An open road. A beautiful landscape out in front of you. Your gas tank is full and the wind is at your back. This scenario is why millions of people around the world enjoy motorcycles as not only a means of transportation, but as a hobby as well.
The scenario pictured above does not have to be spoiled by the not so fun idea of finding the right coverage for your bike. If anything, it should put your mind at ease knowing that you don't have to worry should your motorcycle or someone's personal property be damaged.
Some insurance companies sell motorcycle specific policies while others offer the coverage as part of your auto policy. You should check your options when shopping for motorcycle insurance. Many insurance providers give discounts for bundling a bike on your current policy. That translates to more money for gas!
The very first thing you should do is get familiar with the laws in your particular state. Most require at least liability, but there is some difference between what certain states require to be within the law when it comes to motorcycles. You can find information about your state by contacting your state's department of insurance.
Types of Motorcycle Coverage
Even though you may be familiar with the following terms, we'll take another look to make sure that you are familiar with the various types of coverage. They are similar to the terms you go over with auto insurance policies.
Liability
Liability will cover bodily injury and any damage to someone else's property. You will be left with the financial burden of your own injuries and damage to your property if this is the only coverage you have.
Uninsured or Underinsured Motorist
If you are involved in an accident and the other party involved does not have insurance, or does not have enough, this coverage will protect you from medical bills, lost wages, and sometimes property damages.
Collision
Collision coverage will cover damage to your ride if you wreck your bike. Most insurance companies will cover the book value of your bike. You just have to choose the deductible you are comfortable with.
Comprehensive
This type of coverage will pay for the loss or damage of your motorcycle due to many factors beyond your control. Once again, you will be paid the book value and you must choose a deductible that you are comfortable with.
Factors That May Affect Your Rates
Type of Motorcycle
A sport bike will likely cost you more to insure than a cruiser. A sport bike is considered more risky to insure because of the high performance. Your inusurer will take a look at the engine size when determining your rates.
Intended Use
If you are lucky enough to live where you can and plan on using your motorcycle as your daily driver year round, be ready for a higher premium. Many insurers will cut your rates if you agree not to ride during the winter months.
Storage
If you plan on leaving the bike out in the elements or just throwing a tarp over it, be prepared to pay a higher premium. It will be cheaper on your insurance rates to have it stored indoors in a garage or storage facility.
Last But Not Least, Your Driving Record
Just like your auto insurance policy, you will have to pay a higher premium if you have violations and/or accidents on your record. Keep a clean record and you will be rewarded with lower rates. There are sometimes discounts available for completing safe riding courses.
By: Jason Furrow
http://www.insure4cheap.net/
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