Getting the motor bike of your dreams doesn't end with the purchase, you need insurance. One thing is for sure, if you don't have insurance and were pulled over while driving, you could be faced with heavy fines. In worse cases, some states like Florida have laws that can cause the uninsured motorbike riders involved in certain accidents to lose their license and registration or be required to purchase high risk insurance coverage. Whatever the case, it is beneficial to consider motorcycle insurance.
Complying with the Law
While insurance laws vary with each state, they all mandate a minimum bodily injury liability and property damage coverage. In many states, these coverage requirements are the same for cars and motorbikes. Under Tennessee law, for instance, the minimum body injury insurance is $25,000 per person injured and $50,000 per accident while property damages must be covered for at least $25,000. It is now up to the rider to find cheap motorcycle insurance that can provide this coverage in the state where he or she lives.
Some Things to Consider
The next logical step after learning this information is to scout out potential insurance companies. That means shopping around and getting multiple quotes. It doesn't mean you should skimp on the essentials of coverage. Apart from a bodily injury and property damage coverage as required by law, it should also cover uninsured motorist coverage in case the other party in the accident is not insured.
Moreover, if you plan on carrying a passenger with you on your motor bike, know that unlike in automobile insurance, passengers riding in motorcycles are not automatically covered. This means that you will want to take out a guest passenger liability coverage that can medically cover any injury a passenger suffers in an accident on your motorbike.
Simple research on Google will provide you with a list of cheap motorcycle insurance offers with varying premiums as well. If you already have a car insurance policy, check with your provider as well to see if their motorbike coverage includes discounts to yield a cheaper option than what is found online. Just the same, consult with an insurance broker. You may be surprised to find that the traditional channels can offer a cheaper option than online offers.
Premium Determinants
Be aware that just like any insurance, motorcycle premiums will depend on your age, your driving record (the more accidents the higher the premium) and the type of motorcycle you plan to insure (owning a Ducati 996 will definitely cost a lot more in premiums than having a Honda Rebel). In addition, premiums can also vary based on your address and how or where you park your bike. Riskier places will carry a higher premium. Lastly, your premium will depend on whether you want a comprehensive plan or a simple liability. Cheap motorcycle insurance is available for either, depending on the insurance company you choose.
Many insurers are eager to customize cheap motorcycle insurance for your specific needs. However choose carefully; when you are in a situation where people other than you are injured or properties are damaged by your motorcycle, you will regret the day you picked an inadequate insurance.
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