Motorcycle Insurance Articles
How To Keep Motorcycle Insurance Costs Down After A Major Accident
2010-03-22
After a major collision on your motorcycle, the last thing that you should have to worry about is your motorcycle insurance. Even if you are lucky enough to walk away from an accident unscathed, your insurance coverage may not be so lucky. Many customers find that their motorcycle insurance premium goes way up after an accident, leaving their bank account as mangled as their bike. With a bit of careful planning, however, you can keep your motorcycle rates low after a major collision. You just need to be smart about a few key decisions.
One of the most important things for you to realize after a major collision is that it is almost inevitable that your rates will go up. What you can control is how much they rise. A small rise in rates could be manageable, while a larger hike is often disastrous. If you want your insurance carrier to be fair with you, you need to be fair with them. This means that you need to be thorough and accurate with your report to the insurance company. If you hide information from your insurance company, you can be convicted of fraud. The absolute best case in that scenario would be that your rates go through the roof. Avoid the hassle, and the possible rate hike, by being upfront and honest with your insurance carrier.
Another way to lower your motorcycle rates after an accident is to make sure that you are driving an economical model on the road. Motorcycles that are less flashy and safer have much lower rates than those that are used for racing. If you have just experienced a major motorcycle collision, and are expecting your rates to rise as a result, it makes good financial sense to garage your racing ride for a while. Even if you are just setting aside your favorite bike for a year, you can save enough in that year by switching to an older model to offset the fee hikes. Call your carrier and ask for a motorcycle insurance quote on a different bike to see how a swap can affect your bottom line.
If you are really in a financial bind after a major collision, you may want to consider switching to low cost motorcycle insurance. While the companies that advertise the lowest rates do not often have the best benefits, the bottom line is that you need to be insured to be on the road. Switch to a new carrier if you need to, swap out your bike if necessary, and always be honest and you will be able to keep your motorcycle insurance rates low after a major collision.