Motorcycle Insurance: How to Compare Quotes

There’s nothing quite like taking your motorcycle out for a ride, whether it’s your weekend getaway or the way you commute to work every day. Of course, being properly insured is the best way to enjoy your ride no matter where you’re traveling.

Florida is unique in that the state’s motorcycle laws don’t require that you purchase motorcycle insurance to register and ride your bike. However, it is important that you understand that not having coverage leaves you in financial jeopardy in the event of an accident.

When looking for motorcycle insurance, there are a few things to keep in mind. The Insurance Information Institute (III) advises starting by obtaining several quotes from multiple providers. Look at motorcycle quotes with comparable coverages, limits, and deductibles for an accurate comparison.

How to Compare Motorcycle Insurance Quotes

Shopping for motorcycle insurance doesn’t need to be complicated, but there are important elements to note. Here are some key things to be aware of so that you can compare quotes effectively and find the best policy for your needs.

Liability Coverage

While additional motorcycle coverage is often optional, liability coverage is typically required by law in every state. However, you should check with your agent about the insurance requirements in your jurisdiction.

Liability insurance may assist in covering costs associated with another person’s injuries or their damaged property if you cause an accident. Make sure you choose the same coverages for each quote if you want to compare motorcycle insurance prices accurately.

Determine Your Desired Level of Coverage

Your first step is to determine the amount of liability coverage you need. This covers damages caused to the other motorist and their vehicle similar to liability car insurance. While a motorcycle isn’t likely to cause as much damage as a car or a truck in the case of an accident, it can still be very costly. If you are at fault and cause both property damage and bodily injuries in a worst-case scenario, you could be responsible for thousands of dollars.

Here are some typical motorcycle coverage choices that you might be able to obtain in addition to liability coverage:

• Collision Coverage
• Comprehensive coverage
• Bodily Injury Coverage for Uninsured and Underinsured Drivers
• Personal Injury Protection and Medical Payments Insurance (not available in all states)

Coverage Limits

The maximum sum that your policy will cover for a covered loss is known as a limit. Check the limits for each of the coverages you choose when you compare quotes. Higher coverage limits tend to mean higher premiums. There will be a cap on the amount the insurer will pay out for repairs, medical expenses following an accident, or to assist in reimbursing you for a stolen motorcycle under a motorcycle insurance policy.

Keep in mind that that increasing your liability limits will allow you to purchase more liability insurance. Think about your capacity for paying out of pocket if you caused a collision that caused someone harm. You might determine that raising your liability limits is wise if their medical bills exceeded your liability limits.

Collision Coverage and Comprehensive Coverage

These limits are typically up to the actual cash value of the motorcycle.

Uninsured and Underinsured Motorist Coverage

In states where this coverage is optional, you choose your policy’s limits.

Medical Payments Coverage/Personal Injury Protection

Some states may require motorcyclists to carry these coverages and the state determines the mandatory limits.

Next, decide what level of property and bodily injury coverage you need for your own protection. Comprehensive, collision, gap insurance, personal injury protection (PIP), MedPay, and uninsured/underinsured driver coverage are all potential coverage options. To protect your income and assets in the event of an accident, you must make sure you have adequate coverage.

You can start comparing prices once you are clear on how much coverage you require.

Comparing Deductibles

A deductible is typically associated with most policies including collision and comprehensive coverages. The deductible is the dollar amount you select when purchasing coverage. It represents the out-of-pocket expenses for a covered claim.

For instance, if your deductible is $500 and you need $1,500 in covered repairs for your bike, your insurance company will probably pay $1,000 toward your claim.

According to the III, a larger deductible typically translates into reduced premium payments for you.

As you are comparing rates, make certain the deductible you select is the same for each estimate you receive.

Shop the Best Motorcycle Insurance for You

While motorcycle insurance is not required in Florida, having any amount of coverage can be beneficial. There are several policies and providers to choose from, so it is important to evaluate your needs and budget to help narrow down your options.

Shopping for an insurance policy can often be a hassle and extremely time-consuming. At GWK Insurance, we help you find the best insurance policies to meet your unique needs and budget. Contact us today to help you find the best quotes for your insurance needs.