How to Get the Best and Cheapest Motorcycle Insurance
By John Brian
Every single company and broker claims to offer the best motorcycle insurance. The interesting thing is that a lot of people do not actually qualify for these packages for a number of reasons. Knowing and understanding the factors that influence the insurance packages offered to you will help increase your chances of getting the best motorcycle insurance available. Before making an application for motorcycle insurance, you need to be aware of what the companies and brokers are looking for. Making a blind application is what disqualifies most people from getting the best motorcycle insurance possible!
1. The first thing motorcycle insurance companies look at is your “Motorcycle”
One of the first things motorcycle insurance companies look at is the bike you wish to insure. They will consider how much the bike is worth. They will also look at the quality of the bike. Bikes from manufacturers who have a good reputation will almost always qualify for a better motorcycle insurance. A bike of lower quality will most likely get an average insurance package at the very best. In addition to the quality, the insurers also consider whether your bike is new or used. You should therefore invest in a good bike if you are looking to enjoy a good insurance package.
2. The second thing motorcycle insurance companies look at is “Age”
Motorcycle insurance companies considers two aspects when it comes to age. The first is the actual age of the rider while the other is how long they have been riding. Naturally, older riders are more cautious and less prone to accidents as compared to younger and less experienced riders. Most companies will give better rates to clients who are more mature as they are less prone to stunting and other dangerous activities that would very likely result in an accident. However the greatest consideration is given to the actual riding experience that the bike owner has. The best motorcycle insurance rates are usually reserved for experienced and mature riders. Unfortunately, there is not much that one can do to quickly increase their age or experience but it would help if as a rider you took care to remain accident free.
3. The third thing you should have some knowledge about is “License and record“
Another important area that motorcycle insurance companies look at is the riders license and record . Riders who have a clean record will always have an advantage when it comes to negotiating rates and other terms. The record considered is not only with regards to their license but it also includes their personal history. Factors such as credit rating and criminal records may disqualify one from getting a great package. Motorcycle insurance companies will look at your past and anticipate your future which means that those previously involved in crime will likely return to it. If you use the bike in those criminal activities, the insurers will be exposing themselves to a great risk. Those who have a poor credit history will also not get the best motorcycle insurance for fear of exposing the company or broker through defaulted payments.
4. The fourth thing motorcycle insurance companies look at is “where you live and where you go”
Insurers will always consider the crime levels of the area you reside in and the same of the areas that you usually go to. Those who live in high crime neighborhoods should expect higher rates and stricter terms. If you work or usually visit areas that are considered high crime areas, you will most likely not qualify for the best motorcycle insurance packages. Crime is a serious challenge for insurance companies and they will reserve the best packages to those living in less risky neighborhoods. To improve your chances of accessing a better insurance package, you should present evidence of the measures taken to counter the increased exposure to crime. Alarms, CCTV, secured parking and immobilizers are some of the measures that would improve your chances of getting the best motorcycle insurance package.
5. The fifth thing insurance companies look at is “how much you use your bike”
The longer you ride, the more likely you are to be involved in an accident. That is the assumption of most motorcycle insurers. When looking at probability, this is a very appropriate assumption. Those who ride shorter distances will naturally get better deals as compared to those who ride longer. The environment in which you frequently ride will also be a factor as highway riders are exposed to greater risk as compared to those riding in towns and cities where the speed limits are much lower.
6. The sixth thing insurance companies look at is “special considerations“
These are just special circumstances about you or the bike you ride which would reduce the chances of it getting stolen or the likelihood of an accident. Some of these special circumstances are specialized training as a rider or professional security such as that which is common with VIPs. If you have specialized training as a rider, it would help to let the insurer know about it. This extra training reduces your risk and increases your chances of getting the best motorcycle insurance. The same applies to those who have professional security details assigned to them and their assets. Those who have professional security looking after them will have a much lower possibility of being victims of crime or accidents.
All these factors contribute to the rates and terms that you are offered by an insurer. However, over and above all these the insurer will value true information more than having a false picture that looks very good. If you find yourself having shortcomings in any of the areas discussed above, it is best to work on improving them before making an application for motorcycle insurance. Giving false information will definitely lock you out of accessing a good package and it could also cause you legal problems especially if the false information is discovered during the processing of a claim.
This information is meant to help you adequately prepare for a motorcycle insurance application. Where you may not fully meet the standard, it would be best to find a suitable counter measure which sufficiently neutralizes your deficiencies. This can be in the form of actions or as presentable arguments that will help your case. Doing this will significantly improve your chances of accessing the best motorcycle insurance packages available in the market.