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ASSOCIATIONS

Most major insurance providers provide certain benefits to people who are part of well-known motorcycle associations. For example, Allstate offers discounts for members of: American Motorcycle Association, BMW Motorcycle Owners of America, Gold Wing Road Riders Association, Gold Wing Touring Association, Harley Owners Group, Motorcycle Safety Foundation and Venture Touring Society.

The most interesting one of these associations is the Motorcycle Safety Foundation. Graduating from the Motorcycle Safety Foundation will automatically make insurance companies consider you a safe driver. And since all insurance providers offer discounts for save drivers, this move could save you some serious dough.

If you’re even a moderately-experienced motorcycle driver, the course is quite easy. If you repeat it every three years, your rates will stay low year after year.

CREDIT SCORE

Put yourself in the position of an insurance provider. How would you feel about giving insurance to someone who’s proven himself to be risky and unreliable with money? You’d probably demand a higher rate, since it’s a bigger risk for you.

This explains why your credit score will often directly affect your insurance rates. The more you can prove yourself to be a reliable and responsible individual, the more insurance companies will be likely to offer you low rates.

OFF THE BEATEN TRACK

For most serious riders, a trip abroad wouldn’t be complete without seeing a bit of the country from a motorcycle. So, make sure that you do your research on what you’ll need to be protected when you ride. First, you should acquire an international driver’s permit from AAA – it’s not another test, just basically a translation of your current license.

If you’re staying in North America, your existing policy may very well cover you, but it’s always best to call to check. You may be able to purchase international coverage for an added fee. As for overseas travel, the first consideration is whether or not to bring your own bike along. You should keep in mind, however, that to bring your own, you must own the bike outright and be insured or it won’t be released to you. You’ll also need to insurance for different regions. In Europe, it’s the Green Card insurance, which usually covers you for Collision, Comprehensive, Guest Passenger, and Uninsured Motorist.
Unless you’re planning on taking a long journey, I’d recommend going the easy route and just renting a bike wherever you go. You’ll still need insurance, but usually that will be between you and the company that rents you the bike. Regardless, you should consider investing in international medical insurance. You’ll want to be protected in case of an accident.

BOTTOM LINE

There’s no reason why you should buy more coverage than you need, especially if you’re low on cash. However, it’s critical to have the coverage you need. There’s nothing worse than needing money for repairs and medical work when you don’t have it.

Understand what you’re going to use your motorcycle for, and then talk to your insurance provider about what coverage is really necessary for your particular situation.
The whole point of insurance is to make sure that an accident doesn’t put you in the poor house. But your insurance policy shouldn’t put you there either. It’s worth investing a bit of time to find your “just right” plan – one that will give you equal parts protection and freedom.

Author Bio: Jay Deratany is the founding member of The Deratany Firm and is a top Chicago injury attorney. His passion for helping people extends beyond the firm and into his extensive pro bono work and personal philanthropy. For more information, visit The Deratany Firm and connect with Jay on Google+.