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Motorcycle Insurance
The first step in
purchasing motorcycle insurance is to contact your agent or broker with whom
you currently have auto or home insurance. In several states, like
California, you must have insurance coverage before you can bring your new
bike home from the dealership. If your current insurance company does not
cover motorcycles, talk with friends or others who already have coverage.
This way, you'll be able to work from a good list of recommended agencies to
start out. You may also gain information through your salesperson and
motorcycle magazines. Be cautious with your dealership though; they don't
always work with the best insurance companies. Don't become pushed into
something you're not comfortable with.
If you are a first time, or even an experienced rider who has not taken a
motorcycling safety course, put it on your “to do” list. Not only will it
sharpen your street survival skills, but it will also bring you a discount
on your insurance premium.
Things To Keep In Mind
Your premium will be based upon several key factors involved with your
motorcycling situation. They include, but are not limited to:
-The motorcycle engine displacement size in cubic centimeters (cc)
-Type of motorcycle
-Brand of motorcycle
-Your age
-Your driving record
-Your driving experience
-Is the bike garaged?
-Location
-Number of intended miles driven weekly
Majority of the time, you'll receive a higher premium with a larger
displacement engine. These bikes are more expensive and provide higher
performance.
The type of motorcycle you plan on insuring also affects premium price. A
500 cc cruiser will be cheaper to insure than a 500 cc sport bike. Sport
bikes usually have fairings (plastic covers that shroud the engine), and
other various pieces of bodywork that can make them expensive to repair in a
crash or accident. The make (brand) of your motorcycle is not such a big
factor, but it is taken into consideration. A brand with models few and far
between will run higher than a common brand. Your age will affect your
premium. Older drivers tend to experience cheaper rates than their younger
counterpart, on the same motorcycle. Statistics show that riders under the
age of 25 tend to be involved in the most accidents. Driving record and
experience both affect your premium. If your record is blemished with
tickets and accidents, then expect to pay more. Experience tends to go hand
in hand with your age. Will your motorcycle be garaged, or parked out along
the street? If you plan on leaving it out on the street, then you'll
experience a higher rate than if it is garaged. Leaving it parked along the
street leaves the bike open to theft and accidents. If you live in a big
city, your rates may slightly be higher than if you live in a rural area.
Will the bike be your daily driver, or used for leisure? The mileage you
tend to put on the bike on a weekly basis will push your premium up or down.
If the motorcycle is your main mode of transportation, expect a higher rate.
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