When shopping for motorcycle insurance, there are some special considerations that you need to keep in mind to make sure you're properly covered on and off the road. As you explore your coverage options, however, there are a few specific mistakes you should be especially careful to avoid.
Only Focusing on Price
While nobody wants to pay more than they need to for motorcycle insurance, focusing only on finding the cheapest policy is likely to leave you with some gaps in coverage. Instead, it's better to shop around for the policy that will provide you with the best value for your money. Spending a few dollars more per month on the right level of coverage from a reputable insurance company will be more than worth the added peace of mind you'll receive.
Not Knowing Your Coverage Needs
All too often, motorcyclists don't fully understand their coverage needs. Just like with insuring a vehicle, you'll have a variety of coverage options to choose from--including full coverage and state-minimum protection. If you're still making payments on your bike (whether buying or leasing), keep in mind that you will likely have strict requirements to maintain full-coverage protection on your bike until it is completely paid off.
Overlooking Potential Discounts
Insurance companies often offer special discounts and savings for bikers, but you'll probably need to inquire about them in order to take advantage. For example, if you have an automobile and a motorcycle that need to be insured, consider asking your insurance company if they offer a discount for bundling these policies together. You could save a nice chunk of change by doing so. The same often applies to bundling other types of policies that may be offered by your insurance company, such as home or renters insurance.
Paying for Coverage You Don't Need
If you live in an area of the country where you're only able to ride your bike seasonally due to the climate, then you may be able to "suspend" part of your coverage during the cold winter months while your bike is in storage. Be sure to find an insurance company that offers this option; otherwise, you'll be stuck paying for coverage that you're not using!
A little bit of research and preparation can go a long way when it comes to finding the motorcycle insurance policy that's right for you. Be sure to avoid these common mistakes as you shop around!