Trying to find motorcycle insurance with the right level
11 October 2007Motorcycle insurance? Can anyone let me know where can I find good deals on motorcycle insurance in or around minneapolis. Its my first bike. progressive was the...
Does a person need to have motorcycle insurance? Does a person need to have motorcycle insurance (like mandatory car insurance) to operate a motorcycle in the state of Washington? Thanks...
Trying to find motorcycle insurance with the right level of cover and at a price you can afford can become frustrating and time consuming.
There are so many motorcycle insurance companies out there with quite a significant range of prices for what can prove to be essentially a similar package.
The first thing you need to decide is what type of motorcycle insurance policy you are interested in and obviously your final decision will most probably be based on cost.
The most basic motorcycle insurance you can get is ‘Bodily Injury & Property Damage Liability’. This level of motorcycle insurance is a legal requirement and covers your legal liability for third party damage and bodily injury in the event of an accident. It will not cover the cost of repair of your own motorcycle.
If you want motorcycle insurance that will cover the cost of repair to your motorcycle if in an accident and pay you for the cost of replacing your motorcycle in the event of fire or theft then you need to take out a Comprehensive Motorcycle Insurance Policy.
You can take out ‘Uninsured Motorcycle Insurance’ which will cover you for the cost of medical care and loss of earnings in the event of being hit by an uninsured driver. Uninsured insurance will also cover the repair costs for your motorcycle up to your insured limit in the event of being hit by someone who is not insured.
It’s advisable to make sure that you include medical payments in your motorcycle insurance policy which will usually cover you in the event of a motorcycle accident regardless of who is at fault. Medical payments insurance only tend to kick in at the point when you have no other medical cover.
Comprehensive motorcycle insurance will normally cover some of the cost of custom parts but not necessarily all the cost. It is advisable to check this before taking out motorcycle insurance and if your level of customisation is not covered take out further Custom Parts Motorcycle Insurance.
The cost of your motorcycle insurance will vary from company to company and depend on such things as your age, the length of time you have been riding a motorcycle and whether or not you have had any previous accidents or claims. You will generally be able to influence the cost of your motorcycle insurance to some degree according to the level of deductibles you choose. The higher the deductibles the lower the cost of your motorcycle insurance.
It is definitely a good idea to shop around with quite significant savings being obtained if you select the right insurance company. Save yourself some time by doing a lot of the work on the internet, it will be quicker and easier to compare polices and most motorcycle insurance companies tend to offer online discounts.
These days simply being careful while out and about with your bike and using safety gear is not the only protection you would need. Motorcycles have a far higher rate of accidents per unit distance than cars. This is due to the exposed rider and the fact that many automobile drivers fail to see these smaller vehicles in the traffic stream.
Also, as the law and lawsuit trials become more and more “complicated,” you might even end up paying for the guy who was talking on his sell phone while driving, failed to see you and pushed you in the ditch. Of course, he had a good lawyer. And you, … well, your brand new bike is bits and pieces, not to even mention being hurt from the fall.
So, you either cough up few thousand dollars for the medical bills and fixing your bike, or contact your insurance to take care of the bill. Your motorcycle is a major investment, one that is certainly worth protecting. Making a smart insurance decision is crucial for your protection and protection of your motorcycle.
However, choosing the right insurance policy for you is much more like choosing the right bike. You want it to fit your lifestyle, but at the same time you want it to fit your budget.
And, better coverage does not necessarily mean paying more for your insurance. Based on your motorcycle, driving history, and location, instead of getting the best rate from one company, you’ll need to contact more insurance companies and get their best rates for your desired coverage. And the key to finding which coverage is best for you involves learning about all of the available options.
Although most U.S. states require you to carry a minimum amount of liability coverage, other types of coverage are usually optional. Always ask your insurance representative about which laws apply in your state or city.
Let’s look at the different insurance options.
