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
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
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
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