Here is another thing that sort of gets me. The various pricing on motorcycle insurance. I've been riding motorcycles since I was 15 years old and even though I can't remember what I was spending when I was a wee lad, I know now that you really have to shop your rates and coverage on motorcycle insurance.
Motorcycle insurance costs varies according to several factors, so be sure and have your information together before you talk to an insurance agent. And for goodness sake don't just get one quote. These first questions are pretty standard across the board.
What kind of motorcycle do you own? Crotch rockets hands down are the most expensive rates you are going to come across. Because of their power and speed they are a higher risk for the insurance companies. Some get ready to open up your wallet a little more for your sports bike.
Got any tickets? Your driving record, of course, will come into play. Also, have you been in any wrecks? Your driving record will effect your premiums. This goes for driving a car too. Some think because they have not had any wrecks on a bike that it should count even though they have had some fender benders in the family car.
Where do you live? Your motorcycle premiums can vary a lot depending on where you live. It's not just the state, even though riders in California will probably pay higher rates than say Alabama. I know in Texas that it also depends on the county you live in. If you live in an area where there is a higher crime rate, you will pay more.
Are you a newbie? Yep, if this is your first bike you will be hit harder on rates than if you have been riding for years. This should be obvious to the newly insured. When I had to pay for my kids insurance it was sky high until they turned 25.
How much coverage will you need? In Texas it's the law that everyone has to have at least liability insurance. Liability starts at about $100 per year. If you have a loan on your motorcycle, you will have to have more coverage because the bank or credit union will require it. That type of insurance is more expensive. Sometimes they roll the cost of your insurance into your note. Don't do that. You now will be paying interest on your insurance premiums. If you let your insurance lapse (you don't pay your bills) expect your bank or loaning institution to get you more insurance and tack it onto your note.
You can get big discounts with insurance companies if you bundle your motorcycle into whatever other kind of insurance you need. Plus, if you have taken any type of safety course or you belong to a reputable riding club, you can get a discount as well.
When you get your premium quote and you nearly pass out from the price an insurance sales person will go to work on you and say "hey, we can lower that monthly premium for you if you want a higher deductible. Personally, I would rather have a lower deductible and pay a little more every month. If I have a $1,000 deductible and I get in a wreck, that $1,000 chunk is going to hurt me a bit more than if I had a $250 deductible. Of course if you have a lot of money left over at the end of the month, you might just want to save up for your $1,000 deductible for that "just in case" moment when someone who is texting, eating a hot dog and trying to look at their GPS swerves over on top of you.
Hey, your motorcycle insurance premiums can be as little has twenty bucks a month or as much as five hundred. It all depends on the factors mentioned above. Hopefully, you never have to use it. But unfortunately you really need it.