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With the weather improving around the country, more and more motorcycle riders are hitting the roadways. With all the different types of bikes out on the road, it's important to know that there are different types of motorcycle insurance policies. But no matter what you ride, there are some basic types of coverage that you must have to be properly insured.
This type of insurance covers any damage or injury you may cause to property or other people in the event you are deemed to be at-fault in an accident or collision. However, it doesn't cover you or your motorcycle. Some policies may include coverage for a guest passenger as well, but this is not guaranteed.
You can add collision insurance to your policy to cover your motorcycle if liability insurance isn't enough to help you sleep soundly at night. Collision insurance pays for damage to your motorcycle, less your deductible. Even if the damage is your fault, this coverage will still apply.
This coverage protects your bike from non-accident related perils, including fire, theft and acts of vandalism.
Uninsured/Underinsured Motorist Coverage
This coverage provides protection should you become involved in an accident caused by another driver who is either without insurance or has inadequate insurance coverage. This provisional coverage will help pay for medical treatment, lost wages and other damages to you and your passengers. If your policy includes uninsured motorist property damage coverage, your bike would be protected as well.
Once you know what kind of motorcycle insurance coverage you need, it's time to save some money on your premiums. Here are a few tips to help you reduce your motorcycle insurance costs:
1) Complete a Training Course
Completing a course, such as the one offered by the Motorcycle Safety Foundation, could get you a 10 to 15 percent discount on your motorcycle insurance.
2) Maintain a Good Driving Record
Just like with your car insurance, keeping your driving record clean will keep your insurance premium low.
3) Live in the North? Look for a Lay-Up Policy
In many northern states where there are harsh winters that don't permit year-round rides, look for a lay-up policy which will suspend all your coverage except comprehensive coverage during the winter months.
4) Ask Your Motorcycle Insurance Agent About Other Discounts
Have more than one bike you need to insure? Some motorcycle insurance providers offer a multi-bike discount. Other popular discounts are those offered to members of motorcycle associations or those for seasoned bikers.
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