12 Tips for Choosing the Best Motorcycle Insurance Policy
Did you know that, when riding a motorcycle, you’re four times more likely to get injured in a crash than a car driver is? Simply put, having the right insurance policy is essential if you ride a motorcycle in Miami.
However, with all the available options, choosing the best motorcycle insurance that meets your needs and fits your budget can be challenging. To help ease this process and ensure you’re properly covered while on two wheels, we’ve compiled twelve helpful tips for choosing a motorcycle insurance policy.
From exploring rider classes to understanding the types of coverage, follow these helpful guidelines when searching for reliable protection. By the end of this guide, you’ll be able to hit the open roads confidently!
What Is Motorcycle Insurance?
Motorcycle insurance is a type of insurance that covers motorcycle operators and motorcycle riders. It usually covers third-party liability for any damage or injury caused due to an accident involving the motorcycle. Additionally, motorcycle policies can cover damages from theft, fire, wind, hail, and other perils. This will depend on the type of policy you choose.
The main difference between motorcycle insurance and auto insurance is that motorcycle coverage doesn’t usually cover passengers in the event of an accident. This is unless you have a policy offering guest passenger liability coverage.
Furthermore, motorcycle riders are more likely to be injured due to the lack of physical protection motorcycles offer since most riders are thrown from the motorcycle during a crash. Because of this, personal injury protection (PIP) coverage is highly recommended for motorcycle owners.
Note that this is not typically included. But it can help offset costs associated with medical bills or recovery expenses after a crash.
Furthermore, motorcycle policies usually have higher deductibles than auto policies since motorcycle accidents often result in more severe injuries than auto accidents. However, if you shop around and are smart about the motorcycle insurance companies you work with, this doesn’t have to be the case.
What Happens Without Motorcycle Insurance in Florida?
First, it’s important to establish that the Florida DMV doesn’t require motorcycle insurance. However, it’s highly recommended. One auto justice attorney calculated that the average cost of a motorcycle accident could reach between $2,500 to $1.4 million. Another in California estimated the cost to be about $17,700 per accident. This increases if you experience brain injuries.
The bottom line is that it’s important you have motorcycle insurance as a rider in Florida.
Even if you think you can repair any damage caused by the accident yourself, motorcycle insurance can provide financial protection to cover medical bills, lost wages, and other damages incurred due to being in a motorcycle crash. When deciding to buy motorcycle insurance, consider how much financial risk you would be taking on without it.
How to Choose the Best Motorcycle Insurance
Now that you know just how important it is, what should you look for when choosing the best motorcycle insurance? Remember that everybody’s situation is different. Your insurance premium will depend on factors such as your motorcycle, driving record, age, and the current insurance market.
Regardless, here are a few tips to follow when comparing the best motorcycle insurance companies.
1. Increase Your Credit Score
Improving your credit score can make a big difference when getting motorcycle insurance. Most companies use credit scores as one of their factors in determining how much an individual will pay for premiums. The stronger your credit score, the lower your policy’s monthly cost could be. That could save you a lot of money in the long run.
Some simple ways to boost your credit score include making on-time payments, reducing your credit utilization ratio, and improving your credit mix. If you often miss payments, set up reminders or enroll in autopay.
2. Bundle Policies
You can bundle insurance policies together if you own multiple vehicles like a car or another motorcycle. This also applies to getting multiple insurance policies for your home or business.
Bundling all of them into a single policy allows you to save money on each. This makes bundling an easy way to get a discount without sacrificing coverage. Ask your insurance provider what policies they offer and their discounts for bundling several policies together.
3. Avoid Modified Motorcycles
Before purchasing your motorcycle, it’s best to avoid modified bikes if you can. Modifications can make your bike more expensive to repair or replace and attractive to thieves. Additionally, if you’re considering an imported motorbike, that could be more expensive when insuring it.
As such, it’s wise to consider these factors before buying the bike of your dreams. While that exotic, imported, and modified sportbike might look great on the floor of your local motorcycle vendor, it could cost you a lot more in the long run in increased insurance fees.
4. Choose the Right Policy
Choosing the best motorcycle insurance policy is essential, as two-wheelers are more vulnerable to accidents than cars. What kind of policy should you be looking for? It depends on your motorcycle and financial situation.
A comprehensive policy provides coverage against third-party liabilities and also any self-incurring damage. You can also complete your coverage further with add-ons.
Third-party insurance, while legal, doesn’t offer any protection for your bike or its accessories. Investing in an all-encompassing policy that covers you and your vehicle is the smart choice for motorcycle insurance. If you ride around a lot in Miami, it’ll likely pay off (at least for peace of mind).
5. Don’t Opt for Lower IDV
While we’ve discussed many “dos,” we haven’t offered you any great “don’ts.” So, here we are with a great one. Don’t opt for a lower IDV. This stands for insurance declared value. Many people believe this will reduce your premium. However, lower IDV also reduces the amount that insurers can claim in case of theft or if your bike is destroyed beyond repair.
