Does Having Motorcycle Insurance Affect Auto Insurance?
Insurance carriers use an array of factors when determining your auto insurance premiums. Many of the same factors are used to determine your motorcycle insurance rates. If you have an auto insurance policy and a motorcycle policy, you may find that one will affect the other.
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Discount
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If you carry your motorcycle insurance under the same carrier as your auto insurance policy, you may qualify for a multi-policy discount. While not every insurance carrier provides this discount, many insurance carriers do for auto insurance.
Driving History
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Since the motorcycle is a moving vehicle, insurance companies use your driving history to help rate your insurance risk. Any violations that you get while driving your motorcycle are reported on your motor vehicle report. This history is used when determining your auto insurance rates.
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Claims History
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Insurance companies also consider your accident and claims history when determining your motorcycle and auto insurance rates. As a result, any motorcycle accident or claims that appear on your C.L.U.E report, or Comprehensive Loss Underwriting Exchange report, can be considered when determining the rates for your auto insurance.
Considerations
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Motorcycle insurance is required for all licensed motorcyclists in every U.S. state except Florida, Montana and Washington. Although not every state requires motorcycle insurance, every state does mandate that motorcyclists maintain financial responsibility for any injuries or damages that they may cause to another party. If you receive a violation or are involved in an accident while on your motorcycle and do not have insurance, your license may be suspended or revoked. A license suspension or revocation will affect your auto insurance policy negatively.
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References
- Photo Credit motorcycle camping image by Greg Pickens from Fotolia.com
