How Much Could Motorcycle Insurance Cost You?

James Bond is perhaps the only human being who could get involved in a motorcycle accident and walk away without a single scratch. On second thought, James Bond is a fictional character who doesn’t need to worry about liability, motorcycle insurance quotes and different types of policies providing the most alluring benefits.

Riders who want to avoid risks that could put their safety and welfare on the line acknowledge the importance of motorcycle insurance. They are fully aware of the fact that the right policy can enable them to preserve their financial independence in any given set of circumstances and overcome the darkest moments of their lives.

Wondering how much money you’d have to spend on motorcycle insurance? Let’s find out.

Opting for the Ideal Coverage

There are two categories of people who are shopping around for insurance: those who aren’t really worried about costs and those who are pinching pennies and would do everything it takes to profit from significant financial savings. If you are one of the people who want to preserve their resources and invest in the cheapest motorcycle insurance, you should know that you could make a smart purchase by simply checking out motorcycle insurance quotes online. This is the easiest method to compare rates and spot the best carriers offering you discounts and special deals that are difficult to pass up.

Here’s another thing that you should know: motorcycle insurance is cheaper than car insurance. At the same time, you should be aware of the fact that insurance companies rely on the same criteria when it comes to calculating the cost of your policy. Your driving record, age, location, type of motorcycle, its current condition and your credit history are very important elements that will inevitability determine the overall amount of money that you’ll have to spend on your policy.

Some people think that basic liability coverage is the best option at hand for them, in terms of costs and benefits. Financial Web indicates that this type of policy could trigger expenses ranging from 100 dollars to 400 dollars on an annual basis. Adding various extra coverage levels will cost you. Nonetheless, useful extras like comprehensive coverage or collision could come in handy, especially if you own a very expensive bike requiring costly repairs or replacement.

Reasons Why Some Bikers Are Forced to Spend More Money on Motorcycle Insurance

Do you spend more money on motorcycle insurance than your neighbor, despite the fact that you have purchased the same type of policy from the same insurance company? This doesn’t mean that you were scammed. Insurance companies rely on different factors, including the ones listed above, to determine the cost of a policy offered to a certain beneficiary.

For instance, someone who is a 21 year-old client will always pay much more than a 50-year-old customer, simply because young men are considered less responsible and less prudent than experienced, older bikers. Obviously, insurers offer discounts and various other perks to ideal candidates who are less likely to get involved in accidents and file a claim.

For this reason, people who live in overcrowded urban areas, where more accidents take place on a daily basis, are changed more than clients who live in rural communities where the chances of causing an accident are very slim.

Find the Best Ways to Lower Your Premiums

Fortunately, the insurance industry is a very competitive sector. This means that insurers will also be willing to offer prospects the chance to save big on motorcycle insurance. All you have to do is to apply a series of tips meant to get you one step closer to considerable savings. For instance, you could choose to pay your premium up-front, and not on a monthly basis, like most bikers. In this situation, most carriers will offer you a small discount. Also, choose to buy motorcycle insurance from the same carrier that also offers health insurance, life insurance, car insurance, house insurance or small business insurance. Insurers appreciate your loyalty and will repay it by giving you the chance to save more than a few dollars when you get a new policy.

Store your motorcycle in the garage; do everything in your power to minimize theft risks and reduce the number of miles recorded on a monthly basis. These are the best strategies that you could implement, to lower your insurance premiums. Moreover, a little planning can go a long way. If you are getting ready to purchase a new motorcycle, note that factors like its weight, make, style and size will inevitably influence your premiums.

It may also be a good idea to increase your deductible. A higher deductible will lead to lower monthly premiums. For instance, let’s say that your deductible is 400 dollars and you get involved in an accident leading to damages estimated at 1800 dollars. You would only pay 400 dollars out of your own pockets. The insurance company would cover the difference, offering you 1,400 dollars to fix your motorcycle. A higher deductible (let’s say 1000 dollars) would make you pay a considerable amount of money up-front, in the event of an accident, but at the same time it would also lower your monthly premiums by up to 40%. If you are a highly experienced biker with a good driving history, this would a great option for you, enabling you to keep costs under control and save big in the long run.

Discuss Your Options with an Insurance Agent to Eliminate Doubts and Uncertainties

Some people spend only 300 dollars on motorcycle insurance, while others pay 3 times as much on an annual basis. Are you worried that you could end up wasting money on the wrong type of policy or that you would buy less coverage than you actually need? In this case, get free motorcycle insurance quotes and then schedule a meeting with a competent insurance agent, who could help you select the right policy, based on your demands, real needs and financial possibilities.