In other words, lower IDV means lower protection, as even if you are fully reimbursed, you still lose out on the difference between lower and higher IDV rates. Moreover, lower IDV ratings can make it difficult for you to resell your bike in the future at a price commensurate with its market value.
6. Take a Defensive Driving Course
Taking a defensive driving course can be a great way to save money on motorcycle insurance premiums. Insurance companies recognize that defensive drivers are less likely to get into accidents and reward those drivers with discounts or lowered premiums.
The defensive driving course teaches defensive techniques such as following proper distances and defensive lane positions. It also provides helpful tips on how to handle certain road situations properly. So, it’s a helpful course to take regardless. It’ll help ensure you’re safe when cruisin’ down Florida highways.
7. Install a Security System
Installing a motorcycle alarm system can be beneficial, not only in terms of protecting your motorcycle but also helping you save money. Many insurance companies offer discounts when you install an alarm system on your motorcycle, so it can pay off to take the extra step and add an alarm to your bike.
Not only does the alarm provide an extra layer of security against theft, but it can directly lower your motorcycle insurance premiums as well. All in all, it’s worth researching different motorcycle alarm systems and seeing if installing one could help save you money on your motorcycle insurance.
8. Consider a Higher Deductible
While we don’t recommend lowering your IDV, we sometimes recommend increasing your deductible. This works the same way as how auto insurance deductibles work. The higher your deductible, the lower your premium. While this does mean that if a claim needs to be made, you will have to pay more out-of-pocket, it can be beneficial in the long run.
As well as reducing your premiums, higher deductibles have other positive effects, such as reducing the risk of fraudulent claims and ensuring that necessary coverage is maintained over time. If you don’t ride your motorcycle often or are extremely safe when doing so, it can be a win-win all around.
9. Compare Quotes
Unless you’ve landed on the Caley Insurance website on your first go, we don’t suggest purchasing the first policy you see. Always compare motorcycle insurance policies (at least three). This will ensure you can find the one that offers the most protection at the lowest possible cost.
What are you looking for? Comparing various options allows you to compare coverage, discounts, prices, and different companies. This will give you the knowledge and confidence to decide which policy is right for your needs.
Additionally, comparing quotes allows you to identify any potential discounts or other benefits that may not be available with your current policy. Don’t forget to vet the company itself while you’re at it. Check the Better Business Bureau website to ensure they’re legit. Then browse online for reviews to see how other customers have enjoyed their support.
10. Read the Policy
Do you think you’ve found the best insurance policy for motorcycles in Miami? Great! Now, read through the policy document before signing any papers. After all, it pays to understand the details of what you’re getting into. Not only are you looking for coverage that best fits your needs, but understanding what’s included and excluded in the policy will save you time and unnecessary costs.
It’s always good practice to read the entire policy document, familiarize yourself with the terms and conditions, and read through the fine print. Being fully informed of everything that comes along with your motorcycle insurance will set you up for success ahead of time.
11. Pay Annually
Once you choose your insurance for motorcycles policy, you’ll be prompted to pay the premium. You likely have two main options here. You can pay monthly or annually. Our top tip? Pay annually if you can. This often results in a slightly reduced premium. In some cases, it can also help you avoid interest fees.
12. Choose the Right Insurance Company
Finally, our last tip for choosing the best motorcycle insurance is to work with the right company. The key is to compare policies between multiple motorcycle insurance companies and find the one that offers the coverage you need at a price you can afford.
However, it’s not just about the price of your policy. Look for a motorcycle insurance company with a good reputation in customer service, affordability, and claims handling.
Additionally, look for motorcycle insurance companies with easy-to-find contact information on their websites and helpful chatbots or virtual assistants available to answer your questions. They should be quick to respond to your doubts and flexible when working with you to get you the best rate for the coverage you need.
What’s the Best Motorcycle Insurance Company?
We might be a little biased. However, we believe that Caley Insurance is the best motorcycle insurance company for Miami residents. We offer the best motorcycle insurance coverage at an affordable price, meaning your motorcycle and wallet are both protected.
Plus, we have a team of knowledgeable professionals available to answer any questions you may have during the signup process or afterward. Getting your motorcycle insured with Caley Insurance makes all your worries as a motorcycle rider disappear. Well, you’ll still need to wear your safety gear and be mindful of driving conditions on the road.
However, we guarantee you’ll be pleased with our reliable service. And even better…hablamos español para ayudar mejor a la comunidad latina en Miami!
Get a Quote for Motorcycle Insurance
Ready to get the best motorcycle insurance in Miami? At Caley Insurance, we understand the unique needs of medium-low-income households regarding insurance coverage. That’s why we offer tailored plans and packages in Florida so that everyone can get access to the protection they need.
If you’re looking for a motorcycle insurance quote, our team is here to help. Click here for a quote and more info on our full range of insurance policies.