Choosing the right insurance policy is much like choosing the
right motorcycle. You want it to fit your needs and lifestyle, but at the same
time be within your budget. Although most states require you to carry a minimum
amount of liability coverage, other types of coverage are usually optional.
Always ask your insurance agent or company representative which laws apply in
your state.
In order to find out what coverage is best for you, it is
important to understand all the options available.
LIABILITY
COVERAGE
Liability insurance covers bodily injury and property damage
that you may cause to other people involved in an accident. It doesn't cover
you or your motorcycle. Find out if your coverage includes Guest Passenger
Liability, which provides protection in the event that a passenger is injured
on the motorcycle. Whether or not this is included depends on the laws of your
state and the company issuing the policy.
COLLISION
COVERAGE
Collision insurance covers damage to your motorcycle if you
are involved in an accident. Your insurance company pays for damages, minus
your deductible, caused when you collide with another vehicle or object.
Collision insurance usually covers the book value of the motorcycle before the
loss occurred
COMPREHENSIVE
COVERAGE
Comprehensive coverage pays for damages caused by an event
other than a collision, such as fire, theft or vandalism. However, just like
collision coverage, your insurance company will pay for damages, minus your
deductible, and will cover only the book value of the motorcycle.
UNINSURED/UNDERINSURED
MOTORIST COVERAGE
Uninsured/underinsured Motorist Coverage covers damages to
you and your property caused by another driver who either doesn't have
insurance (uninsured) or doesn't have adequate insurance (underinsured) to
cover your damages.
This coverage typically pays for medical treatment, lost
wages and other damages. If your uninsured/underinsured motorist coverage
includes property damage, then your motorcycle would also be covered under the
same circumstances. Check with your insurance professional to see if property
damage is included or needs to be purchased separately.
TIPS FOR
THE COST-CONSCIOUS RIDER
Many factors can play a role in determining what your bike
insurance costs will be such as your age, your driving record, where you
live and the type of motorcycle you own, or being a graduate of a
rider-training course.
- Many
companies offer discounts from 10 to 15 percent on motorcycle insurance
for graduates of training courses, such as the Motorcycle Safety
Foundation (MSF) rider course. Riders under the age of 25, usually
considered a higher risk, may see some savings by taking this course. It’s
also a good idea for cyclists who have already had accidents.
- Maintaining
a good driving record with no violations will also help reduce your
premiums.
- 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.
- Choose
the agent or company that's right for you. If you already have auto
insurance, you can contact the same insurer. Otherwise, ask friends,
relatives and co-workers where they bought their auto or motorcycle
insurance.
[Source:https://bikeinsuranceblog.wordpress.com/2016/04/16/motorcycle-insurance/]
