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Avoiding A Lapse In Coverage When Switching To A New Motorcycle Insurance Policy


When shopping for motorcycle insurance, even a 24-hour lapse in coverage can have unpleasant consequences, including but not limited to rate increases and denial of coverage. When seeking low cost motorcycle insurance, it becomes even more important to avoid lapses in coverage. Before beginning the search for a new motorcycle insurance policy, check with the existing policy to determine early policy termination fees and any other relevant information needed to prepare for a shift to a new insurance policy. Taking this extra step may reduce the possibility of a lapse in coverage.

With the advent of online shopping, it becomes easier than ever before to search for a motorcycle insurance quote online. While finding low cost motorcycle insurance is not any easier than locating a quality low cost policy for home or auto, there are many ways to lower the premium. Membership in major motorcycle clubs such as the American Motorcycle Association often comes with premium discounts for participating carriers. Completing a motorcycle safety course, owning more than one bike, or bundling motorcycle insurance in with other existing policies, as well as safety features such as anti-lock brakes or an anti-theft alarm, can further reduce premiums. Customer loyalty retention programs, low mileage discounts, opting for higher deductibles, and excellent credit scores can further reduce premiums.

Lapses in coverage are most easily avoided through frequent reassessment of policy needs and costs. If the plan is to switch insurance carriers, do not wait until the final month of coverage to do so, as many carriers will cancel the policy the moment the motorcycle insurance premium is not received. It is also important to remember that it is necessary to cancel a policy with an existing carrier before switching to a new carrier to avoid paying double premiums. Be sure not to cancel an existing policy before confirming that new coverage will be provided and give each carrier the exact date of cancellation and start-up to avoid lapses.

Other tips to avoid a motorcycle insurance coverage lapse include paying premiums annually to avoid interruptions in coverage and late payment fees due to forgetting to pay a premium. If a lapse occurs, shop around and get several quotes to use as leverage to get the best deal. Expect to incur higher fees as coverage lapses indicate to the new carrier that the applicant is a higher risk candidate. Showing proof of excellent payment track record and uninterrupted coverage on other items such as auto, home, and life or health insurance policies combined with a truthful account of why the lapse occurred, can also go a long way to build goodwill with the new carrier and keep re-instatement costs to a minimum.

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