Posts Tagged cheap motorcycle ins
Rev Up On Your Knowledge Of Motorcycle Insurance
In the olden days when motorcycles were considered death traps, no thanks to the absence of safety features and accessories, motorcycle insurance could be the death of you even before you hopped on your beloved bike.
Fortunately, the increasing popularity of motorcycles coupled with the increasing number of insurers has led to price drops in this area of insurance. And the better news is that more comprehensive cover is available for virtually all types of motorcycles, be it for motocross or for cross country custom bikes.
Types of Cover: Indeed, many first-time owners of motorcycles find it easy to insure their rides considering the variety of choices available. Many, if not most, insurers will offer the following types of cover for their clients, the final quote price given depends on many factors like age of the rider, type of motorcycle and desired level of insurance.
- Third party liability: This is the cheapest of all motorcycle insurance policies, which the law perceives as the minimum requirement for cover. The insurance company will only pay for the damages done to other vehicles as caused by your motorcycle, if and when you are involved in an accident.
- Third party, fire and theft: A step up over the third party liability insurance, you will also be compensated if your bike goes up in flames or if it is stolen. Sounds like the ‘Wild Hogs’ can use this level of cover!
- Fully comprehensive: This is the most expensive but the most comprehensive of all insurance for motorcycles. You will be covered for third party liabilities as well as damages to your motorcycle in the event of theft and fire. If you have the money for it, opt for this level of cover because you never know what might happen on your travels.
Of course, if you still want more cover and you have the money and need for it, well, then go for optional extras. Think along the lines of helmet and leather cover or overseas travel all of which may or may not be worth the money in the end.
Tips to choosing among types:
In order to choose the best policy for your motorcycle, you need to know what kind of cover you want in the first place. Keep in mind that the more comprehensive the cover, the more expensive it will be. Not to say that you are involved in an accident or your bike bursts into flames aka Ghostrider or somebody sees fit to steal your chopper but in many instances, comprehensive insurance is well worth the money. However, don’t jump into the first comprehensive insurance policy offered to you. It is very important to do comparison shopping as you want to get the best deal at the best price.
There are many resources that you can go to for your comparison shopping. You can browse the Internet for online insurers as well as sites that offer instant quotes from many insurers. You may also scan the telephone directory to ask for quotes from mainstream insurers.
Just remember that you must keep an open mind and a closed wallet during your search. This way, you will not make impulsive decisions about your cheap motorcycle insurance that may be to your detriment.
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Find Cheap Motorcycle Insurance Rates Online
You might be wondering why your buddy who also owns a motorcycle has cheaper insurance than you have. Well, you might have forgotten that motorcycle insurance rates differ from one motorcycle owner to the next.
Just because you have the same brand of motorcycle, it means that you will be paying the same amount for insurance.
When you purchase insurance, you have to know that there are different factors that determine your motorcycle insurance rates. These factors work on different ways compared to standard car insurance. But these influence how low or how high your premiums are.
Read on for you to know the factors that affect your motorcycle insurance rates and discover tips on how you can get the best quotes for your motorcycle insurance.
First and foremost, your age is a factor. Motorcycle insurance rates affect the age of the driver. The higher insurance rates are for female motorists who are below 21. Male drivers below 25 also have relatively higher motorcycle insurance rates.
These limits differ between the different states so you have to check your insurance agent just to be sure. If your age is within the “high risk” zone, you might consider waiting to buy your motorcycle in a couple of years.
If not, you can expect high rates just because of how old you are. It may not seem fair but that is how the cookie crumbles.
Your insurance company will also check your driving record. This is the standard routine because this is one of the most important factors in determining your motorcycle insurance rates.
If you´ve had a good record in the past and have not been involved in any accident, then your motorcycle insurance rates are lower than those who have been in motorcycle accidents.
It is not a known fact but experience in riding motorcycles is considered by insurance companies when calculating the motorcycle insurance rates. If you have bought your first motorcycle, then the chances are you have higher motorcycle insurance rates.
You can compare from one insurance company to the next and see if there are differences. That is why we advise you to shop around.
Location is also another factor on your motorcycle insurance rates. If you live in an area that has high crime or accident rates, your motorcycle insurance rates will be higher compared to let´s say living in an area that has low accident or crime rates.
The insurance premium depends on the risk your motorcycle has, and we have to admit it, it´s understandable.
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Be A ‘Cheapo’ But Not A Cheapskate On Motorcycle Insurance
First off, we must split hairs. On one hand, a cheapskate is an individual who tries to avoid paying for his or her fair share of the expenses involved in any purchase. On the other hand, a ‘cheapo’ is a person willing to pay the fair share of expenses only that they must be as reasonable as possible!
Indeed, it is a fine line that must be trodden cautiously especially where insurance for your motorbike is concerned.
You want to be a ‘cheapo’ but not a cheapskate where insurance for your beloved bike is concerned simply because you want to be offered the best possible cover without paying too much for it. After all, you can always use the savings on insurance costs to make your ride jazzier, snazzier and safer!
Show proof of competency as a driver: Insurance companies often provide lower insurance premiums for comprehensive insurance cover if and when you can show sufficient proof of your competence as a driver. Proof such as a full motorcycle license, clean accident and speeding records and even certificates for advanced motorcycle driving courses are very valuable for this purpose.
