Motorcycle insurance rates have been escalating more and more in the last few years for a wide variety of reasons and a lot of people are starting to feel the hard hit on their bank accounts. The recent rollercoaster trend of the economy has left so many motorcycle owners without a dime to save and it is taking out the joy of filling up the tank with gas and just riding all night. However, there are ways for one to save on the amount of money that one is spending annually on one's insurance coverage.
Motorcycle insurance rates will always depend on the actual value of the bike to be insured. For those people who do not own an expensive bike, for instance just a commuter-type motorcycle, you do not have to get collision and comprehensive coverage. This policy pays to repair a bike or maybe even replace it. Depending on how old the motorcycle is and its model, this coverage can be about 2/3 of the total premium. If you don't have an expensive bike you would rather do without it.
Medical coverage in the motor vehicle industry is called Med pay. Motorcycle insurance rates will always inflate when medical coverage is added on to them because let's face it, bikes are dangerous machines. If you have any other form of medical policy, for instance at work or a comprehensive health cover, you do not need Med pay as it becomes a secondary cover. By secondary cover it means that in case of injury Med pay will only cover the medical expenses that your other medical policies does not cover. This means that sometimes they will pay nothing for your medical bills despite you paying the premiums.
The guest passenger policy is an insurance policy that covers any other occupant other than the driver of the vehicle. In some states it is obligatory to have it and in others it is not a must. If you are living in one of those states where it is not obligatory to have the guest passenger policy then you may want to sacrifice that and not carry any passengers. It cannot be that hard to turn your friends down if you know that you have no cover for them in case something should happen. This is sure to take a big chunk out of your yearly motorcycle insurance rates.
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