What you need to know about buying motorcycle insurance, including how to find the lowest quotes. How insurance companies rate motorcycle insurance and more.
- How do insurance companies rate motorcycle insurance?
- Do I have to have a motorcycle license to get insurance?
- Why is full coverage so much more than liability insurance on my bike?
- Are there benefits to using an agency to quote my motorcycle insurance?
- How can I find the lowest rate insurance quotes?
1. How do insurance companies rate motorcycle insurance? Insurance companies rate bicycle insurance in much the same way as auto insurance, with a few differences. Here’s a list of the top rating factors used to determine your fees …
- Zip Code: Areas with a higher loss history have a higher rate
- Date of birth: wisdom and security come with age
- Driving experience: more experience equals lower rates
- Marital status: married passengers enjoy slightly lower rates
- Violation history: more violations, more premium
- Coverages requested: better coverage, higher premiums
- Motorcycle value – only when purchasing full coverage
- CC size – size matters, bigger motors pay more
- Cycle Endorsement Date – The date you obtained a motorcycle license
- Discounts and other qualifying factors – ask your company for details
2. Do I have to have a motorcycle license to buy insurance? You do not need to obtain a motorcycle license to purchase motorcycle insurance, however having a motorcycle license influences your rates. Having a class M license shows the insurance company that you are an experienced driver and less likely to be involved in an accident. The longer you have your motorcycle license, the lower the fees. There are many companies available so you can buy motorcycle insurance even if you don’t have a license, but be prepared to pay a higher fee than those that do have a license.
3. Why is full coverage so much more than liability insurance on my bike? The reason full coverage motorcycle insurance is so much higher than liability is simply because of the risk involved. Remember, liability insurance covers others, what you are responsible for, and not your bike itself, and full coverage covers your bike as well as liability. If you hit someone with your motorcycle, your insurance company has to pay for the damages you caused to other people and their property. How much damage can you really do with a motorcycle? This is why motorcycle liability insurance is often so inexpensive. The damage you can cause to your bike reflects the fees you pay for liability. Now, it’s a completely different story when it comes to full coverage. Almost any type of accident will cause significant damage to your bike that you will have to pay for, resulting in much higher fees. Get quotes from both and compare your options before making a decision.
4. Are there benefits to using an agency to quote my motorcycle insurance? There are great benefits to using an agency. Agencies generally work with multiple traders who have different guidelines, prefer different types of risks, offer different discounts, and more. Agencies can enter your information into a comparative evaluator and instantly see the rates of all the companies they have to offer you. Agencies will generally do their best, including, but not limited to, offering all available discounts to help you find low-cost motorcycle insurance.
5. How can I find the lowest motorcycle quotes? When buying any type of insurance quotes, you want to do your best to provide the most accurate information. The reason you want to do this is because a company that offers you the lowest fares with, say, no tickets will generally not be the cheapest if you have a ticket. Each company has its own way of qualifying, so when comparing prices for your motorcycle insurance, please provide accurate information, especially with past tickets, to ensure that you are comparing accurate rates. Also, take the time to quote at least 3 different companies to understand the price range you have to pay. Lastly, make sure you get a quote from at least one agency, as one agency instantly quotes multiple companies so that with one call you get the lowest quote of many. Insurance agents can also generally offer discounts and advise on finding the right one. Lower motorcycle insurance quotes.