You get what you pay for. Nowhere is this mantra truer than purchasing motorcycle insurance. Sure, everyone is looking for a budget-friendly option, but ensuring that you're actually protected is what's most important. Your quest for the lowest bid might prove to be an issue in the future.
Below the Legal Limit
When the cost of coverage is the only factor in the selection process, it's possible that you could end up with a policy combination that falls below the legal limit. In many instances, you are not allowed to purchase a plan that doesn't meet state minimums, but this is not always the case.
Should you end up with a policy that falls below the threshold, in the event of an accident, you will have to come out of pocket to cover costs, and you could even receive a ticket. Additionally, you may not be able to register your vehicle if your insurance doesn't meet the requirements.
If you're involved in an accident, having to pay a lot in out-of-pocket costs is never enjoyable. With all the stress and inconvenience that comes along with being in an accident, having a low deductible is a bit of a reprieve. If you choose a motorcycle policy that is very inexpensive, there's a real chance that the deductible will be a little higher.
With insurance, typically, the higher the insurance premium, the lower the deductible. Choose a deductible that you'll be able to easily pay in the event of an unexpected accident.
No Comprehensive Coverage
Simply having an insurance policy does not mean that you have complete coverage. Motorcycle coverage is generally divided into two different components, collision coverage and comprehensive coverage. Collision coverage is the standard type of coverage and offers protection in the event of an accident with another object or vehicle.
Comprehensive coverage, on the other hand, is typically an add-on, and it provides protection for scenarios like vandalism, theft, or non-collision related damage. Again, if you're leading with price and forgo comprehensive coverage, should your motorcycle be stolen, you could find yourself without any protection. It's best to protect yourself from every angle.
While cost should be a factor, it should not be the only thing you consider when selecting a new policy. To save money, while also ensuring complete protection, partner with a motorcycle insurance agent that can customize a policy for you and assist you with finding any available discounts.