Posts Tagged ‘bike’

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February 1st, 2012  Posted at   Motorcycles
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Motorcycle Insurance vs. Auto Insurance

You will probably find that insuring a motorcycle is quite similar to insuring any other vehicle. Since I assume that many of my readers are familiar with insuring cars, I think it is useful to compare auto and motorcycle policies.

  • If you live in the US, your state sure requires a minimum liability policy. This is to protect the finances of other vehicles on the road. In return, other vehicle operators must carry insurance to protect you. This will be true if you drive a sedan, sports car, RV, or motorcycle!
  • You may also carry more coverage to protect yourself against a loss to your own vehicle. If you still owe money on your bike, your lender will probably require you to have full coverage.
  • Your premiums can be affected by many of the same things that affect auto insurance premiums. Your age, driving record, and the type of motorcycle you ride will probably matter. The way you use your motorcycle may also matter. If you only drive it for a few hours on the week-end, you may be a low mileage rider. If you commute to work every day, on busy city freeways, you may have to pay more.

By now, you should understand that we buy policies to manage our risks. Insurers are experts at figuring out risks. So one of the biggest things that will be different about insuring a bike will be the fact that vehicle insurance companies believe that motorcycles are riskier to operate than cars.

However, insurers are smart enough to realize that a safe bike that is in the hands of a very good rider would probably be a better risk than a rattle-trap of a car in the hands of a bad driver! So there are always things you can do to shop for good coverage, and also to promote yourself as a better risk.

Simple Tips For Comparing Motorcycle Policies And Companies

As with any other type of insurance, most things are regulated at the state level. Beyond that, policies and prices vary by local area. So it is useful to compare plans in your local area. You can find some great websites that will show you the top local companies in your area. You just have to provide a zip code. (more…)

January 16th, 2012  Posted at   Motorcycles
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There’s nothing motorcyclists love more than getting out and riding on a clear, sunny day. Whether you’re a cycling newbie or have been riding for years, motorcycle insurance costs might not be your favorite thing to think about. However, it’s important to become familiar with every aspect of your bike to understand how different factors can make motorcycle insurance rates drop or increase. Take care to understand these five factors and you might be able to lower your motorcycle insurance costs with just a little effort.

Personal Driving History Affects Motorcycle Insurance Costs

Just like with cars, older drivers will typically have lower rates; however, that doesn’t mean motorcycle insurance costs are calculated simply by age. A driver’s experience with a bike — that is, how long he or she has been riding one — also factors into the cost to insure a rider. A driving record is also a big determining factor. Riders who have a history of safety will enjoy lower premiums than a rider who’s had an accident or other traffic violations.

Training And Experience

Some companies offer reduced rates to riders who successfully complete a professional motorcyclist safety course. If you’ve taken one of these courses, it’s important to let your agent know. He or she may be able to reduce your premiums if you provide them with a safety course certificate of completion. If you haven’t taken one, contact your agent or your county’s Department of Motor Vehicles for information on how to find one.

How Often The Bike Is Driven

There are different types of riders. For example, someone who only takes his or her bike out on a weekend joyride may have lower premiums than someone who uses their bike as a primary source of transportation. This is because of simple probability – the less you ride, the lower your chances of an accident.

Location, Location, Location

You’ve probably heard this phrase in relation to real estate, but location also has a lot to do with your motorcycle insurance rates. A company will want to know if you’re located in a high crime area, if there is heavy traffic or if there are multiple accidents surrounding your home. (more…)

January 11th, 2012  Posted at   Motorcycles
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Discover Your State’s Opinion on the Difference between Moped and Motorcycle Insurance

Mopeds and motorcycles might both be motorized bikes, but there are some very important differences between them. In many states for insurance, registration and inspection purposes, mopeds that have no gears or shifting mechanisms and engines that are less than 50 cubic centimeters will often not be considered motorcycles and will instead be treated as small recreational vehicles similar to snowmobiles.

In the state of New Jersey, the DMV states that they consider motorcycles to have engines that are 50 cubic centimeters and higher and to have a permanent saddle seat or platform for the driver. Mopeds, which are exempt from state inspections, must have pedals for traditional cycling and a motor of less than 50 CCs with the ability to reach speeds no greater than 25 miles per hour. Scooters, however, are treated as motorcycles no matter what size their motor.

Check out your state’s DMV to see how they categorize your new set of wheels.

Meet the Basic Insurance Requirements

Once you’ve determined how your state classifies your vehicle, you must understand what the insurance requirements are. While these requirements might offer minimal coverage, it’s a starting place to at least comply with state regulations. Generally speaking, each state will have the same requirement for motorcycle insurance as they do for standard automobiles. The state of Washington, however, does not require insurance for mopeds or motorcycles. And in the state of Louisiana it doesn’t matter what you ride because to register either a moped or motorcycle, you have to follow the same set of insurance guidelines.

Once you’ve clarified the basic requirements you must meet for proper coverage in your state, your next step is to determine how practical these minimal requirements are. Often, the state-required limits leave motorcycle and moped drivers exposed to financial risks after an accident. For instance, your state likely has no requirement about comprehensive or collision coverage-which leaves you paying out of pocket for damages to your bike after a theft, fire or collision. (more…)

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