(1) A rate, rating plan or rating system filed with the Director of the Department of Consumer and Business Services for a motor vehicle insurance policy offering liability, personal injury protection or collision coverage shall provide an appropriate reduction in premium charges for such coverage if:

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(a) The principal operator of a covered motorcycle has successfully completed a motorcycle rider education course established under ORS § 802.320. The course must be completed no more than three years prior to the beginning of the policy period for which the discounted rate applies.

(b) The motorcycle is not classified, for underwriting purposes, as used for a business.

(2) If the person qualifying for a premium reduction under subsection (1) of this section is the principal operator of two or more motorcycles, the premium discount applies to only one motorcycle. No more than one premium discount may be applied to one motorcycle.

(3) If a motor vehicle insurance policy insures motorcycles and other vehicles, the appropriate reduction in premium charges applies only to the motorcycle portion of the policy. [2009 c.771 § 2]

742.480 to 742.486 were added to and made a part of the Insurance Code by legislative action but were not added to ORS Chapter 742 or any series therein. See Preface to Oregon Revised Statutes for further explanation.