Cruiser. Sport bike. Touring bike. Dirt bike. Getting on the road on a motorcycle is a unique experience. But whether you use a motorcycle to make your daily commute or only hop on it during the weekends, it’s important to have the right insurance. Here are some important things you need to know about getting insurance for your motorcycle.
Do you need motorcycle insurance?
Like auto insurance, 46 states require motorcycle owners to get insurance policy with liability coverage. This covers bodily injuries and property damage should you cause an accident. There are only four states that don't require this, which are Washington, Montana, New Hampshire and Florida. If you live in one of these states and plan to travel out of them, you will need to purchase an insurance policy
What types of coverage are available?
Liability. Motorcycle owners will need liability coverage to pay for any bodily injury and property damage you cause to others if you're at fault for an accident, up to the limits you choose. In some states, you can also buy guest passenger liability coverage.
Comprehensive and collision. You can also purchase comprehensive and/or collision coverage. Collision covers damage to your bike if it’s involved in an accident. Comprehensive covers any damage or losses caused by something other than an accident, such as your bike being stolen, catching on fire or is vandalized. You choose a deductible for these coverages. The lower the deductibles, the higher the premium amount will be.
Uninsured/underinsured motorist. This type of insurance covers you and your motorcycle in the event you’re involved in an accident with someone who doesn't have insurance, or not enough.
Other coverages. Depending on what state you live in and your insurer, there may be other types of coverage available to you. For instance, you may find coverage for customized motorcycle parts, towing, roadside assistance and trailer coverage.
How to save money on motorcycle insurance
Insurance companies offer discounts on motorcycle insurance policies, just as they do with car and homeowners insurance. Be sure to let your insurance company know if you have taken a motorcycle safety class or if you have multiple motorcycles.
Some insurance companies also offer an infrequent rider discount. If you’re willing to bundle your motorcycle insurance with your car or home, you may be eligible for a multi-policy discount.
How much does motorcycle insurance cost?
The cost of motorcycle insurance depends on a range of factors, but the most common are: your age, driving history, where you live, the model and engine size of your motorcycle, and how long you've been riding a motorcycle.
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Where can you get a quote?
Most insurance companies offer motorcycle insurance, including all the major national insurance carriers. It’s important to get a few quotes to compare rates and make sure you get the coverage you need.
You can get a quote the old-fashioned way by calling local insurance agents, or you can get an online motorcycle insurance quote. To get an online quote, you can visit different insurance company's websites and request one. The drawback is that this process can be time-consuming as you have to type in the same information over and over.
Alternatively, you can contact an independent insurance agency like Squeeze for multiple quotes. The benefit is that you only have to supply the information once and they'll check the rates at several insurance companies for you.