It is a well-known fact that being involved in an accident for which you are at fault will have an impact on your motorcycle insurance coverage. However, it is important to keep in mind that there are measures you can take to minimize the stress involved with obtaining a new policy for your motorcycle after an accident. Discover some of the measures you can take to make the process easier.
1. Tell the Truth
An insurance provider can legally drop your coverage if it is discovered that you lied about an accident in the past. For this reason, you must be honest when you complete the new policy because the new insurance company will get a complete copy of your accident history, and the incident will come up. If you lied on the application, the insurance company can deny coverage.
2. Strengthen Your Credit
Your driving history does have a great deal of influence on your insurance cost, but it is not the only factor. Your credit also matters. If a driver has an accident in their past and a poor credit history, they will likely pay more than a motorcycle owner who has an accident but has better credit. Make sure you work to ensure your credit is in good shape.
3. Bundle Your Insurance
Purchasing your motorcycle insurance from one company and all your other policies from another company after an accident can increase your cost. You should instead consider bundling all your policies. Although your auto rate might increase due to the accident, you will earn a multi-policy discount on each of your policies, which can save you money.
4. Take a Safety Course
Consider taking a safety course. If the accident you were involved in was minor, some states will allow motorcycle drivers the opportunity to participate in a safety course. The safety course may not necessarily remove the accident from your driving record, but the fact that you completed a safety course will make you appear as a safer driver, which can help lower your insurance risk and cost.
5. Adjust Your Deductible
It might be a good idea to consider adjusting your deductible if you are concerned that your insurance will increase significantly after the accident. The lower the deductible on a policy, the higher the premium, and the higher this rate, the lower the policy cost. If your previous deductible was around $250, consider increasing the amount to $500 or even $1,000 to find more savings.
Keep these tips in mind as you shop for new motorcycle insurance after an accident.
Share17 September 2020
I still remember the first time I had to chose an insurance policy; I was 17 years old and had just saved up enough money to afford my very first car. I was so excited to begin driving, but overwhelmed with all of the different auto insurance options. My father helped me chose a full-coverage policy that would cover the cost of my car if it were to become damaged in an accident. When I inevitably caused a small fender-bender as a new driver, my insurance company paid for my car repairs, so it sure was the best policy for me! Now that I am older and have learned a lot about home insurance and other types of insurance, I thought I would make a blog to help others who need insurance advice, like what my dad gave me. I hope I can help you make wise insurance decisions!