The big day is finally here. You're purchasing your first ever motorcycle. Before you take it out for that first ride, however, you'll need to make sure you have insurance coverage. Just like with a car, most states require motorcycle drivers to carry a minimum amount of insurance to cover any damage they may cause to other drivers. If this is your first motorcycle, you may be a little surprised by the insurance costs. There are risks involved with riding a motorcycle, and those risks are often reflected in the cost of insurance.
The good news is that there are steps you can take to reduce your insurance costs. Below are a few tips to consider before your big purchase.
Take a motorcycle safety course.
In some states, motorcycle safety courses are required before you can get a license. However, that's not the case in every state. Even if it's not required in your state, a basic safety course is a good idea. It can even save you money. Many insurance companies will give you a discount upon completion of the course. It's a great way to protect yourself and reduce your costs.
Examine what's included in the coverage.
Many motorcycle policies include a wide range of coverages. There are the necessities, like liability insurance and possibly even collision protection. However, there may be other things in there that you don't need. Many policies include coverage for hospital stays. If you have high-quality health insurance, you may not need hospital stay coverage in your motorcycle policy. Other policies may include roadside assistance or trip interruption insurance. Again, you may have that protection elsewhere or feel you don't need it at all.
Work with an insurance company where you can scale your policy down to cover exactly what you need. That way, you won't be paying for unnecessary protection.
Join a motorcycle club.
A motorcycle club can be a great way to make new motorcycle friends and save money. Many organized clubs have group discounts at insurance companies. You can search online for a club near you or possibly even join one through your local dealership. Sign up for a club today to go on your first ride with your new friends and enjoy your savings.
Buy a less expensive bike.
Granted, you may want the nicest bike you can possibly afford. However, the formula for motorcycle insurance is similar to that for car insurance. The more costly the vehicle is to replace, the more expensive the insurance will be. For your first bike, it may make sense to go with something less expensive so you can save on insurance costs and reduce the risk of damaging a high-end expensive bike. Then, when you're an expert rider, you can move up to your dream bike.
Ready to save money on insurance for your first motorcycle? Contact an agency such as Full Service Insurance Agency of Wisconsin LLC today to discuss your options.
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