The Basics of Motorcycle Insurance: What You Need to Know

Your motorcycle is your pride and joy. You’ve spent time building the bike of your dreams through customization and addition of aftermarket or fabricated parts. Now you need to make sure that your motorcycle is adequately insured so that your hard-earned money is not wasted in the event of an unfortunate accident.

However, first of all, you need to understand what a traditional policy covers and then talk to your insurance agent about the amount of coverage you will need to protect your investment.

How Much Motorcycle Insurance Do You Need?

Just like an auto insurance policy, your motorcycle insurance must meet your state’s minimum requirements. You will also require adequate insurance to cover all of your personal assets. This will include the aftermarket or fabricated parts as well as other customizations performed on your bike to make it unique. In most cases, your insurance company will provide you the amount of coverage you need. If not, you may have to buy an umbrella policy that will extend your existing coverage limits to the levels you need.

How Much Does Motorcycle Insurance Cost?

Several factors will affect the cost of your motorcycle insurance.

  • Your age and location are two of the most important factors that can affect your motorcycle insurance premiums. Generally, teen and old-aged drivers are considered to be riskier than the rest of the population. Similarly, living in areas prone to bad weather or theft and vandalism will increase your premiums.
  • The type of bike you have as well as any custom work or special accessories you have added to your bike, will also be taken into consideration.
  • Your driving history and other potential risks will also be included in the assessment. The more accidents you have been involved in, the higher will be your insurance costs as insurance providers will consider you to be riskier than others.
  • The amount of deductible you choose and coverage limits are also part of the equation. Generally, if your deductibles (that is the amount you pay out of pocket before your coverage kicks in) are high, your premiums will be low and vice versa. Also, getting a comprehensive coverage with higher limits will cost you more than a standard motorcycle insurance policy.

Each individual faces different levels of risks, so it’s important to know your unique position before deciding on your coverage limits and the related costs.

How Can You Save on Motorcycle Insurance?

There are several ways to save money on motorcycle insurance.

  • First and foremost, look for safe driver discounts and avoid receiving any citations or tickets.
  • Join a motorcycle organization that offers discounts on insurance.
  • Complete a motorcycle safe driving course that teaches you how to handle your bike in adverse conditions and situations. This way, you can avoid accidents and claims that could raise your insurance costs.
  • It’s also a good idea to show where you will store your bike to protect it against adverse weather and possible theft.

Know the value of your motorcycle and make sure that you have the exact coverage you need to replace or repair it if needed. Sometimes it’s better to pay a little more for a policy to ensure you have sufficient coverage.

If you have a motorcycle that is unique, you need to find an insurance policy that will be able to protect you from financial loss in the event of an accident. Understanding what customization and the use of aftermarket or fabricated parts will do to the actual value of your motorcycle is important to determine their effect on the overall insurance costs.

The agents at Jack Stone Insurance Agency are here to help you learn more about motorcycle insurance and the different types of coverage it provides. Contact us to get started today!

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