Tips to Adjust Your Motorcycle Insurance Coverage Based on Your Current Needs

Motorcycles are valuable assets. That’s why finding the right motorcycle insurance policy is so important. You must also update motorcycle insurance to ensure that the coverage fits your current situation.

Here’s a look at some key motorcycle insurance tips.

Adjust Your Deductible Based on Its Use

Your motorcycle insurance deductible is the amount you are required to pay before the insurance company handles your claim. If you’ve had your motorcycle for a few years, its value may have depreciated. You can consider raising your deductible in this situation to help save money. Do not drop your coverage if you are not planning to ride your motorcycle for an extended period, as this may cause your insurance to lapse. In this case, you’ll pay higher premiums in the future. You must contact your insurer to assess your options. Raising your deductible during the offseason can help you save money as the chances of your motorcycle being damaged in an accident or stolen are reduced. However, you must re-adjust your deductible when you start riding your motorcycle more frequently.

Know Laws of the New State

Motorcycle insurance laws often vary in each state. If you move to a new state, it’s recommended that you research the motorcycle insurance laws there. There may be differences in insurance requirements based on the area where you will reside in. The size of your motorcycle’s engine may also be one of the determining factors.

Bundle Car and Motorcycle Coverage

Purchasing multiple types of coverage from the same insurance provider can help you qualify for a significant discount. You may consider combining your motorcycle insurance with your auto insurance into one policy. It is one of the most important motorcycle insurance tips if you are looking to save money on your premiums.

Update Your Coverage

Depending on your present needs, you may add or reduce certain coverage from your motorcycle insurance policy. Trip interruption coverage is a popular endorsement as you are covered if your motorcycle is damaged while you’re traveling out of town. It also helps cover potential lodging costs while your motorcycle is being repaired. If you’ve customized your motorcycle, you can add custom parts coverage. This type of coverage prevents you from spending thousands of dollars on repairs/replacement costs in the event that your motorcycle is damaged. If you’re looking to lower your premiums, you can cut any endorsements that you added to the policy.

Consult With Family Financial Insurance Group

You’ll likely evaluate your motorcycle insurance policy at some point as your life evolves. These tips help provide a reference point for you to make possible changes. If you have any questions regarding your policy, contact our team here at Family Financial Insurance Group.

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