Liability coverage
In many countries liability insurance is a mandatory form of insurance since you’re at risk of being sued by the injured party being involved in the accident. Most U.S. states require motorcyclists to carry a minimum amount of liability in case of third party injuries. However, insurance experts recommend purchasing as much as three times the minimum in these times of expensive litigation. Liability coverage protects you if you (or another person driving your motorcycle with your permission) injure or kill someone or damage property. Liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident, up to the limit of liability you select. It doesn’t cover you or your motorcycle. But it gives you a protection from a lawsuit. Also, find out if your coverage includes Guest Passenger Liability, which provides protection in the event that a passenger is injured on the motorcycle. It depends on the laws of your state and the company issuing the policy.
Collision coverage
While the liability coverage is required by law, in many cases collision coverage is optional. Why, you might ask? Collision coverage is the one that pays for the damage to your motorcycle, and it’s optional? We’ll let the lawmakers protect “the other guy” while you need a collision coverage to pay for the damage to your motorcycle when you collide with another vehicle or object. It covers the cost to repair or replace your motorcycle, regardless of who is at fault. You select a deductible, and once the deductible is met, the insurance company pays for the remaining damage. Collision insurance usually covers the book value of the motorcycle before the loss occurred - factory parts. If you get fancy and add anything extra, like nifty chrome accessories or a custom paint job, additional coverage will be required for compensation.
Comprehensive coverage
Comprehensive coverage pays (less the deductible) for damages caused by circumstances other than accident, such as vandalism, fire, or theft. And again, it covers only the book value of the motorcycle.
Uninsured motorist coverage
If the knucklehead who hit your bike is uninsured, this insurance will cover damages you incur that the “at-fault” party is legally liable for, such as medical treatment and lost wages. Despite laws requiring insurance in practically every state, a lot of people are still driving without even basic liability coverage. The uninsured motorist section of your policy protects you if you or your passenger is hurt by “one of those” people. If your uninsured motorist coverage includes property damage, then your motorcycle would also be covered under the same circumstances - covering for damage to your motorcycle caused by someone who does not have insurance. Check with your insurance to see if property damage is included or needs to be purchased separately.
Underinsured motorist coverage
Underinsured motorist coverage is similar to the uninsured motorist coverage. This coverage reimburses you if the person who hit you doesn’t have enough insurance to cover for all of your damages. If your injury expenses exceed the “at-fault” person’s liability limits, you can use Underinsured Motorists Coverage to pay for the amount not covered by the person’s insurance. Underinsured Motorists coverage is designed to cover the gap between the other person’s liability limits and the amount of your injury expenses. The trick is that in order for this coverage to kick in, the other driver has to be declared at fault. In most states, when blame is in doubt or the amount payable is contested, you and your insurer have to submit your differences to arbitration.
Medical payments coverage
Medical Payments coverage pays the cost of necessary medical care you receive as a result of a motorcycle accident and can be used regardless of who is at fault. This coverage often is limited. Check with your insurance company for the specific dollar amount and the number of years that they will cover after the accident. In some states, medical payments coverage only applies after other medical insurance is exhausted.
Custom parts and equipment
This coverage is an addition to your Comprehensive or Collision coverage. When you have custom parts and equipment on your motorcycle, you can purchase this additional coverage to cover equipment, up to a dollar amount defined by the insurance company. Ask your insurance for the specific custom parts and details that they are willing to cover. Recommendation: retain photos of the motorcycle and all the receipts for your custom parts and equipment.
Roadside assistance
Roadside Assistance coverage provides towing to the nearest qualified repair facility and necessary labor at the place of disablement when your motorcycle is disabled due to reasons defined by the insurance company. Roadside Assistance is sometimes included with your Comprehensive coverage at no charge. Ask your insurance agent. If not, in most cases the Roadside Assistance coverage can be purchased at a nominal fee.
Many factors can play a role in determining what your insurance costs will be, such as your age, your driving record, where you live, and the type of motorcycle you own. Unless you’re a “high risk” person, there are ways to keep your costs down so you won’t have to pay high rates. Many insurance companies offer discounts from 10 to 15 percent on motorcycle insurance for graduates of training courses.
In many northern states, riders may save money by buying a “lay-up” policy. With a lay-up policy, all coverage except comprehensive is suspended during winter months.
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