Motorcycle insurance in Illinois and the rest of the country should be considered as crucial as a helmet or any other piece of riding gear. After all, it is insurance that will help you recover both your bike and from your injuries if you are in a crash. And if you ride with any frequency, eventually you will be in a motorcycle crash.
Motorcycle insurance in Illinois and throughout the country varies based on a number of factors. One of the biggest things to keep in mind is that prices vary from company to company. It would be easy if you could consider one company expensive and the other inexpensive, but it’s not usually that easy. Since motorcycle insurance companies take a wide variety of factors into consideration, a policy with one company that may be considered very expensive for someone may be priced inexpensively for someone else.
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Motorcycle insurance cost in Illinois varies based on the riding of the biker, the bike insured, the amount it is insured for, the credit history of the biker, and a number of other factors. In general, the safer your riding history, the lower the cost of your premiums. If you are an experienced biker and you have never been in a crash, you will probably have a lower premium than a new biker who got a speeding ticket. Many insurance providers offer discounts if you take a motorcycle safety course, and some may even require it before offering coverage.
If you have other insurance policies with the company, you may be entitled to a discount. For example, if the insurance company ensures your home or your other vehicles, you may receive a lower rate as part of a bundled package. This can mean a great deal – and can provide savings of 10 percent or more! Also, some insurance companies partner with businesses in the area to offer discounts to employees. It is always good to check and see if you can receive a discount based on employer, alumni, or non-profit organization affiliation.
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The type of bike you have will also play a role in your motorcycle insurance cost in Illinois. Insurance companies in Chicago and throughout the United States offer better rates on cruising bikes as compared, for example, to speedsters and racing bikes. This makes perfect sense when you think about it: they want to ensure people who are going to safely use their bikes and obey the laws of the road, not those who plan on racing and riding in an unsafe way.
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Motorcycle insurance premiums can also vary based on your credit history. Like it or not, your credit history can and does play a role in your insurance policy. Companies want to know they are going to be paid on time, and they also consider people with good credit to be lower risk overall. It’s always good to peruse your credit before pricing any insurance policies. Make sure you do not have any erroneous information on your report, as it could hurt you. Even if you have bad credit or have faced bankruptcy, you can still get motorcycle insurance. Some companies consider this factor of lesser importance, so it pays to price your policy with different companies.
The amount of coverage will be one of the biggest factors in the price of your insurance. We always encourage bikers to pay for as much coverage as they can reasonably afford. Of course, you must adhere to the state minimums for motorcycle insurance in Illinois, but remember these minimums may not provide enough coverage in the event of a crash. Instead, we recommend thorough coverage included coverage for uninsured motorists which will provide for payment if you are struck by someone who does not have insurance.
One way to lower your insurance rate is to raise your deductible. The deductible is the amount of money you will be required to pay before your insurance company provides coverage. For example, if there is $4000 damage to your bike, and you have a $500 deductible, you will pay $500 to the repair provider and the insurance company will pay the rest. By raising the deductible, you will lower your rates. Just be sure you have this amount of money available in case you are involved in a crash.
When it comes to motorcycle crashes, it’s not if- but when. Bikers will eventually be involved in a crash, so it is crucial to have good motorcycle insurance coverage, whether in Illinois or anywhere else in the country. At Kass & Moses, we have seen the results of people insured in crashes and understand the difference in how various insurance companies handle and pay out claims. If you have been involved in a crash, our team of experienced Chicago motorcycle lawyers can help you navigate the maze that insurance companies create to help you get the settlement you deserve.