Affordable Motorcycle Insurance That Doesn't Spare Great Coverage

Affordable motorcycle insurance can be hard to find if you don’t know where to look or specifics to look for. It’s important to become familiar with different coverage options (e.g. liability, collision, comprehensive) before settling with a company. Never simply choose the first company you come across due to their extremely low rate. There are more factors to consider in the decision-making process.

Step 1 – Do Your Research

As you research various insurance companies, learn more about each one’s reputation, licensure, and financial status. If the company is licensed in your state, has a solid reputation among customers, and is in good financial status, they could be a good option for you.

Go to your state’s Department of Insurance website to learn about insurance companies with positive customer service ratings and reviews. And of course, be aware of fraud and scams by checking each company’s status with the Better Business Bureau.

Step 2 – Read The Fine Print

Just as you’re trying to find affordable motorcycle insurance to save money, insurance companies are trying to save too. During your comparison shopping, read the fine print and find out what each company excludes or limits in their policy. Often what you think is a good deal is really just bad coverage.

Step 3 – Go Beyond the Required Limit

For motorcycle insurance, most states require liability, at a minimum. It is suggested, however, that you purchase more than the required minimum coverage. Consider such options as collision, which pays for damages caused in an accident, or comprehensive, which covers non-driving damages such as fire and theft. It may cost a little more each month, but it could save you thousands if you ever need to submit a claim.

Step 4 – Find Discounts

To find affordable motorcycle insurance, it’s going to take some research and work on your part. Ask your company about the following discounts you may be eligible for.
  • If you rarely ride your motorcycle, ask about a low mileage discount.
  • If you insure more than one motorcycle, or have health or home insurance with the company, you’re likely eligible for a discount.
  • If you pay your policy in-full or by electronic funds transfer, you may be eligible for a discount.
  • If your bike has an anti-theft device, you could receive a safety feature discount.
  • If you belong to a motorcycle group or club, ask about group rates.
Step 5 – Lose Coverage You Don’t Need

Another way to get affordable motorcycle insurance is to adjust the policy based on your financial or living situation.
  • If you have enough money to pay for repairs in the event of an accident, you may want to raise your deductible.
  • If you have an older motorcycle that has depreciated in value, you might want to limit additional coverage options such as collision.
  • If you live in a state that receives heavy ice and snow in the winter, ask about a lay-up policy. Most lay-up policies suspend driving-related insurance such as liability and collision during winter months.
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