Motorcycle insurance is one of the most important types of coverage these days. This is because more and more vehicle accidents happen every day, which can be financially disastrous to unprepared motor riders. If you are a motorbike owner and you are planning to get motorcycle insurance, the following are some policies you may consider:
- Liability coverage â In most states, this is the least required type of insurance. This coverage compensates for the expenses of the other party if the policy-holder was at fault in an accident.
- Medical policy â This policy covers the insured's medical expenses in an accident regardless of fault.
- Physical coverage â This is divided into two coverage types: collision and comprehensive. Collision is an insurance policy that covers any damages to the motorcycle in a collision accident whoever was at fault. On the other hand, comprehensive policy compensates for expenses if the property damage was caused by other factors such as weather and vandalism.
- Uninsured and underinsured coverage â This is an optional insurance policy that will take effect if the driver who collided with a negligent driver who did not have enough insurance or no insurance at all.
Of course motorcycle insurance is not for free. Motorcycle policy rates and premiums are slightly higher than ordinary car insurance because motorcycle riders are more prone to suffer serious injuries in a motorcycle accident. Other factors that help determine insurance rates for motorbikes include:
- Annual mileage â This is how far the owner uses his motorbike yearly. Most of the time, if the mileage is low, insurance rates would also be lower.
- Type and classification of motorcycle â Certain types of motorcycles are considered high-risk by insurers, which mean they have greater risks of getting involved in accidents.
- The neighborhood where the owner lives â Some insurers consider where their clients live to identify possible neighborhood hazards such as theft or vandalism.
- Purpose for motorcycle use â Motorcycles used for recreation derive lower insurance premiums than those that are used to and from work or school.
- Storage â The insurance applicant should make sure that his motorcycle has an enclosed and secured garage for storage.
It is important that every motor rider is aware of this information about motorcycle insurance in order to get the necessary policies at the best rates. Searching for a cheap insurance quote is relatively easy. Motorists just need to search the Internet for quoting sites online to get an estimate how much their insurance would be.