Get Financing on a Harley-Davidson® Bike in Grand Prairie, TX
While owning a Harley-Davidson® is certainly a great experience, ownership of such a quality bike does come with some inherent responsibilities. Of course, safety is always a priority when on the open road; this includes wearing the proper protective gear at all times, such as helmets and gloves. Riders should also take extra precautions while on the road, such as staying out of another driver's blind spots and always double-checking before merging or changing lanes.
Aside from general safety responsibilities, motorcycle owners also have the legal responsibility of carrying an insurance policy on the motorcycles themselves. Requirements for motorcycle insurance are set by each state individually but are enforced nationwide. In fact, failure to carry proper insurance can result in one’s motorcycle being towed and its owner being issued hefty fines. Furthermore, having an insurance policy in place on one’s Harley® can provide riders with additional peace of mind in the event of an accident or other damage to the motorcycle itself.
Unfortunately, some motorcycle owners or prospective owners do not know what kinds of coverage amounts and types are best for them. The various options and recommendations outlined below function as a great guide to buying insurance for a motorcycle.
For starters, all motorcyclists licensed in the state of Texas should carry at least the state minimum requirements for motorcycle insurance. This includes $30,000 per person in bodily injury coverage, with a cap of $60,000 per accident. Furthermore, it is necessary to carry at least $25,000 in property damage coverage.
Of course, it is always better to purchase higher coverage amounts if at all possible. The higher the amounts, the more one’s insurance company will cover in the event of an accident. Aside from bodily injury and property damage protection, there are other types of motorcycle insurance that should be considered. Collision and comprehensive coverage are two examples.
Collision coverage will help to pay for damage done to one’s motorcycle. This can be from an accident, vandalism, or severe weather. In these situations, the insurance will cover the repairs on the motorcycle, less any deductible that may be in place. Comprehensive coverage is another option that expands the scope of what one’s insurance will cover. An example includes windshield glass. It is also important to note that, for motorcycles that are leased or financed, comprehensive and collision coverage are requirements and not optional.
Motorcycle owners should also be aware that they are required to carry proof of insurance on them at all times while on the road. Failure to present current proof of insurance and registration upon being pulled over by a police officer can result in large fines, points on one’s license, and possibly even having one’s motorcycle towed until proper insurance identification can be provided.
Knowing which coverage amount is right for any given motorcycle owner depends on his or her personal finances, whether the motorcycle is owned, financed, or leased, and what type of coverage is desired. It is recommended that motorcycle owners speak with an insurance agent to explore a few different coverage options in order to determine the optimal choice.
Saving Money on Motorcycle Insurance
There are a great number of insurance discounts available from various insurance companies. Taking the time to shop around and request quotes from different companies at least once every 12 months is a great way to ensure that one is getting the best deal possible. Also, contacting one’s insurance agent to make sure one is taking advantage of all possible discounts is a must. Safe-driver discounts, multiple policy discounts, and good-student discounts are all common ones to look into.
It is also possible to save on motorcycle insurance by adjusting coverage amounts as needed. Upping a deductible for collision insurance is one way to lower the total cost of one’s premium. However, it is important to note that, with a higher deductible, more must be paid out of pocket in the event of a claim. Also, when adjusting coverage amounts, motorcycle owners should be careful not to make them too low to the point that peace of mind is sacrificed.
Shopping for motorcycle insurance can seem like a confusing prospect, but it is just about as simple as buying any other type of insurance. It is just a matter of figuring out how much coverage is needed and what one’s budget is to make the right decision.