| Take Control Of Your Motorcycle Insurance Costs |
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| Written by Coleen Smith |
| Friday, 20 August 2010 18:42 |
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Many people are reviewing their driving behavior in view of high gasoline prices. Fortunately, they've come down from the awful highs of over $4 a gallon, but they've been steadily climbing since then. Prices are now in the $3 plus range. Because it's not the worst we've ever seen, it doesn't appear as bad as before. But it's more pricey that you ever thought it would be when you purchased 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! Unfortunately there's another challenge ahead; the price of motorcycle insurance.
The cost of gasoline has us all reviewing our driving habits. Fortunately, they've come down from the terrible highs of over $4 a gallon, but they've been steadily creeping up since then. Now prices are hovering in the range of $3 plus a gallon. Because it's not the worst we've ever seen, it doesn't appear as bad as before. Still, when you purchased a car as your main form of transportation, you didn't expect it to be this expensive. So you've finally had enough, and you bought a motorcycle. Good for you! Sorry to say the price of motorcycle insurance is going to present you with another hurdle. Motorcycle insurance can cost 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. Significant bodily injury claims are more likely in accidents involving motorcycles. Unlike property damage, which tops out at the value of the property, injury claims can be almost limitless. That drive up insurance premiums. There are some things you can do to reduce this danger - drive carefully and leave your bike in the garage when road conditions are especially treacherous. Wind, rain, fog and other weather factors are more dangerous for motorcycles than for cars. If you have a backup plan, like a car or some other means of getting to work, that's a good time to use it. Make sure that you and any passengers always wear a helmet when riding. Lastly, insurance companies base their rates on statistics. The premiums will be higher on a motorcycle (or any vehicle for that matter) that has a higher incident rate of claims and/or a higher average cost per claim. This helps insurance companies account for all kinds of things that they can't identify, from hot-dogging drivers to vehicles with safety problems. When you're comparing insurance quotes, get prices with a few different models of motorcycles. If the price difference is significant enough, it might change your mind about what type of motor bike to get. 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. Drive defensively. Avoiding accidents - whether they would have been your fault or not - is smart, and not just from an insurance perspective. Second, compare motorcycle insurance prices. Don't just assume that all insurance companies charge similar prices. They don't. Even for the same coverage with the same bike and the same driver, prices can vary a lot. Quotes are available at your fingertips if you have a computer and access to the internet. Yes, it still takes time, but it's worth it. This is a major expense that recurs year after year, not a one-time expense like buying the motorcycle was. 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 a great way to get a good price with minimal effort on your part. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Written by Coleen Smith Compare Motorcycle Insurance Quote Affordable Cycle Insurance |