Buying insurance of any kind can be frustrating. If you’re lucky and never have to use your policy, it feels like you’re throwing away cash each month as you make your payments. And the only thing worse than shelling out a bunch of money for insurance you don’t need is needing insurance you don’t have.
Are you covered? Here are three things you should know about motorcycle insurance:
1. Understand the requirements
In Ohio, motorcyclists are required to have the following coverage:
- $25,000 bodily injury coverage for 1 person
- $50,000 bodily injury coverage for an accident involving two or more people
- $25,000 property damage coverage
While these amounts are the bare minimum, it’s never a bad idea to get more coverage if you have some wiggle room in your budget.
Be sure you understand exactly what will be covered by your policy if you’re in a crash and any costs you could still be on the hook for after an accident.
2. Choose the right bike
If you’re shopping for your first motorcycle or looking to replace an older model, keep in mind that the type of bike you ride can play a big role in how much you’ll pay to insure it.
For example, a policy for an expensive sport bike is going to put a much bigger dent in your wallet than a used beginner bike.
Consider the type of motorcycle, engine, price, and model year. Also remember your age and location can factor into the rate.
3. Do your research
There are several ways you may be able to catch a deal on your motorcycle insurance, but be prepared to do a little work.
Shop around and compare rates and providers to find the best fit. Ask about discounts for bundling your motorcycle with other vehicles, and tailor your coverage to how often you ride and the type of riding you do.
Veterans and members of certain motorcycle organizations may receive deals from some providers, and completion of training or safety courses could also help you cut costs.
What are your best tips for buying motorcycle insurance? Share them in the comments below.