Your clean driver’s record in relation to accidents and speeding tickets will be construed to mean that you are a low-risk individual. As such, your premiums will be lower than those for high-risk individuals who have had accidents on their motorcycles, especially if it can be shown that it was their fault.
Also, your certificates of advanced driving lessons are proof that you know how to handle your ride better than other riders. Of course, the insurer will still determine if the certificates are valid in the first place and if it is in accordance within their policies. Plus, if you have been an avid biker for decades and you have a relatively clean record, the insurer will likely reduce your motorcycle insurance premiums. Like it or not, younger bikers often have higher premiums in the belief, mistaken or not, that they are reckless and with less experience and hence, prone to accidents.
Make your motorcycle as theft-proof as possible: This is especially true if you are taking out an insurance policy that covers theft. You should be able to negotiate for lower premiums if you can show proof that all the necessary measures to protect your ride against theft have been taken – besides you sleeping, eating and living beside your bike, of course! Think along the lines of immobilisers and alarm systems. Also, you can show the insurers that your storage methods are safe. Place padlocks and theft alarms on the garage, if you have to, add anchor points as well.
There are other ways to lower your premiums on your insurance, of course. You can state that you only use the motorcycle for recreation, not for regular commuting. You can stick to the standard stock instead of customising your ride. You can settle for a motorcycle with lower horse power, (then again, where’s the fun in that?)
No matter which type of cheap motorcycle insurance you choose, the most important thing is to pay a reasonable price for the expected benefits. This way, you can indeed become a ‘cheapo’ without being a cheapskate!
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Five Things That Influence Your Motorcycle Insurance Price
1. Your Credit Score:
Yes, this is number one. Getting cheap motorcycle insurance is much easier when you have a quality credit score. A good credit score is considered as any score above 710. This does not mean that motorcycle insurance is unavailable for someone with a lower score, it just means that with a score at 710 or above you will most likely be able to take advantage of the greatest insurance rates.
If you have a credit score that is near 710, but not yet there, we recommend that you take the time to apply some methods for credit score improvement. Two of the most simple ways to quickly improve a credit score is to pay down credit card balances and to dispute any negative credit history that you have a solid argument against.
2. Your Deductible:
The higher your deductible is the lower your monthly payment for motorcycle will be. There is a simple reason for this, because the higher your deductible is the more money you will be paying out in the event of an insurance claim. This not only reduces the risk of the insurance provider, but also most likely this knowledge will influence your quality of driving.
3. Your Driving history:
Your history has a large influence in the price that you will pay for motorcycle insurance. The cheapest motorcycle insurance will go to individuals who have an extensive motorcycle history as well as a history that has very few, if any, claims against the driver.
Age can have a certain amount of influence in this regard. Older individuals tend to get lower rates on motorcycle insurance. So, the older you are, the greater likelihood you are going to find a quality, competitive rate on insurance.
4. Purchasing batch insurance
Buying insurance in batches is when you buy multiple types of insurance from the same company. Some companies offer discounts on insurance when it is purchased in addition to other insurance types such as life insurance, medical insurance, mortgage insurance and most commonly, car insurance. Call your insurance provider and see if they offer any discounts when you buy multiple types of insurance with them.
5. Type of motorcycle
Without going into too much detail on various makes and models, let us simply say that typically the two most expensive types of bikes to insure are sport bikes, also called crotch rockets, and touring motorcycles. Crotch rockets are expensive due to their power and speed, touring bikes are expensive due to the amount of driving that is normally done on them.
Conclusion:
Now that you know 5 of the most influential factors on getting cheap motorcycle insurance we recommend that you get multiple quotes to ensure that the company you decide on is offering you a competitive offer.
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How to Get the Cheapest Motorcycle Insurance
You finally have the bike that you want. The next practical step is to get insurance. If you are on a look-out for the cheapest motorcycle insurance, then you have to bring out your directory and call every insurance agent you can get your hands on to know what their insurance companies offer. From there, you can decide which one to get.
You need to educate yourself on how the insurance companies work. If you want the cheapest motorcycle insurance, you need to at least make sure that this will cover your bike and your own safety while you are saving money. You have to understand also how the insurance companies will rate you as their client. It’s not only you eyeing the potential partner.
First of all, insurance companies will rate you based on your bike. If you have the flashiest and latest model, it will be hard for you to get the cheapest motorbike insurance because it will cost you more. Try it out. Ask your fellow bike enthusiasts who have the basic and older motorcycles. You will realize that they have cheap motorcycle insurance.
Secondly, they also rate you with your age. The older you are, the cheaper your motorbike insurance will be. If you are new to the whole motorcycle as a hobby and all, you will find yourself in a category that has higher rates. If you gain the experience that you need as a motorcyclist, you can finally have the cheapest motorbike insurance that you want.
It may not be obvious but insurance companies also rate you by your address. The high insurance rates are offered to those who live in areas with high accidents and high crimes, as opposed to areas that have lower rates of crimes and accidents.
Driving history is also a factor for getting the cheapest motorbike insurance. Regardless you are new to motorcycles or not, the accidents that you have had in your previous riding experiences can be detrimental for you. Make sure that you have a clean driving record when you apply for insurance. If your slate is clear, then your chance of getting cheap motorcycle insurance is also high.
Finally, your job can affect the rate of your motorcycle insurance. Insurance companies will look at where you are driving to and where you are parking your bike. If you park your bike near a construction site, the insurance company will charge you with a higher rate because this will mean a higher possibility of your bike being put at risk.
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