It is possible to be covered under an existing motorcycle insurance policy, especially if it is one of your parent’s policies. There are many benefits to being able to remain on a parent’s car insurance policy, and this may be something you and your parents may seriously want to consider.
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If your parents already have a motorcycle insurance policy, then you can most likely simply be added to the policy so that you can drive the bike. If your parents want to just add you to the existing policy, then you will have to be properly added.
Driving Vehicles Already on the Policy
In order to add you to the policy the insurance agent will have to have a copy of your driving record and any records from driving or safety classes you may have taken. If your parents feel comfortable adding you to such a policy, then this is probably your best bet. It will be most likely be cheaper in the long run, especially when compared to the cost of simply buying your own policy. Keep reading to get an idea of the pros and cons of being on a parent’s policy versus having your own!
Overall Benefits of Being on a Parent’s Motorcycle Insurance Policy
Your parents can get lower premiums on policies for many reasons that will not be able to pertain to you. Younger drivers pay higher premiums for all types of driving insurance. This list of reasons includes such things as:
- Having a credit history
- Owning his or her own home
- Being married
- Lack of driving experience
- Higher statistics of accidents
Adding a motorcycle policy to an existing plan can be cheaper, because many (if not most) companies have a multiple car discount. Rather than simply paying the same premium for every car, they get a discount for every car, so that the overall cost for each is far cheaper than if they were all individually bought. Your parent or parents may already have multiple vehicles on their policy.
Premiums are determined based on driving records. If most everyone in the house as a good driving record, then the premium will be balanced in their favor even if someone else in the house and on the policy does not have as good of a driving record, or does not have a record at all (a new driver). So your parents’ insurance premiums will rise by adding you to their policy.
In general, you will probably have a more comprehensive policy that includes the kind of options that most people should have, but cannot always get. Your parents will most likely have more extensive coverage than you would likely get on your own.
Your Own Policy?
If you are interested in the option of purchasing your own motorcycle insurance policy, or if you do not think you could be added to an existing policy, then you should know that there are definitely pros and cons to both options, and need to weigh the decision carefully.
- If their existing policy is for a much more expensive motorcycle than you drive, you should know that will make the policy that much more expensive. If your parents are expecting you to pay your part of the policy, then you will want to take the difference in cost into consideration.
- Having your own policy gives you more freedom in general, and many people simply want their own policies. With your own policy, you can pay for the kind of coverage you need and want. You can choose who you want your insurance carrier to be, and you can have full responsibility for the policy. Some really thrive on that kind of responsibility, especially as it can help teach you financial responsibility.
There are many kinds of different insurance policies that you can purchase for your motorcycle. If you have a more expensive bike, then you will definitely want a more extensive policy.
Some people who have a cheaper bike opt out of having collision coverage, which will help repair or replace the motorcycle in the case of an accident. This, however, is a decision you must make very carefully; many will say that this is not the wisest decision. Make sure to get lots of advice on this before you choose one way or the other.
Use the free online quote tool that can quickly and easily provide you with free motorcycle insurance premium quotes. A tool like the one found on this page can help you get a good idea of all of your options. Take the quotes, and compare the different kinds of policies. You may find that it is better to try to convince your parents to let you stay with them, or you may very well find out that your own policy is not that far out of your reach at all!
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