike that goes fast and is worth a lot of money, you are going to pay more for insurance. In the event that the insurance company has to pay a claim, they are looking at a greater expenditure. So, the smaller the bike, the less flashy it is, the less high performance it is, the cheaper your motorcycle insurance is going to be. It all makes sense, if you think about it.

Here is another factor. Limits of Liability. This can vary from state to state because each state has their own minimum requirements. Aside from the state’s minimum requirement, you have your own requirements. If you own nothing and have no savings that anyone could take if you injured them and they sued you, then you don’t really have anything to protect. In this case, your need for much more than the minimum is negligible, thus, making your motorcycle insurance cheap. On the other hand, if you own a house, own a business, own a couple of cars, a boat or anything else and have money in the bank, you have a lot to protect. You better have a lot of liability insurance. And as a result your insurance is going to cost more.

So now you have a better idea of what factors impact your cost for insurance. What’s next? Shop, shop,shop and when you think you have shopped enough, make a few more calls. All insurance companies do not have the same rates, so check with all of them. It’s time consuming, but you want cheap motorcycle insurance, right? Let the insurance company know that you take steps to protect your investment. You keep it in a locked garage whenever possible. When it is not possible, you secure with lock and chain. Let the insurance company know that you have taken special and approved training courses given by DMV. This will probably get you a discount. Just remember, you will need the certificate. Insurance companies will not take you word for it. There is no reason to overpay for insurance. In order to get cheap motorcycle insurance for yourself, you have to do the things that will help you achieve that goal. And make sure you buy only what you need. Make sure you discuss you situation with someone you trust.