FINDING THE BEST - CHEAP
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You've gotten a quote, but it wasn't exactly as cheap as you may have hoped. What if you can't afford the premiums right away? Is it required or can you toss the dice and wait awhile to get insured?
Most states require that you have at least liability insurance on your bike. This is good news because in the insurance world liability insurance generally means low cost, affordable coverage. However, if you have a loan at the bank to buy your bike, chances are they are going to want you to have enough coverage to cover the money owed on your vehicle.
How much is motorcycle insurance, you ask? Well, there is no one answer to that question.
There are three types of policies:
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LIABILITY
Liability policies will cover injuries or damages to the OTHER guy. This is the cheapest policy, but it does nothing for YOU. - COLLISION
Collision will pay to repair the damages to YOUR bike. - COMPREHENSIVE
Comprehensive will pay if your motorcycle is in a fire, gets stolen or the old lady gets mad and vandalizes it. Ok...if ANYBODY vandalizes it.
These descriptions over simplify things, but that's the basics.
When shopping for whichever of the above coverages you feel that you may need, be sure to get motorcycle insurance coverage that will replace your bike in the event of a major motorcycle wreck in which it's totalled. Be careful that the fine print does not say that the company will only pay depreciated value. You know how much a brand new Harley Davidson like the one you own costs new, right? Well, make sure that if you total yours that you can get a replacement with your insurance settlement!
HOW DO THEY COME UP WITH A PREMIUM AMOUNT AND HOW CAN I LOWER IT?
Like everything now, the insurance agent will more than likely have a handy little computer program where he enters information about you. Once he does that, the program spits out what you're going to be out every month, quarter or whatever for insurance.
What information does he feed the machine? He keys in or calls into his central office stuff like:
- Your bike's engine size
- What kind and brand motorcycle it is
- How old you are and how good your driving record is
- What you will use the bike for ex: to ride to work or for enjoyment
- How FAR will you be riding it per year
- What part of the country you live in
Example:
If you have a customized chopper you built yourself from a kit, that you tricked out with loads of chrome, accessories and horsepower, expect to pay extra for motorcycle insurance. All that showoff potential costs big bucks in replacement value and don't you think that insurance executives haven't learned that lesson! You will be paying top rates if this is your scenario. Cheap or even affordable motorcycle insurance may be a challenge for this rider to find.
If you are a grandmother and have a vintage scooter with a basket that you use to buzz to the library from time to time. It stands to reason that the price you pay will be considerably cheaper than our first example.
The good news is whether you need specialty motorcycle insurance as the rider of a high powered chopper or to insure a treasured antique, shopping for low cost insurance out there has never been easier!
There's no need to race from one agent's office to another frantically fill out paperwork to find the best motorcycle insurance deal in town. It's so easy to get free motorcycle insurance quotes online or even over the telephone. All those insurers are out there competing for your business and the winner of the competition with some smart comparison shopping will be you!
Disclaimer: This website is for information only. Always refer to the laws and safety rules in your state and use your own judgement in regards to your personal safety.
