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Buyer’s Guide to Cheap Motorcycle Insurance

Sunday, April 4th, 2010

So you are looking at getting new Motorcycle? Before you head on to the dealership to purchase, you want to make sure you have motorcycle insurance lined up first! In some certain States such as California, you can’t even purchase a motorcycle without having motorcycle insurance lined up first! So, how do you get a cheap motorcycle insurance quote?

Just like getting a loan, you shop around. There are many companies that offer motorcycle insurance and your best bet in finding a cheap insurance company is to shop around and compare.

Here are some factors that motorcycle insurance companies will look at before they determine your insurance rates.

1. Your Personal Liabilities

Motorcycle insurance is similar to auto insurance. Your age and driving record will affect your insurance rates. If you have speeding tickets or accidents your rates will be high. Same with being age, if you are a first time rider and being young, your rates will be higher then an experienced rider with a clean record.

2. Where You Live & Storage

Where you live and where you work will affect your insurance rates as well. If you live or work in a high crime area, your insurance rates will be higher. A garage, an alarm or any other form of security is required for a motorcycle. Leaving your motorcycle outside with no security is a high risk for insurance companies

3. The Bike

Just like cars, the older bike is going to cost more then the new sports bike.

4. How much you ride

Depending on where you live and how often you ride will affect your rates as well. If you live in a country area with lots of twisty roads, your insurance rates might be higher. If you are only using this bike on the weekends or occasional purposes, make sure you tell your motorcycle insurance company agent and your rates should be lower.

5. Avoid Over Insuring

It doesn’t matter how much insurance you buy, because you’ll never get more then market value for your bike in the event of an accident. Keep in mind that your motorcycle insurance rate is not just based on your bike, but also your riding habits, age, and riding record. Once you find out exactly how you are going to be riding, you can then pick a insurance plan.

3rd Party Liability: Insurance that covers other people and their property in the event of an accident that is your fault.  Instead of you personally paying for the damage to the other party’s property, your insurance pays the bill.  It doesn’t cover damage to you or your property.  Most states require you to have at least liability insurance on your bike.

Full Coverage Insurance: (also called “comprehensive”) is available in different amounts, and will cover you and your property in an accident, whether the event was your fault, someone else’s, or “no-fault”.  Full coverage also extends to any passengers on your bike present in the accident.

Remember that having motorcycle insurance is very important as a rider. In the event of an accident, a serious injury is much more likely occur then being in a car accident. You want to make sure you are covered and protected at all times. The best way to get the cheapest motorcycle insurance rates is to do your research and compare!

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