- Unlike the car insurance industry, motorcycle insurance brokers provide economy coverage, which covers both liability and comprehensive, with an emphasis on anti-theft. Economy coverage is typically bundled together and can be tailored to your budget but is only an optional coverage policy. Other optional insurance types include collision, which provides for the repair or replacement cost of your vehicle if you are in an accident, and uninsured motorist protection, which pays out if the other driver has no insurance.
- In the auto insurance industry, a driver's minimum insurance requirement is mandated at the state level. With the exception of Florida, Montana and the state of Washington, all states require motorcycle owners to purchase liability auto insurance, with varying minimums to cover financial damages if the policy holder's bike causes injuries to other drivers or property on the road. Comprehensive insurance, however, is optional. So if you're considering dropping comprehensive coverage from your policy, the result may cost you financially, but you will not be breaking any state laws.
- Where you live, the time of year you drive and the type of motorcycle you own all contribute to the likelihood of your motorcycle getting stolen. Research your bike, location and driving season, before dropping comprehensive coverage, as it may come in handy down the road. The most common bikes stolen in the U.S. in 2009 were Harley-Davidsons, Kawasakis, Hondas, Yamahas and Suzukis, with most thefts occurring in California, Florida, Georgia, Texas and North Carolina.
- The estimated value of your bike will determine your insurance rate; some bikes may not be worth the added cost to replace or repair, and therefore do not require comprehensive insurance. If you do decide that your bike is worth the extra monthly cost, there are ways to save money in the process. According to Bankrate, you can choose to insure only certain, more evaluable parts of your bike that are harder to replace, which is cheaper than adding a comprehensive policy to the entire bike. In northern states, you can also purchase a motorcycle insurance policy called a lay-up that offers you three, insurance payment-free months in December, January and February if your bike is stored during those months. As with comprehensive car insurance, you can also save money if you add certain anti-theft features that will bring down the overall cost of the policy.
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