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A Beginner's Guide to Motorcycle Insurance

Buying motorcycle insurance is the same as buying any other product. Before you sign an agreement you should do some comparison shopping to make sure you are getting the best possible value for your dollar. Motorcycle insurance experts advise getting at least three quotes from three separate insurance companies before you make a decision about which policy is best for you.

When examining motorcycle insurance policies it is important for you to ask yourself three questions: "Does the insurer offer a fair and competitive price compared to other quotes?" "Are there any caveats in the policy that may affect the insurer's capacity to pay?" and "Am I willing to pay more for the convenience of quality personal service?"

No matter what an insurance company representative tells you, it is solely your responsibility to read and fully comprehend the details of any policy. If the language in a policy seems lofty, contradictory or confusing you might be dealing with a company that is trying to get you to agree to 'loopholes." This may enable them to avoid paying promptly (or at all) for certain incidents or liabilities.

Also pay attention to the schedules for payouts that should be attached to such agreements. If the company is not clear and concise about when they pay out after a claim is made, then you are advised to shop elsewhere for a different policy.

If you do have questions about a policy and a customer representative from the company seems reluctant or unable to answer them then this is a definite sign that you should purchase your motorcycle insurance elsewhere.

Insurance companies are rated and regulated by independent consumer organizations and government-run agencies. Before you buy motorcycle insurance you are advised to check out the company's track record. The company should be financially strong with adequate reserves to pay claims. Usually these agencies and organizations can supply web sites or brochures that provide ratings that assess each insurance company's financial position as well as their ability to pay promptly.

The Insurance Information Institute suggests a few cost-saving measures for individuals shopping for motorcycle insurance.

First of all it is to your benefit to ask for a higher total deductible. Deductibles represent the amount of money that you must pay before you can make a claim.

Like automobile insurance, motorcycle insurance usually includes two main types of deductibles: collision and comprehensive coverage. Comprehensive compensates you in the event of fire, theft, injury or accidental death.

When dealing with a representative of an insurance company, you are best advised to ask for a higher deductible. In most cases, the insurance company will offer you a package that provides both types of coverage for a lower price. For instance, investing $500 instead of $200 could lower your overall costs for both collision and comprehensive coverage by fifteen to thirty percent.

Most motorcycle insurance policies are based on a number of predetermined miles that are driven by you each year. It is to your advantage to inquire about whether or not the company will offer you a discount if you fall short of this mileage during the insurable period. Reputable insurance companies are offering this kind of discount as an incentive to customers.

Insurance companies also offer a discount if you manage not to have an accident within three years. Students who are motorcyclists might want to inquire as to whether or not the insurance company would lower their costs for taking a driving or training course. Some insurance companies will even offer discounts to young motorcyclists who have good grades.

You are also fortunate if you live in a rural area, as motorcycle insurance costs tend to be lower for individuals who are not residents of a city. This is because the insurance company considers your odds of having an accident to be much higher if you are driving your motorcycle in areas where there is traffic congestion.

Although you obviously want to get the best "deal" possible, it might be a mistake to settle for the cheapest motorcycle insurance policy. "You get what you pay for" is an old adage that applies to most purchases, including motorcycle insurance.



 

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