I’m loyal to a fault when I receive excellent service from a business. In my mind, I’d rather pay a little more to get a guaranteed result than save some cash and start dealing with problems.
Recently, I was surprised when reviewing quotes for my own insurance that I could save over $300 per year by going with a different, highly-rated provider. Even though I had perks for being a long-term customer, my clean driving record and riding experience weren’t translating to results.
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I decided to switch and save. You can, too!
When Should I Switch My Motorcycle Insurance?
The primary reason riders switch from one insurance company to another is the potential to save money. Different insurers offer unique rates for the same coverage. When you shop around and compare quotes, finding a more affordable policy that provides the same protection is possible.
Here are some other reasons why switching your motorcycle insurance to another provider might make sense today.
- Coverage Improvements
Your current insurance policy may not provide the coverage you need. It’s essential to evaluate your needs periodically, especially if your circumstances change, like when buying a new motorcycle or moving to a different state. Switching allows you to tailor your coverage to better protect your assets and financial well-being.
- Bundling and Discounts
Most motorcycle insurers provide discounts for bundling multiple policies into one package. It’s an easy way to save if you have more than one bike to insure. Some companies let you combine home, auto, and other policies for additional savings opportunities.
If you have other insurance needs, switching to a provider that offers such bundling and other discounts could result in significant savings.
- Customer Service
High-quality customer service is vital when dealing with insurance claims or questions. If you’ve had negative interactions with your current provider’s representatives or online processes, switching to a company known for its excellence in this area can provide peace of mind and a smoother overall experience.
- Policy Features
Insurance policies can vary in terms of additional features and benefits. Some providers offer roadside assistance, rental reimbursement, or coverage for accessories. Carried contents is another crucial add-on or rider that isn’t always available. It helps to assess whether your current insurance meets your requirements and if another company can offer better features.
- Claims Process
Investigate the claim process of your current provider. A smoother and more efficient set of policies can alleviate significant stress during challenging times! Recent reviews and other forms of customer feedback can provide insights into how different companies handle the process of repairing your bike so that you can get back on the road.
- Coverage Limits
Inadequate coverage can leave you financially vulnerable in case of an accident. Switching allows you to adjust your insurance. You can raise how much your policy covers while lowering your costs.
- Life Changes
Major life events like getting married, having children, or retiring can affect your insurance needs. Switching your motorcycle coverage when those moments happen allows you to align your protection with your current life stage.
Another life change that can provide significant savings opportunities involves taking a rider or driver off your policy. Having a single person covered can reduce costs if you have completed a divorce or one parent decides to stay home.
- Financial Stability Issues
A.M. Best rates the financial stability of motorcycle insurance companies across the United States. This organization typically gives out three grades to today’s national providers: A, A+, and A++.
The insurer must show a significant history of paying claims as expected with enough financial resources to back future payouts to achieve the highest grade.
If you work with a regional or local insurance company, their A.M. Best could be lower (but it could also be higher!). Use this information as one of the tools you use to compare providers.
- Marketplace Competition
The motorcycle insurance market is highly competitive. That can work to your advantage! Insurers often update their pricing and policies to attract new customers. You can switch and save when you can find a great deal that works for your circumstances.
Switching your motorcycle insurance is straightforward with the online quote requests that most providers offer. Review your costs, request new estimates, and see how much you can save today!
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