GETTING THE MOST FROM YOUR MOTORCYCLE INSURANCE
In most countries like the United States, in order to ride your bike legally, you have maintain a sufficient motorcycle insurance coverage. Here are some ways on how you can get the most out of your motorcycle insurance.
The amount you agree to pay to your insurance provider in case of a motorcycle accident is called the auto insurance deductible. Having a higher deductible will usually lower your motorcycle insurance premium, which is the yearly cost in order to maintain your insurance policy. However, do not make the mistake of assuming a deductible amount that you can’t really afford, for this will result in a financial hardship in the event that you are not able to pay them.
Practice safe riding skills
Make sure to always practice how to ride safely as it is essential not only to keep you and your ride safe, not to mention other riders and their bikes as well, but it can also help to prevent accidents that need to file auto claims. Remember that the fewer auto claims you file, the insurance company will see you as safer and your rates can become lower. It does not matter whether you are just getting started or have been a rider for many years, it is important to enroll in a motorcycle safety course.
Buy more liability insurance
There are some places where you are required to acquire a liability insurance for your bike. This can help you out when paying costs related with bodily injury and property damage caused by others in an accident for which you have caused. This will also protect you from very costly lawsuits. That is why it is highly recommended for riders to buy more liability insurance.
Buy seasonal coverage
If you will you will not use your bike for a certain period of time for example you will garage it for part of the year, you should also consider buying your bike insurance seasonally. Keep in mind that there are parts of the country where you are required to have liability insurance on your bike to ensure that it will be kept registered and legal on the streets. But you also have an option to register is a non-operational during the parts of the year when you have no plans of riding it. When storing your motorcycle for a season, consider keeping your comprehensive coverage in order to protect your bike in the even something happens to it while it’s in the storage.
Look around to save money on motorcycle insurance
It is important to compare insurance quotes first online before purchasing in order to acquire a competitive motorcycle insurance rate. Make sure to compare quotes from various types of coverage which should include liability, comprehensive, accessory and collision coverage from several various insurance companies. You might also want to talk to your friends, family or other motorcycle riders who have been involved in a motorcycle accident before, to get feedback on their experiences with their insurance providers.
CHOOSING THE IDEAL MOTORCYCLY INSURANCE COVERAGE
Deciding on which type of options you have for your bike makes a lot of sense and seems quite upfront if you own a vehicle. The recommended coverage types for both motorcycle riders and passenger vehicles are generally the following:
- Property damage and bodily injury liability coverage which covers damages incurred by third party when you are at fault in an accident.
- Collision coverage which will help pay for damage to your motorcycle after an accident.
- Comprehensive coverage which covers the damage to your motorcycle after a non-accident related incident like flooding or vandalism.
- Personal injury protection – which help for you and your passenger’s medical expenses regardless of fault.
These recommended coverage are just like those for car owners, however you will find some optional coverage that may benefit motorcycle owners significantly if you look further into it.
Guest passenger liability coverage
If you are just like most bike owners, you like to share your ride with a passenger occasionally. You would want to be prepared in these cases in the event of an unfortunate accident. Depending on where you are located, your bodily injure liability coverage may not pay for guest passenger’s injuries after a motorcycle accident.
There are some locations where you need to buy a separate liability policy in order to provide injury protection for their guest passengers. This is called guest passenger liability coverage which will help pay for medical costs or death to a passenger on your motorcycle. You have an option cut the expenses by not purchasing this coverage but doing so can be a bit risky if you permit a guest ride with you.
Custom parts and equipment coverage.
Owning a motorcycle is twice as fun when adding special and customized features. However, these shiny new equipment and accessories comes at a price and not cheap. Depending on the type of investment you have, you may want to consider custom parts and equipment coverage which can help pay for damages to any enhancements or additions that change how your bike functions or look.
Other optional coverage
To get the best possible protection for you and your bike, you may want to think and consider some of the optional coverage below which are available for both motorcycles and other vehicles.
- Uninsured/underinsured motorist to help cover for your injuries when you have been in an accident with an individual who has no or insufficient insurance.
- Medical payments coverage which will help pay for medical costs regardless of who is at fault.
- Towing and labor coverage covers the expenses of towing in the event your ride breaks done while you’re riding it. It also covers costs of labor for dead batteries, flat tires and fluid replacement.
- Rental reimbursement coverage will cover expenses of a car rental during the times when you are not able to use your bike when it is damaged and you have no flexible transportation.
- Total loss coverage will pay the actual cash value of your bike in the event it gets totaled in an accident.
CHANGING MOTORCYCLE INSURANCE COMPANIES
Being aware of the significance of motorcycle insurance is a must if you are an owner of motorcycle. Your ride will not just be financially protected with a strong policy which includes additional coverage like collision and comprehensive, but it will also help you pay for any damaged property or bodily injury incurred by other people in an event of an accident caused by you with liability insurance.
A motorcycle insurance is very important as well as being happy with your insurance company providing you with the policy. If for some reason you find yourself unhappy with your insurance provider, you are free to switch to a different company which you feel will give you with a policy that will best suit your needs Here’s a guide to help you understand why you may need to change your motorcycle insurance company and how you can change smoothly.
Reasons why you need to make the switch
One of the most common reasons riders change providers is to get a much better rates on their motorcycle insurance. If you have been with the same provider for a few years, it is fine to consider to shop around for other motorcycle insurance. You may find that there are other providers out there that can offer you with lower rates that what you are currently paying. If you find a provider with a cheaper motorcycle insurance rates and you will that you are comfortable with what they are offering, consider making the switch. In addition, if you are dissatisfied your provider’s customer service or if they are slow in dealing with claims, consider making the switch.
Keep in mind that when looking around for coverage, you need to at least compare 3 motorcycle insurance quotes to ensure that you are getting the best possible policy at the best price.
Making the switch
Once you are done comparing the rates and policies and have found the suitable provider, you are ready to make the switch.
Make sure that your new provider has approved your application and has gotten your initial premium payment before contacting your current provider to cancel your motorcycle insurance. Then, you can now set the date as to when your new policy will begin. Also keep in mind to coordinate coverage to ensure that your new policy will begin just as your current policy ends. It will be considered a violation of the law if there is a lapse in coverage and you may see your registration or license suspended.
The best time to make the change
At any point, you may cancel your motorcycle insurance, however the simplest time to do it is towards the end of the period of your premium. This is to make sure that you will not have to deal with getting a refund on your premiums which are unused. There are companies which will charge a certain amount of fee when cancelling a policy early within the premium period. But if it is not possible, ensure that you remind the provider to send you a check for any unused premiums.