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Spring has arrived and summer is just around the corner. With the warmer weather comes the desire to enjoy the great outdoors, especially after being shut in all winter. For many, summer means enjoying the freedom and fresh air riding on their motorcycle. Motorcycles are most certainly a great part of the summer fun, but it is important to take precautions to ensure that you are safe and fully covered while riding.
Motorcycle insurance is similar to insurance on an automobile. The primary components of the policy are collision, comprehensive, uninsured/underinsured motorist coverage, and liability. Your particular coverage needs and rates will depend on a number of factors, including:
Your Personal Profile: As with any type of insurance, your personal data will be a major driver in the rates you will pay to insure your bike. Some of the factors an insurer will examine include:
- Age: If you are 25 or over, your motorcycle insurance rates will likely be lower.
- Marital Status: All other factors being equal, married bike owners will almost always pay less than those who are single.
- Driving Record: Of course, the fewer tickets, accidents, DUIs, and other moving violations, the lower your rates will be.
- Credit Score: Most insurers now factor in your credit score when determining what level of insurance risk you are. The higher your credit score, the lower your motorcycle rates are likely to be.
How often you use your bike: Is your motorcycle an everyday vehicle you use to ride to and from work? Or are you riding it mostly on weekends for fun and enjoyment? The less mileage you put on your bike, the lower the rates will be.
The make & model of your bike: If you have a newer bike and more expensive model, such as a Harley Davidson, you will need to pay more to insure it in the case of a total loss. With an older bike, you may be able to drop your collision and/or comprehensive coverage. This will depend on state laws and whether or not you have a loan on it.
Available Discounts: Be sure to ask your insurance agent about discounts you may qualify for that can keep your rates as low as possible. Some common motorcycle insurance discounts include:
- Keeping your bike garaged.
- Putting in an alarm system.
- Completing an approved motorcycle safety program.
About The Author
Todd Balderson has been protecting families and businesses through insurance coverage since 1996. He is the founder of Balderson Insurance Agency and serves clients in Maryland, DC, and Virginia. Todd is known for reminding people about how “insurance is more crucial to building your wealth than investments because without insurance, it’s easy to lose your assets.” Learn more about Todd and the insurance protection he offers at http://www.BaldersonInsurance.com