Motorcycle Insurance Articles
Managing Your Motorcycle Insurance Costs By Changing Your Coverage Limits
2010-10-29
Changing your motorcycle insurance coverage limits can have a drastic and immediate effect on the cost of your policy. Unfortunately, changing limits will also change the value of your policy, and for many riders, the trick is finding a policy that provides sufficient coverage with low motorcycle insurance rates. Bike owners often end up overbuying coverage, but the good news is that coverage limits can always be readjusted for better insurance rates and an appropriate amount of protection for the rider and his or her bike.
Before changing your motorcycle insurance coverage limits, you will need to decide which coverage types that you will need in case of an accident. There may be add-ons that offer no real value to your policy, so finding and eliminating these extra coverage types is an essential step for keeping your motorcycle insurance rates low. For example, if you never carry passengers on your bike and you have a decent medical insurance policy, personal injury protection may be a wholly unnecessary part of your motorcycle insurance coverage. You may not need 24/7 roadside assistance coverage if you only travel on local roads. You may not need a great deal of comprehensive motorcycle insurance coverage if you drive a low-cost bike, and you would rather pay out-of-pocket for repairs after an accident.
On the other hand, it is unwise to take any unnecessary risks when changing your motorcycle insurance coverage limits. You still want to have enough coverage to keep yourself protected after an accident; this means decent amounts of collision insurance and plenty of liability coverage. You will ultimately need to determine how your riding habits affect your need for insurance and find a policy that fits your lifestyle and bike. No two motorcycle riders will need the exact same amounts of coverage in all areas, so talk to a motorcycle insurance agent and try to get a realistic idea of what an accident could cost you. Buy motorcycle insurance coverage limits that match your needs, but do not be afraid to lower your coverage in some areas when necessary.
Finally, do not forget that there are other ways to keep your motorcycle insurance rates low other than adjusting your coverage limits. Look online for insurance quotes on a regular basis to check what your policy should cost. Ask your insurance agent about special discounts that are available for your policy, and look into ways to lower your insurance risks to keep your costs down. Every motorcycle owner can get a great rate for any amount of coverage; however, lowering your motorcycle insurance coverage limits is an important and sometimes necessary step to get the most out of your bike's insurance policy.