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Motorcycle
Insurance
Choosing the right
insurance policy is much like choosing the
right bike. 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. The key to finding which coverage
is best for you involves learning about
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 cover only
the book value of the motorcycle.
Keep in mind most comprehensive
and collision coverages will only cover the factory
standard parts on your bike. If you decide to
add on any additional optional accessories such
as chrome parts, a custom paint job, trailers
or sidecars, you need to look into obtaining additional
equipment coverage.
Uninsured motorist
coverage
Uninsured motorist coverage pays for medical treatment,
lost wages and other damages if a driver who has
no insurance hits you. If your uninsured motorist
coverage includes property damage, then your cycle
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.
Underinsured Motorist
Coverage
Underinsured motorist coverage is similar to uninsured
motorist coverage, except it applies when the
other party has lower coverage limits than you
do and damages exceed the other party's limits.
Tips for the cost-conscious
rider
Many factors can play a role in determining what
your insurance costs will be, such as being a
graduate of a rider-training course, your age,
your driving record, where you live and the type
of motorcycle you own.
- 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.
- Find out what discounts
your insurance representative offers. Multibike
discounts for those insuring more than one bike;
organization discounts, if you’re a member of
a motorcycle association; and mature rider discounts
for experienced riders, are just a few possibilities.
Discounts can range anywhere from 10% to 20%,
depending on the company and your state. Availability
and qualifications for discounts vary from company
to company and state to state.
Keep in mind that the type,
style (such as a sports bike vs. a cruiser), age
of the motorcycle, number of miles you drive a
year and where you store your bike may also affect
how much you pay for your premium.
Contact
Dynes for more information >
Read
what people are saying about Alan R.
Dynes Insurance. |
