Owning a motorcycle can be one of life’s greatest joys, giving you a sense of freedom and excitement no four-wheeled vehicle can provide. If you already own your dream bike or plan on purchasing one, you may be wondering about how to properly insure it. The general insurance team at Lighthouse Agency, located in Fairfield, OH, discusses some frequently asked questions about motorcycle insurance.

4 Commonly Asked Questions About Motorcycle Insurance

What Is Motorcycle Insurance?

Motorcycle insurance is similar to auto insurance, covering financial losses if you are involved in an accident or your motorcycle is stolen or damaged. Most insurers also cover mopeds and scooters under their motorcycle insurance policy. This type of coverage includes liability protection if you are responsible for another person’s injuries or cause property damage.

Why Is It Important to Have Motorcycle Insurance?

If you own a motorcycle, it is vital to have this type of coverage to protect yourself, others, and your bike. Since motorcycles are riskier to operate than four-wheeled vehicles, you have a higher risk of becoming involved in an accident. Having a comprehensive policy helps to reduce your financial burden if an accident occurs, providing you valuable peace of mind.

What Is the Best Way to Reduce Insurance Costs?

Motorcycle insurance can seem expensive if you’re used to paying for auto insurance, but there are ways to keep your rates low. Motorcycle insurance carriers provide discounted rates for safe drivers. Taking a motorcycle safety class and riding safely is one of the best ways to save on insurance costs.

Can I Save Money by Canceling My Policy While My Motorcycle Is in Storage?

If you store your bike over the winter, you should still maintain your insurance coverage. Your insurer may take the typical riding season in your state into account when they determine your rates, so you won’t save money by canceling your coverage.  Also, your bike may also face risks while it’s stored, including theft or vandalism, and you would have to pay for the damages if it isn’t covered.

The general insurance agents at Lighthouse Agency offer comprehensive insurance policies from a variety of trusted insurers. Give them a call at (513) 860-9100 for an insurance quote. You can also visit them online to learn more about their general insurance policies.