Avoid These Common Mistakes When Purchasing Motorcycle Insurance
Motorcycle insurance, like M1 Insurance, is essential for anyone who owns a motorcycle. It provides peace of mind and financial protection in case of accidents or unforeseen events. However, many riders make common mistakes when buying insurance that can cost them in the long run. Here are some mistakes to avoid to ensure you’re properly covered.
Always Ride with Insurance
Riding a motorcycle comes with unpredictable challenges—from cars suddenly pulling out in front of you to unexpected potholes or wildlife encounters. Riding without insurance is not only reckless but also illegal. Getting pulled over without insurance can lead to hefty fines or even losing your license.
Having motorcycle insurance, such as M1 Insurance, is critical. You never know when you’ll need it, and it’s better to have coverage and not need it than the other way around. Accidents happen, and if you’re caught without insurance, the financial consequences can be severe.
Choosing the Right Type of Motorcycle
The type of bike you ride has a significant impact on your insurance rates. Sport bikes, cruisers, and dual-sport bikes all come with different insurance costs. The engine size (cc) also plays a role in determining your premium.
If you’re a new rider with an M1 license, insuring a powerful bike like a 600cc or 650cc can be incredibly expensive. For instance, my first quote for insuring a 650cc bike with an M1 license was $8,000 per year! After switching to a 250cc bike and obtaining my M2 license, my premium dropped to $1,200 per year. Choosing a bike that’s more suitable for your experience level and insurance budget is crucial.
Age Matters
Your age plays a big role in determining your motorcycle insurance rates. Younger riders, especially those under 25, tend to pay higher premiums because insurance companies view them as higher risk. As you gain more experience and age, your rates will likely decrease.
Accidents and incidents on your driving record also affect your premiums. A history of accidents or tickets can lead to higher insurance costs, but not every ticket will increase your rates. For example, a parking ticket typically won’t impact your insurance, but a reckless driving ticket will.
Don’t Skip Roadside Assistance
Roadside assistance is a small additional cost that can save you a lot of money and headaches. Imagine getting a flat tire while out on a ride and not having a plug kit. Without roadside assistance, you’re stuck waiting for a tow truck or a friend to come to your rescue. For just a few extra dollars per year, roadside coverage provides peace of mind and can prevent a minor inconvenience from turning into a major ordeal.
Liability Coverage Isn’t Enough
Many riders make the mistake of thinking that minimum liability coverage is sufficient. While it may meet legal requirements, it may not be enough to cover all your expenses in the event of an accident. If you’ve financed a new motorcycle, like a Rebel 1100, and you’re juggling monthly payments and other expenses, it might be tempting to cut corners on insurance. However, comprehensive coverage can be a lifesaver, ensuring you’re fully protected when the unexpected happens.
Don’t Forget Gear and Accessory Coverage
Another common mistake is skipping gear and accessory coverage. Many riders underestimate how quickly the cost of gear and accessories can add up. From helmets and jackets to custom parts and modifications, your gear is valuable. Investing in additional coverage for your gear and accessories can save you a lot of money if something gets damaged or stolen.
For example, a slip-on exhaust could cost $480, a helmet might be $550, and other accessories can quickly add up. Paying a bit extra for coverage ensures you’re not left with a hefty bill if something goes wrong.
Bundle Policies to Save Money
One of the best ways to save money on motorcycle insurance, like M1 Insurance, is to bundle your policies. If you own multiple motorcycles, or have both a car and a bike, bundling them together can lead to significant discounts. Don’t overlook this easy way to save on your premiums.
Shop Around Regularly
Finally, don’t fall into the trap of setting your policy and forgetting about it. Motorcycle insurance rates can change, and what was a good deal a year ago might not be the best option today. Regularly shopping around for new quotes can help you find better coverage at a lower cost. Take advantage of free quotes online, and use Google to compare your options. You might be surprised by how much you can save.
In conclusion, purchasing motorcycle insurance, like M1 Insurance, requires careful consideration. Avoid these common mistakes to ensure you’re properly covered, and you’ll ride with confidence knowing you’re protected from the unexpected.
