The connected motorcycle market is expected to increase to $70 million by 2028. Motorcyclists are wanting to take advantage of the great recent weather by getting out on the road.
Motorcycle insurance is essential in protecting the lives of those individuals eager to hit the road. These insurance policies can save lives and the potential damage done to motorcycles. This short guide will give you the ins and outs of choosing the right motorcycle insurance plan.
Motorcycle License Endorsement
Research shows that in 2019 over 5,000 riders died in a motorcycle accident. Before researching collision insurance, riders must understand their responsibilities in taking safety precautions before committing to these policies.
All motorcyclists need to add a license endorsement to their official license. These terms and conditions will vary in each state.
The type of motorcycle can place your insurance under different categories and rates. A chopper or touring bike may have different rates than a scooter or ATV.
Many of these motorcyclists who were injured in automobile accidents did not have an endorsement or verification on their license. These endorsements will help your case when dealing with any kind of injury lawsuit.
Collision insurance, just like auto coverage, can cover a wide range of necessities. This can include property damage liability coverage and bodily injury.
It is a requirement to enroll in a motorcycle insurance plan. If you have qualifying insurance, it is still your responsibility to sign up for motorcycle insurance.
Qualifying for Rates
There are various factors insurance companies look into while deciding on a rate. These factors cover parts of your driving history, the state you live in, and the type of policies the company offers.
They can also look into other factors such as the type of motorcycle you own and medical coverages. Companies will conclude while researching the liability you pose to their payouts.
Companies will take into consideration the number of traffic violations and citations you possess as well. If you possess a cheaper motorcycle that will have less use, then there will be a lower premium. However, if you use a more expensive motorcycle for commuting and work, the premium may increase in cost.
Liability & Coverage
Liability covers various types of injuries or damage to property you cause while driving your motorcycle. This coverage can also include fees from lawsuits or legal proceedings.
Medical coverage can protect you from the range of medical bills that may occur. You can regulate this coverage and put limitations on the payout, thus reducing your overall cost.
You can also opt to pay for higher coverage for incidents involving serious injuries or even death. This coverage will come into effect regardless of fault from either motorist or passenger.
Motorcyclists should consider a guest passenger policy when choosing benefits. This can add further protection for riders with multiple passengers.
Types of Insurance Coverage
Comprehensive coverage can protect vehicles from vandalism, theft, and other types of outside damage to the vehicle. This can include any acts of nature, rocks and debris from the road, and accidents to the impact on animals.
Collision insurance covers any type of damage done to the vehicles. This can also include damage to other outside objects or property. This also enacts without any requirement to place fault.
Uninsured motorist accidents cover any type of accident involving an uninsured motorist. This can also cover costs when another driver does not possess auto insurance. If the other driver cannot cover repair costs to your vehicle, this coverage can also cover the fees.
Uninsured insurance policies can also cover medical fees at the fault of an uninsured driver. This can cover the cost of injuries on your person due to an uninsured motorist or property.
Most drivers tend to possess some level of comprehensive and collision coverage. This will cover any kind of theft or injury to another passenger or driver.
There are a variety of methods to help reduce the cost of your premiums. Adding safety features and anti-theft safety nets can help inform the insurance company of your preventative methods against theft.
Many bikes contain an anti-theft device, this can open a specific discount for users. In urban environments, subscribing to a secure parking garage or parking your bike in an area with an alert system can also reduce this cost.
You can also reduce the total mileage of the bike. The amount of mileage may increase the cost of a premium.
You can also take courses that will help prove your knowledge in handling the bike. Special training courses will offer certifications that you can present to insurance companies to help reduce the rate even further.
Selecting a Plan
There are many websites that will go into great detail about the cost of motorcycle insurance. These sites will break down the cost of a vehicle and compare prices. You can also download several apps that, through algorithms, provide direct comparisons in pricing.
There are many companies and insurance providers that can give you quotes and details on insurance plans. Some states may only require minimal coverage.
But, certain insurance providers will not provide that bare minimum coverage. It may be worth the cost to seek insurance plans that can reimburse your expenditures when stuck in difficult situations.
Under these circumstances, an insurance provider will request receipts or information surrounding the incident. This can save you from paying big costs out of pocket.
There is a wide range of factors to help you determine your desirable premium. Contact your independent insurance agents and receive many quotes before deciding on your motorcycle insurance.
If you follow these tips, you may find yourself receiving a company discount or placement on a higher rating tier. If you meet these qualifications, you can customize your premiums.
Follow our blog for more tips on how to meet the requirements to receive the best kind of motorcycle insurance!