Worst Mistakes You Could Make When Purchasing Motorcycle Insurance

Refusing to invest in motorcycle insurance would be as risky as accepting to ride a bike without a helmet. Even if you are a skilled, experienced rider who knows how to avoid collisions, you have to realize that there are several risk factors that you just cannot control or anticipate. You could get hit by a drunk driver, or your bike could be impacted by extreme weather conditions. Man-made or natural disasters can affect the looks and functionality of your bike.

Moreover, your motorcycle could be stolen or vandalized by gang members. These are all plausible worst case scenarios that should be taken into consideration. If you were to deal with one of these unpleasant situations without counting on the right insurance policy, you would be forced to cover all expenses associated with repairs or replacements out of your own pockets. In this context, it becomes obvious that motorcycle insurance can help you avoid unpredicted expenses, protect your financial balance and help you attain peace of mind, knowing that you are prepared to face the unforeseen.

Nonetheless, buying the right type of coverage is not as easy as it may seem, especially if you plan to save more than a couple of dollars in the process and walk away with a truly convenient policy. To make an informed purchase, you have to know how to avoid the steps that could guide you in the wrong direction. Below you will find 5 of the most common mistakes people make when it comes to spending their cash on motorcycle insurance.

1)      Not Shopping Around

This is a huge mistake made by potential buyers who always seem to be in a hurry. Most of them choose to discuss their options with the representatives from the insurance company that also offers them car insurance, house insurance, life insurance or health insurance. While the decision to group your policies can indeed lead to financial savings, it is not recommended to shake hands with your insurer without analyzing their offer and comparing it with various other alternatives.

You could start by getting free motorcycle insurance quotes from Insurance Quote Depot. You just have to compare rates online, in a time-effective manner, in the comfort of your own home. This will enable you to spot the hottest deals launched by different carriers and settle for the one that works best for you.

2)      Not Opting For The Right Type Of Coverage

Even though we are not able to predict the future, we can always put our main concerns on paper and develop and implement a series of protective measures designed to keep common threats at bay. For instance, most people who visit their insurer and tell him that they want to pay for full coverage assume that their motorcycle insurance also includes Uninsured Motorist coverage (UM) or Underinsured Motorist coverage (UIM).

While it is perfectly true that automobile insurance policy must include UM/UIM coverage, this rule does not apply for motorcycle insurance. Therefore, if you own a bike and wish to be fully covered, make sure you specify that you want your policy to include UM/UIM coverage. Even though it is not mandatory, this type of coverage is extremely important for 2 main reasons

a)      In most cases motorcycle accidents trigger injuries that are much more severe than the ones sustained by the people involved in car accidents

b)      Since motorcycle injuries are very severe and even life-threatening in some cases, quite often drivers that caused the accident do not have enough coverage to cope with the hospital bills and medical treatments reported by victims

 

3)      Not Profiting From The Discounts You Are Eligible For

This is another major mistake that people make simply because they are not fully aware of the fact that they are entitled to several discounts. For instance, older bikers are often charged less than younger ones because they are more experienced and less likely to cause an accident. Bikers living in rural areas where less motorcycle accidents are recorded can also profit from smaller rates.

Riders with a spotless driving record can also unlock considerable financial savings. Generally speaking, rates vary a great deal from one insurer to another, based on a plentitude of factors, including your location, the make and model of your bike, its value and even its storage method. All in all, make sure you schedule an appointment with multiple insurers and ask them to indicate all the discounts that you are eligible for before making a final call.

4)      Thinking That Friends Driving Your Bike  Would  Cover Expenses In The Event Of An Accident

You would be surprised to find out how many riders fall into this trap. In reality, if you were to lend your bike to a friend who were to get involved in an accident, your claim would be on your very own policy and your insurance company would have to cover the injuries and losses. Your rate could also increase. The fact that you weren’t riding the bike at the time of the accident doesn’t minimize your responsibly.

5)      Thinking That A Small Insurance Claim Won’t Affect Your Rate Like A Big One Would

This may sound pretty logical, but in fact any kind of accident that impacts your history also affects your rate, even if your insurer doesn’t spend a cent out of his own pockets to cover your prejudice. Potential increases vary a great deal according to you carrier, your previous driving record and also the circumstances surrounding the accident.

These are only 5 of the most common mistakes people make when they feel ready to purchase a motorcycle insurance policy. Lack of research is a capital sin that often leads to unnecessary expenses and misguided purchases. To avoid miscalculations, determine the type of coverage that you actually need and evaluate your budget to find out how much money you can actually afford to spend on your policy. Afterwards, check out motorcycle insurance quotes available online and go for the best offer.