Top Tips for Buying Motorcycle Insurance

By Greg Gordie

Having to purchase insurance for pleasure seems like just too much to handle. Here are some little tidbits of information to make this easier for you.

If you need to purchase insurance for your motorcycle, these rates vary widely depending on the kind of motorcycle you have. For a midsize or small motorcycle your insurance cost could be as little as $200 if you use it for pleasure or just to get to work. However if you have a racing bike this premium could jump to $1,000. These are yearly rates.

You could lower your cost if you don't provide collision coverage; this would probably be worth it if you are buying an inexpensive motorcycle. If you are spending a little money on it, however, collision would be pretty important. If you can't pay cash, and a bank is financing this motorcycle, they would require you to provide collision coverage.

Another type of insurance you might consider passing up for your motorcycle is medical. This would be possible if you are covered by a policy at work. If you do have medical insurance with your motorcycle policy, it would only kick in if your other policy didn't pay the charges.

Some states, (but not all) require you to have guest passenger insurance. Most automobile policies do have guest passenger coverage, but if your state requires it, you will have to have it on your motorcycle policy unless you never plan to ride anyone else on your bike.

You can also lower your premium by raising your deductible. Lots of people use a small deductible because in case of an accident, there is less money out of pocket. If you can afford a little money out of pocket, a larger deductible will save you money every month.

Not long ago, Allstate offered discounts on motorcycle insurance if you belonged to a motorcycle group. A few of the groups mentioned were Gold Wing Touring Group, American Motorcycles Association, Venture Touring Group, BMW Motorcycles Owners of America, Gold Wing Road Riders Harley Owners Group, and Motorcycles Safety Foundation. I am sure there are others, but these are a few that Allstate offered the discount to.

"No Fault Insurance" is not applicable to motorcycles. Since No Fault means that no matter who caused the accident you are protected, this is important to know. Most motorcycle riders are seriously injured or even killed in an accident so this rule does not apply to motorcycle insurance.

Looking at how well you pay your bills and your credit score is one way insurance companies decide to issue you a policy. If you are good about paying your bills and you pay on time, they will most likely offer you a discount. The thinking is that if you pay your bills on time and your credit score is decent, you are a more responsible person than someone who does not.

Deciding what coverage you need and how much coverage you need takes some thought. Take the time to shop and compare both insurance companies and motorcycles.

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