The Basics of Motorcycle Insurance
The Basics of Motorcycle Insurance
For millions of riders, the motorcycle represents a means to freedom. The open road and the feel of wind on one's face is as close as modern man can get to a truly individual mode of transportation. Unfortunately the modern world imposes restrictions on almost everything we do. Among those restrictions is the requirement to have an insurance policy for any vehicle we operate on the public roads, motorcycles included. Though this is mainly designed to protect others on the road, it also protects the operator of the vehicle. Therefore it is important to choose the best plan possible.
Like car insurance, motorcycle insurance comes in many forms. Choosing the one that is right for you depends on several factors such as motorcycle type, driving history, how much is owed and location. All states require riders to carry at least liability insurance. If you ride a $2000 bike this is likely all you will need or want. If however, you have a $20,000 custom ride, some form of comprehensive insurance will be well worth it, perhaps even more so than for your car.
Since the damage caused by motorcycle accidents is generally minor, liability insurance can be acquired for a relatively small premium. On the other hand, since motorcycles are prone to accidents and damage from a variety of sources, comprehensive insurance can be as costly as for many cars, or even more so. If you took out a substantial loan to purchase the bike, the lender will likely require a more extensive policy to protect their collateral. The coverage should be kept at a level that will at least pay off the loan and really should cover the replacement cost of your investment.
The more customized or rare your bike, the more costly the insurance will be. Simple concerns such as finding replacement parts can quickly translate into expensive repairs. The insurance companies take such factors into consideration. Bikes that are specialized for potentially dangerous pursuits such as racing or off road use will also carry higher premiums.
Keep in mind that some providers are friendlier towards motorcycle riders than others. It pays to shop around and you can save a lot of money by choosing the right company. Motorcycle dealers and shops can often recommend a good local provider. A few years of motorcycle riding experience and a clean driving record will also reduce the premiums. All about Bodily Injury on Insurance Rates Everything to Know about Insurance Premiums Apartment Building Insurance-NCAIG Small Business Insurance:"Policies For This, Policies For That. As If I Haven't Got Enough To Think About." Professional Indemnity Insurance:Yes, you can cut costs without cutting corners Professional Indemnity Insurance: Can You Explain It To Me Without The Jargon? How Much Tuition Insurance Do I Need? Discover Ideas About How To Get A Malpractice Insurance Understanding Medigap Insurance Ratings Insurance Risks - The Burden of Proof Insurance Policy - Physical Loss Or Damage Top 5 Everlasting Principles of Insurance Insurance - Waiver Or Affirmation?