The cost of gasoline has us all evaluating our driving habits. Fortunately, they’ve come down from the terrible highs of over $4 a gallon, but they ve been steadily climbing since then. Prices are now in the $3 plus range. Somehow it doesn t seem as bad as before, because we’ve already had worse. We’ve become a little bit complacent. Gas hit $4 and we survived. But it’s more expensive that you ever intended to pay when you bought a car and decided to use it as your primary means of transportation. So you ve finally had enough, and you bought a motorcycle. Good for you! But now you ve discovered another hurdle; the price of motorcycle insurance.
Motorcycle insurance costs more than car insurance for a couple of reasons. First, motorcycles are difficult for other drivers to see because they re small and they can move quickly, leading to more accidents. Although the other driver may be at fault too, if you are partially responsible for an accident, your insurance has to pay. They also pay if the other driver is uninsured or underinsured, if you purchase that coverage. Fair or not, the insurance companies take this into consideration in their pricing.
Motorcycle accidents are also more likely to involve significant bodily injury claims. Obviously this is a bigger concern than just an insurance problem, but it does drive the premiums up. You can help reduce this danger by driving carefully, or not driving your motorcycle when conditions are dangerous. Wind, rain, fog and other weather factors are more dangerous for motorcycles than for cars. Those are good days to drive a car or find another means of transportation. Always wear a helmet, and insist that any passengers do too.
Lastly, insurance companies base their rates on statistics. If the odds of a claim or the average dollar amount of a claim are high for the particular type of vehicle that you drive (or ride), your premiums will be higher. This helps them account for all kinds of things that they can t identify, from hot dogging drivers to unsafe vehicles. If you are planning to buy a bike, get insurance quotes for a few different models. The price difference may be significant enough to influence which bike you choose.
How do you keep insurance premiums from cutting into your gas savings? First, be a low risk driver. Make sure you drive safely all the time. Whether you re in the right or not, do what it takes to avoid accidents. This will be reflected in your driving record. Second, shop around for insurance. Don t just call your old auto insurance company and add your bike. Contact at least three companies and get quotes for the coverage you want for your bike with your driving record. It’s so easy now that you can get quotes online. Yes, it still takes time, but it s worth it. This is not a one time purchase. It’s a major expense, year after year, and you probably don t price out every year. If you find a good insurance policy that saves you $500 a year, you’ll save that much not just this year, but next year and the year after as well. Every couple years, it’s probably a good idea to get one more quote in addition to the quote from your current company. If the new one is better, then switch. If not, stay where you are. That’s not much effort to make sure you have the best price.
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