Welcome!! introduction to cheap motorcyle insurance strategies.
We will cover some basic factors in obtaining cheap motorcycle insurance. Motorcycle insurance is a little more complicated then regular auto insurance because it requires a different way of looking at things. One of the main reasons is due to high possibility of severe injury and possible death. Your goal should be looking at the things in a realistic point of view and still trying to get affordable and cheap motorcycle insurance without putting yourself at risk due to not having enough coverage.
We will cover liability insurance, comprehensive coverage, custom parts and equipment insurance, medical insurance, and few other parts of cheap motorcycle insurance coverage options.
Obvious result that we all want is to be covered when thing go wrong be it the crazy driver that does not pay attention and changes lanes in to you or the moronic drive that turns left in front of you without looking and almost changes your life forever. These are the chances you take when you ride motorcycle.
When shopping for cheap motorcycle insurance, make sure you shop around and get quotes from as many providers as possible, sure it takes some time but if you let say take couple of hours to shop around and in return save $200 dollars will that be worth it? I think so, unless you make more then $100 dollars an hour. Here is a tip, create an information sheet with all of your info and fire up you internet email account or if you have access to a fax machine that will also help and fax or email your information to the providers.Now this will be a good tip if you are shopping by phone and I like personally like that option as it saves you lots of time filling out many and repetitive online forums.
Another thing not to forget when shopping around for cheap motorcycle insurance is deductible. I’m sure you already know that the higher the deductible the lower the premium will be. So, the deductible will depend on your preference or your immediate financial situation. Sometimes you can try and negotiate a smaller deductible but it is a rare case.
The last thing to do is making sure you read the whole policy and be sure to pay attention to the coverage in reference to total loss and make sure you pay close attention to your coverage policy regarding other drivers and passengers. The bottom like is shop around and be smart, it’s not impossible to have cheap motorcycle insurance and be well covered. Stay tune as we cover more aspects of insurance coverage basics.
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Keys for cheap motorcycle liability insurance
When shopping for cheap motorcycle insurance, one of the really important things to looks for is liability insurance. In most US states and many countries liability insurance is required if you ride a motorcycle and most US states also require a minimum amount of liability on your motorcycle. Liability insurance does not cover you or your motorcycle, but it does cover you if you get into an accident or cause an accident or you let some else drive your motorcycle and they get in accident.
Is it possible to still keep cheap motorcycle insurance cheap? And still be well covered, the answer is no, because the more coverage you buy the more expensive it becomes. The good news is that you should get as much of liability insurance as you need, meaning don’t over protect yourself. I know this sounds crazy but let’s look at the facts. If you don’t have anything of high value in real property, like a home or large savings account or pretty much what attorneys will go after, then you should keep your liability no basic and this in turn will keep you cheap motorcycle insurance dreams alive. Now if you have things of high value then protecting it will make lots of sense and the amount of liability should be much greater in order to protect yourself from law suits.
Liability insurance will not only cover bodily injury it will also cover property damage, this should be looked at closely, and you should get property damage that will cover most vehicle and the basic coverage of most states will do that for most part but you might want to get a little more as cars are
getting more and more expensive. On the other hand, motorcycle usually don’t cause lots of damage and the cars will usually get fixed and not be declared total loss.
One more thing you should really look at when examining your option for liability insurance is what’s called Guest Passenger Liability, this will cover your passenger if he or she is injured, Guest Passenger Liability varies from state to state, so ask your provider or agent for more details. After reviewing all the aspects of liability insurance, it is still possible to have cheap motorcycle insurance and good coverage.
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Understanding motorcycle insurance collition coverage
Another important part in getting cheap motorcycle insurance is understanding collision coverage.
The reason collision coverage is import is due to the simple fact it covers your motorcycle, so it’s pretty much the opposite of liability insurance. Collision coverage will pay for your motorcycle damage, keep in mind regardless if it is cheap motorcycle insurance or expensive, it will only pay the amount your bike is worth at the time of the accident.
You can sometimes buy gap insurance at the time of buying your motorcycle from the dealer. The gap insurance will cover the difference between the amount owed to the bank and what is the value of you motorcycle at the time. Gap insurance won’t cover any aftermarket parts, so you will need additional coverage witch we will cover in another post. In addition to cheap motorcycle insurance, gap insurance is a good idea, and you can negotiate the cost of it at the time of purchasing your bike.
Once again we cover the deductible as it relates to collision insurance. If you already know what your deductible will be and can afford it then there is not much more to thing about, but you should give it a little more thought as it’s more than likely you will need to pay that amount. So if your bike gets stolen and we all know motorcycles get stolen a lot, and then you will need to pay that amount and if you’re deductible is $1000 dollars that might not sit well with you. So if you get cheap motorcycle insurance just for the cheap monthly payment, and you ignore deductible, it might cost you 10 percent of your motorcycle purchase, just to get your bike back.
Collision insurance is a good idea and it should be a part of you cheap motorcycle insurance, and should be part of your overall coverage.
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