Thinking of buying a motorcycle? Insurance is one of the major costs you need to consider when buying, financing or leasing a motorcycle. Depending on your state and insurance provider, the cost of coverage can be high. As a result, you may think it’s not affordable. Unfortunately, that isn’t always the case. However, with some research and preparation ahead of time, you can save money on your motorcycle insurance premium. Whether you’re financing your bike or leasing it over a period of months, these tips will help you get the best rate possible.
Know Your Coverage Options Before You Buy
When looking for motorcycle insurance, it’s important to understand your coverage options. When you have a basic policy, you’re only covered for liability. This means that if you cause an accident and someone is injured, your policy will pay for their medical bills. You have no coverage for any damages to your own motorcycle or bike in this case. A comprehensive policy, on the other hand, will pay for damages to your bike, as well as medical bills for others. If you are financing a new bike, it’s a good idea to add full coverage so that you’re covered if your bike is stolen, damaged or stolen. Full coverage is also recommended if you have a lien on your motorcycle. If you don’t have full coverage, your lienholder may require you to have liability insurance only.
Check your credit score before you apply
Before you apply for motorcycle insurance, it’s a good idea to check your credit score. If you have bad credit or no credit at all, it’s possible you’ll pay higher rates than others who have better credit. With a bad credit score, you may be charged a much higher rate than someone with a good credit score. If you’re planning to finance the bike, you might want to consider taking the following steps to improve your credit before you apply: – Pay off any existing credit card balances – Paying off credit card debt will help improve your credit score. – Apply for and open a new credit card – Applying for a new card will also help increase your score. – Get a secured credit card – A secured credit card can help you build a positive credit history.
Shop around and compare quotes
Before you commit to buying a motorcycle and applying for insurance, see if you can shop around for a better rate. Take the time to shop around and get quotes from a few insurance companies. You may find that the rates vary from company to company, even if you have the same coverage. If you have a good driving record, you can ask your current insurance company if they offer any special driver discounts. For example, if you’re under 25, you may qualify for a good driver discount. You may even be eligible for a lower rate if you’re over 25 with a clean driving record. If your state requires you to have motorcycle insurance, you can also shop around online to find the best rates. Start with a few quotes to get an idea of the rates you’ll be charged. Then, you can find other companies that offer lower rates.
Ask for a Good Driver Discount
If you have a clean driving record, you may qualify for a good driver discount. Most insurance companies offer this discount to drivers who have a few years of experience without any accidents or traffic violations. The length of time you need to go accident-free varies from company to company. It may be as short as six months or as long as five years. If you’re a good driver, you’ll have an easier time finding lower rates. Even if you have a few years of experience driving, you may qualify for a good driver discount if you have a clean driving record. This discount will help lower your premium.
Drive safely to keep your premium low
Even if you qualify for a good driver discount, you may see your premiums go up if you start driving recklessly. That’s because one accident or traffic violation could dramatically increase your premium. Keep your driving record clean and low by following these tips: – Drive slowly – If you’re constantly speeding or driving recklessly, you’re more likely to get into an accident. – Avoid driving when you’re tired – When you’re tired, you’re more likely to be in an accident. – Avoid distractions while driving – Things like eating while driving or trying to type something while behind the wheel can cause you to get into an accident.
Conclusion
Motorcycle insurance can be costly if you don’t prepare for it. Before you buy, shop around for quotes and make sure you qualify for a good driver discount. With these tips, you can avoid paying a high premium and start saving money on your motorcycle insurance.
