Motorcycle Insurance Articles
How Deductible Amounts Affect Motorcycle Insurance Quotes
2010-10-06
When you look for motorcycle insurance quotes, you'll quickly notice that deductibles have a large effect on policy prices. The higher the deductibles, the lower your quotes will be; unfortunately, high deductibles will also put you at risk. Choosing an affordable, reasonable deductible is a crucial part of picking out a motorcycle insurance policy. In order to choose a good deductible for your motorcycle insurance quotes, you need to understand precisely how deductibles work.
Your deductible is the amount of money that you pay before your motorcycle insurance coverage kicks in. If you had a deductible of $500 and your total motorcycle insurance claim was $1500, your insurance company would pay for $1,000 and you would pay for $500. This also means that if you submitted a claim under $500, you might as well not submit the insurance claim at all--you won't get any money for it. Insurance companies offer lower motorcycle insurance quotes to bike owners that choose higher deductibles, as this limits their risks. Motorcycle riders choose high deductibles to try to avoid high monthly insurance fees, but at a certain point, a high deductible may greatly reduce the overall value of your motorcycle insurance policy.
You may have several types of different insurance deductibles for different types of motorcycle insurance coverage. This is to help make certain types of coverage more useful without artificially inflating the overall price of your motorcycle insurance quotes, but be sure to look at all of your deductibles to understand how your coverage will work to protect you. Coordinate your motorcycle insurance deductibles with the amounts of coverage that you're buying. You should consider the value of your motorcycle when choosing a deductible. Think about what you could realistically pay if an accident were to occur and don't set yourself up for a bad financial situation. It may be a good idea to talk with your motorcycle insurance agent about your deductible in order to choose a policy that will keep your rates low without offering irresponsibly low deductibles.
Rather than changing your deductibles, you can get a lower motorcycle insurance rate by shopping around before you buy a policy. Look online and gather motorcycle insurance quotes from some of the major insurance companies and see what options are available. See if you qualify for any special motorcycle insurance discounts. Talk to your agent, and use discounts and quotes as leverage to lower the cost of your policy before you begin raising your deductibles. This is the best way to keep your coverage strong while paying the lowest amount possible for your monthly motorcycle insurance premiums.