Maybe you’re a big fan of motorcycles and your preferred method of travel is cruising along on two wheels in the fresh air rather than being trapped in a four-wheeled vehicle. But the question is how to do you insure a motorcycle? Well, with motorcycle insurance, of course! How does that work? It’s similar to car insurance, but there are a few extra things to know. We’ll explain what the deal is with motorcycle insurance in Atlanta.
What coverages do I need for my motorcycle?
It’s important to cover all the bases when you insure your bike. Here are a few coverages to consider:
Many states require drivers to carry liability insurance to cover bodily injury liability and property damage liability. It helps to cover your legal responsibility to the other driver if you’re at-fault in an accident. It can also help cover your legal expenses if you get sued.
Bodily injury liability – This generally covers the other driver’s medical expenses, pain and suffering, and lost wages.
Property damage liability – This generally covers the repairs to the property of others – for example, the other driver’s car, a fence, or a house.
Collision coverage helps to cover damage to your motorcycle if you’re in an accident. You’ll probably pay your deductible and the insurance generally covers the book value of the bike before the loss.
Comprehensive coverage helps to cover damage to the motorcycle that wasn’t caused by a collision. For example, fire, theft, and vandalism are typically covered losses. Again, you’ll have to pay your deductible and your insurance will generally cover the book value of the bike before the loss.
Uninsured/Underinsured motorist coverage.
This can help cover damage to you and your bike if a driver who doesn’t have insurance (uninsured) or who doesn’t have enough insurance to cover all of the damages of the accident (underinsured) hits you. It can cover things like medical payments, lost wages, or other damages. Many drivers hit the road without insurance or with very little insurance.
Optional equipment coverage.
So, here’s the thing: your collision or comprehensive coverage will generally cover only factory-standard parts. So, that means if you’ve customized your bike, you may want to ask about optional equipment coverage. It’s fun to customize a bike and all that, but make sure you’re insuring the bike so that you’re protecting the investment you’ve made in it.
What is a lay-up insurance policy?
The thing about motorcycles is that they’re fair-weather vehicles. Which means that you might not be cruising around on your bike if it’s the middle of winter, drizzling cold rain, or even flurrying. (Even in Atlanta, it gets cold enough to make motorcycling not enjoyable.)
So, you might be wondering why you need to pay for insurance when your bike is in storage.
With a lay-up insurance policy, all coverage but comprehensive is suspended for a certain period of time. That way your bike is still protected against losses like fire, vandalism, and theft. The coverage is, therefore, a bit more tailored to your motorcycling habits and takes into account the fact that you might have your bike in storage for part of the year.
Tips to save money on your motorcycle insurance.
So, you love your motorcycle. But the thing is that you don’t want to break the bank paying for motorcycle insurance. How can you save money on motorcycle insurance? Here are a few helpful tips:
Raise your deductible.
You can save money on your insurance by raising your deductible (which is the amount of money you agree to pay if you have the claim.) If you raise your deductible, you’re less likely to file a claim, so you could get lower premiums. However, it’s important not to set your deductible so high that it would be a big problem to pay if you have a claim. Find your deductible/premium balance.
Keep a good driving record.
If you keep a good driving record, you could get lower rates. That’s because, to an insurance company, drivers with clean records are less likely to get into accidents.
Take a motorcycle safety course.
Driving a motorcycle is not the same as driving a car. If you’ve taken a safety course, you’re showing the insurance company that you’re responsible – and that you know what you’re doing.
Get an anti-theft device.
An anti-theft device could help you get lower insurance rates because the whole idea is to reduce the chance of the bike getting stolen.
Ask about multi-policy discounts.
You could also save money by getting multiple lines of coverage from the same insurance company. Lots of insurance companies have multi-policy discounts.
Get started with motorcycle insurance quotes by filling out our online form, giving us a call, or messaging us on LiveChat.