But motorcycle insurance is both a necessary and a significant expense. In fact, given the high accident and theft rates with motorcycles, it’s hard to overstate the importance of motorcycle insurance.
Why You Need Motorcycle Insurance
It’s true that Florida does not even require you to buy PIP (personal injury protection) coverage specifically for your motorcycle. You have the option of using your health insurance toward that end, if it’s at least a $10,000 policy.
But also realize that Florida’s Financial Responsibility law could cost your your license and subject you to other penalties if you’re in an accident and don’t have liability cover.
That’s why it’s best to carry at least $10,000 in bodily injury cover per person, $20,000 bodily injury per incident, and $10,000 property damage liability cover.
Those are pretty standard minimums, so it’s risky to carry less; but sticking right at the 10/20/10 threshold can minimize your insurance costs.
Discounts You May Be Able To Get
If you own an older, less expensive motorcycle or if you just buy less coverage or agree to a higher deductible, your monthly premiums will shrink.
And if you’re female, 30 or older, have a good credit score, or have a clean driving record so as to count as a “preferred operator,” all of that will work in your favor as well.
But there are also often discounts you can avail yourself of that aren’t tied to things you can do little to nothing about. For example, insure more than one vehicle with the same insurer and you’ll likely get a multi-vehicle discount. Join a motorcycle rider’s association, and you can often get 10% off your motorcycle insurance premiums every month.
Completing a state of Florida approved motorcycle safety course can save you money, but usually you can only do it every 3 to 5 years to get a discount that year.
Finally, you can also typically get a discount if you’re a Florida homeowner. So if you’re among the two-thirds of Floridians who fall into this category, definitely check to see if you can get a discount on that basis!
Tailor The Policy To Your Needs
Another key way to lower the costs of motorcycle insurance is simply to tailor your policy to your exact needs and driving habits.
If you only use your bike occasionally, versus commuting to/from work on it every day, tell your insurer about that. It’s possible that will lower your premiums.
If you have a good health insurance policy, you could skip or settle for less PIP cover. If you’re bike is a little older, you may not need to cover damage to your own vehicle in the event of an accident.
Discuss these matters with your insurance agent, and also compare quotes from different insurers. There’s almost always a way to considerably lower your premium if you work at it!
To learn more about how to save on your motorcycle insurance, or for a free, no-obligation quote, contact Flagler County Insurance Agency today!