Motorcycle Insurance Articles
How To Secure Low Insurance Rates For New Motorcycles
2010-12-19
Securing low insurance rates for new motorcycles can be a challenge, depending upon how the motorcycle is being bought, the make and model and the age and driving history of the insured. If the purchase of the bike is being financed, it's a good bet the financial institution holding the lien will insist on everything available to protect their interests. This will probably include collision and comprehensive, in addition to the liability protection required by most states.
If you are young and new to motorcycle riding, you'll just have to accept the fact that insurance for your bike is going to be expensive, especially if your motorcycle is being financed. Insurance companies keep pretty accurate statistics, since statistics are their business, and they have a pretty good idea of what happens when you put an 18-year old on the back of a 1000 cc pocket-rocket. In most cases, he'll drive it fast and, perhaps, not ultra-safely.
For the company, this is a high-risk rider. The only way an insurance underwriter can afford to assume this kind of disproportionately high risk is to charge disproportionately high premium amounts. Car insurance companies are good at calculating risk factors.
New motorcycles, especially big road bikes, aren't cheap to buy, repair or replace. And with a motorcycle, even a minor mishap can cause expensive damage. Two-wheelers are just more vulnerable to damage because of their unstable nature and lack of bodily protection. Insurance companies take all of this into consideration when underwriting a policy.
To get low insurance rates for your new motorcycle it might be a good idea to start with the company currently carrying your automobile coverage. Maybe you can just add the bike onto your existing policy. After all, they know you can't be driving your car and riding on your bike at the same time. This might be your lowest cost option, and with a company you already know and trust.
Most insurance policies sold today begin with someone going online and looking for some information regarding what's currently available and at what cost. You can go to comparison sites that will provide a list of price quotes from multiple insurance providers, which certainly makes the job of finding coverage easier. Just be sure to do a little research into the subject.
The cheapest vehicle insurance you can buy is whatever your state's minimum requirements are. This coverage will be strictly liability protection and will not pay toward your own losses, but only the other guy's. Adding collision and comprehensive makes the policy more expensive but adds valuable benefits too. Do a fair comparison and then buy from a company you trust.