Get out and play

Coverage requirements vary by state. Insurance requirements for ATVs and snowmachines also vary by state, but even if insurance is not required, you may want to consider it as a way to protect your finances in case your vehicle is stolen or you’re responsible for an accident.

If you purchased your vehicle using a loan, then your lender will usually require proof of insurance to close the loan.

You may be able to get a discount if you’re a homeowner; or a mature driver. It’s also possible to save on your overall insurance bill by bundling policies, like your homeowners and motorcycle insurance, with the same carrier. Your agent can identify the types of discounts you might qualify for.

Your insurance premiums are based on a number of factors, including how often you use your vehicle, how many miles you drive each year, and where you store it when it’s not in use. If you only use your motorcycle, ATV, or snowmachine for a few months a year, then you may pay less for insurance than someone who uses it year-round.

Insurance companies have different methods for assessing risk, but most of them consider these factors:

• Your driving record, age, and driving experience
• The type of vehicle you drive
• The number of miles you drive each year
• Your location, usually based on your ZIP code

Insurance companies may also look at your credit history to assess your risk, but this is not allowed in some states.