To get the best motorcycle insurance rates, you simply have to take the time to shop around and compare the different quotes that you get. There are many companies that offer motorcycle insurance and each has its own guidelines. By comparing quotes you can be sure you get competitive rates for good quality coverage.
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Deciding what actually constitutes the best motorcycle insurance rates means looking beyond the price. The best rate also includes:
- The maximum amount of coverage appropriate for the value of your bike
- Limits high enough to provide the financial protection you need
- The quote that fits your budget
Take the time to learn about the different types of coverage for motorcyclists and the rate differences in order to be able to make the best decision possible.
Types of Coverage for Motorcyclists
There are different types of coverage available for motorcyclists. A policy will definitely include some, if not all the following types of coverage:
- Bodily injury liability coverage will pay out to a third party if you are at fault in an accident and the other person is injured or killed. It also provides legal defense if you are sued due to a motorcycle accident. The limit of coverage you need to carry will vary from state to state. Make sure you have at least the minimum required in your state, though more is better.
- Property damage liability coverage will pay for any damages that you cause to another person’s property as the result of a motorcycle accident. Like bodily injury liability coverage, it also takes care of the cost of legal defense if necessary in the case of a lawsuit arising from such an accident. This coverage is also mandatory in most states.
- Uninsured/underinsured motorist coverage will pay for injuries incurred in an accident caused by a driver with no insurance or insufficient insurance.
- Collision coverage is your own personal property damage coverage for when your motorcycle is damaged through an at-fault accident. It also covers your helmet.
- Comprehensive coverage is personal property damage protection for those losses that are out of your control, such as theft, vandalism, fire and animal collision.
- Medical payments is coverage that also goes by the terms no-fault or personal injury protection. It provides medical coverage for injuries sustained by you or your passengers, regardless of fault.
- Accessories coverage goes hand in hand with collision and comprehensive coverage, extending protection to your accessories. Items covered include seats, backrests, saddlebags, CB radios and chrome pieces. You can get varying amounts of this type of coverage.
Understanding the Differences in Rates
As with many types of motor vehicle insurance, there are many different companies out there offering motorcycle insurance and they all have different rates. Even though you share the same information with each insurer you contact, you will receive different price quotes. This is because each company has different underwriting guidelines that they must abide by. Some companies offer discounts and special offers that some people qualify for while others do not. The insurer with the great rates that a fellow biker raves about may not be the best insurer for you.
Some insurers have lower rates than others because they are financially unstable. They cut their rates in order to attract additional business so they can rebuild their business. For the person insuring their motorcycle through such a firm, the chance of the insurer being unable to pay benefits is higher than usual.
Get Motorcycle Insurance Rates Now
If you know the types of coverage you want for your motorcycle insurance and understand the rate differences you will likely encounter, it is time to get some actual quotes and start comparing them. By putting an online tool to work for you, the quotes you need will be delivered quickly and easily.
To start you simply input your zip code and the free quote tool will ask you a variety of questions about your driving record, the type of motorcycle you own and the coverage you want. Once gathered, that information will be submitted to multiple insurers that offer motorcycle insurance in your area. Before you know it quotes will begin to arrive.
As you compare the rates you are given, be sure to look beyond the price. You should also check out the reputation of the company in terms of customer service and financial stability. You can find out how a company treats its customers by doing an online search or by contacting the state department of insurance to learn about the complaints filed on that company. To find out about the financial stability of a firm, get the independent insurance rating for that firm, as assigned by A.M. Best, Standard & Poor’s, Moody’s or a similar company.
Get started today shopping for the best motorcycle insurance rates now by putting a quote tool to work for you.