In the U.S, the risk of a fatal accident for motorcyclists is 28 times higher than that of passenger cars.
This creates the need to have insurance cover that goes above and beyond the basic liability insurance.
How can you find affordable motorcycle insurance and what are the state requirements in Colorado?
Just as it is with motor vehicles, the state requires you, at the minimum, to have liability insurance.
This insurance pays for damages and injuries you cause to another person in an accident.
However, Colorado is an ‘at fault state.’ In the event that you are sued after an accident, your minimum liability might not sufficiently cover the costs.
As such, it is important to get adequate insurance coverage to protect yourself from huge out of pocket settlements.
How to Find Affordable Motorcycle Insurance
How then do you find affordable insurance that covers you sufficiently without breaking the bank?
Here are some tips:
1. Shop Around
When you are ready to begin the process, shop around a bit. Find out who the reputable insurers in your area are and request for quotes.
Then compare insurers offering the cover you want. Check their premiums and any other service fees.
You might be surprised at the price differences from the different providers.
2. Improve Your Bike’s Safety
Your premiums reflect the level of risk imposed on your motorcycle. Therefore, you might get lower premiums by minimizing risk.
Measures such as installing good anti-theft devices are one way to do this.
In this regard, invest in proper anchoring equipment and a tracking system.
3. Special Motorcycle Training
Your premiums calculations factor in a lot of variables. These include your age, history and years of experience. However, this does not mean that young riders are condemned to high insurance rates.
There are certain things young people can do to lower their premiums.
If you have just started riding, your premiums will be higher. However, enrolling in DMV and other motorcycle riding classes lowers your rates.
By increasing your competency, you lower your risk factor. Ensure to present your certification for such courses to your insurer to be able to negotiate your premiums.
4. Get Group a Cover
Group cover works in your favor as well. If you have a bike or two and multiple cars in your household, you can get a discount on your premiums.
For your insurer, grouping your assets means more business for them and a better deal for you.
5. Discuss Other Ways
There may be other considerations your specific insurer might take into account to reduce your premiums. Explore them in-depth at a meeting with your insurer.
At times, even the frequency of use can get you a lower rate. If say you only ride your bike during the summer your risk level is significantly low and can lower your premium.
The same goes for if you live in a safe neighborhood with very low crime rates. Discuss cost factors as well because cheap motorcycles should attract lower premiums.
All these little details can have some dollars knocked off your premium payments.
Is Good Insurance Affordable?
A major misconception is that good insurance is expensive. This is untrue. With a little work, you can get yourself an adequate cover at little cost.
With 25 years of experience in the industry, Affordable Insurance prides itself in offering the best rates and coverage for automobiles.
Contact us today, for more information concerning our motorcycle insurance covers.