Motorcycles are unique assets. While traveling around on your motorcycle is an exciting experience, it also comes with potential risks. Motorcycle insurance helps protect you if an accident happens. Here are some tips for finding a motorcycle insurance policy that aligns with your budget.
Many insurance companies offer discounts to riders who join biker clubs, including the American Motorcycle Association and Motorcycle Safety Foundation. However, there are some limitations. For example, if you plan to customize your motorcycle, your insurer may not cover you until you add extra coverage.
A common way to reduce your motorcycle insurance costs is by only purchasing the required coverages. Coverages such as trip interruption and total loss insurance are luxuries that may not be needed frequently. Adding these coverages to your policy will drain your finances quickly. Sticking to essential coverages will help you save money. Your motorcycle insurance policy should cover the cost of labor, medical treatments, and replacement parts. However, if you have health insurance in place, you can exclude medical coverage from your motorcycle policy.
Motorcycle theft will cause your premiums to rise. However, always keeping your motorcycle safe can help you save money on premiums. You may qualify for a discount if you opt to install enhanced safety features such as an alarm system. Ensure to increase personal safety while riding your motorcycle by wearing helmets, knee guards, boots, and chest protectors.
Changing your deductible can help you save money. Your deductible is the amount you are responsible for paying out of pocket towards a loss before your insurance coverage starts. Increasing your deductible helps lower your premiums. However, assess your situation before increasing deductibles. For example, you may opt for a higher deductible if you are an experienced rider.
Like many others, perhaps you would like to purchase an appealing luxury motorcycle. However, luxury motorcycles are expensive to maintain and insure. Therefore, it is good to purchase a regular, simply styled motorcycle that helps keep your insurance costs low.
While buying motorcycle insurance in Renton, WA, mileage is a significant factor to consider. Pay-per-mile motorcycle insurance is among the most affordable coverage options available. These policies do not have a fixed payment plan. You pay based on accumulated mileage. You can enjoy substantial savings if you only ride your motorcycle on a limited basis. This differs from traditional policies where you need to pay premiums even if your motorcycle has been in storage for months. You have the option to customize your insurance based on your situation. Another key feature of pay-per-mile coverage is that you can save money regardless of whether you have a regular motorcycle or a luxury motorcycle.
Finding a motorcycle insurance policy that aligns with your financial situation helps alleviate substantial stress. If you have any questions about your motorcycle insurance policy, contact the team here at Humble & Davenport Insurance Brokers, Inc., and we will assist you.