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Motorcycle Insurance Rating Issues by Paul Woodward
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Motorcycle Insurance Rating Issues |
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Insurance
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When purchasing motorcycle insurance there are a few things you should know. Most non-standard insures don’t combine motorcycle and auto which means that you will have to purchase two separate policies if your carrier is non-standard. This does not always mean that just because you have to purchase two separate policies that the coverage will be more expensive. There are motorcycle insurers that are extremely affordable and often times you can actually save considerably by purchasing your motorcycle coverage from a company that specializes in motorcycle coverage.
You should always call your insurance agent and check the premium before purchasing a bike because the price to cover some motorcycles actually exceeds the cost of the motorcycle. If you have a bad driving record for instance and are trying to purchase a Suzuki Hyabusa and you need full coverage because you are going to have to take out a loan from a company that will require comprehensive and collision coverage as well as the state mandated liability there is a good chance that you will pay more for the insurance than your bike is worth which unless you are part of the more money than brains club just does not financially make since.
Harley’s are another bike that can be quite expensive to insure depending on where you live and which company you are insured with. Another thing to consider when purchasing coverage for your new bike is whether or not you will be riding during the winter months and if not do you still want to cover the bike during this time. Many people opt to just purchase a new policy each year which I guess if you own the bike and non-op it, each year it is not that bad of an idea. Unless the bike is stolen in which case if it is parked in your garage and your homeowners covers that you will be ok otherwise you're out one motorcycle and wishing you still had that comprehensive policy but hey you saved a couple of bucks.
Regardless of what type of motorcycle that you are considering purchasing, it would be a good idea to get insurance quotes prior to making any purchases. The motorcycle insurance programs have a history of having significant rate changes. Many carriers have gone as far as offering clients renewals that are double the previous policy term. Also, keep in mind that rates are changing consistently and make sure that you don’t plan a budget around the current rate that you have because there can always be changes for future renewals.
Paul Woodward
Bains and Woodward Insurance
General Liability Insurance California
Landscaping Insurance California
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