Motorcycle riders have a higher risk of accidents than car riders. Motorcycle insurance is defined as the insurance of bikes and liabilities arising out of use thereof. It is a contract between you the policyholder and the motorcycle insurance company by way of sharing the risks. You agree to purchase the insurance policy according to the rules within those legal documents.
Motorcycle insurance is designed to give coverage to riders on the open road giving them peace of mind. The motorcycle insurance purpose is to protect riders from financial loss if they have an accident while driving the motorcycle. The coverage helps pay for financial losses or obligations arising from the use of your motorcycle.
The insurance plans are designed to meet the increasing requirements of motorcycle insurance. As the owner of your motorcycle, you need to understand the different aspects of bike insurance policies and then decide which plan you would like to cover your bike with. The following factors determine motorcycle insurance rates:
People who have a great driving record will most likely get better rates than those who have been in many car or bike accidents in the past. The cleaner your driving record, the cheaper the premium rate will be.
The type of motorcycle you register for insurance will have a significant effect on your insurance rates. The more expensive the bike, generally the higher the rates are.
The area you live or ride in
If you live in/or regularly drive in a high crime area then there is a likelihood that the premium rates may go higher as compared to a region having less crime rate and fewer accidents.
The younger rider is usually charged a higher premium than an older rider. The more experienced and mature the rider is the lower the premium will be since they are less likely to cause an accident.
Types of Coverage
It is easy to secure a tailored plan that covers the essential aspects related to motorcycle usage. The various forms of coverage for by motorcycle riders are:
– Liability Coverage: This is a mandatory coverage for damage or loss of life and property. Liability coverage protects the rider if they are at fault in a covered accident.
– Collision Coverage: This covers the market value of your bike minus the deductibles before an accident. Collision insurance pays for the repairs or replacement of the entire motorcycle in case of a covered accident.
– Comprehensive Coverage: This covers the pre-accident book value of your bike due to damages caused by factors other than collision. The incidents covered in this category include; fire, theft, and some natural disasters.
– Underinsured or Uninsured Motorist Coverage: If the responsible party in the accident is underinsured or not insured, this covers the value of damage that cannot be paid by the insurance company of the other party.
– Medical Coverage: This covers all personal injury expenses. It will cover payments for reasonable medical treatments that you and or another person on your bike may need.
– Passenger liability coverage: This coverage protects bodily injuries to persons you have on your motorcycle. If they are injured on your bike, you are covered to a given degree. When it comes to the settlement of a motorcycle insurance claim, it is wise to contact a lawyer before arranging to damage a settlement with an insurance company.
Call us today to learn how S.T. Good Insurance can give you the peace of mind you deserve when it comes to protecting your investments.