by Guest » Thu May 15, 2008 09:49 am
If you think your car insurance will cover your motorcycle, think again. There are certain specific differences between auto insurance and motorcycle insurance. So if you own both a car and a motorcycle, your car insurance will not cover your bike. You will need a separate motorcycle insurance policy for that which like any other insurance policy differs from one state to another.
Types of motorcycle insurance coverage
- Liability Insurance – This protects in case of any bodily or property damage to a third party in an accident. This policy must not be avoided since you may be liable for hurting anyone and the cost may be high. Find out if your coverage has Guest Passenger Liability in case of injury to someone riding your bike. Generally older and experienced drivers have a better net worth than most of the standard liability limits of different policies. However, most of the times there is a risk that these drivers are underinsured. So it is recommended by experts to carry liability insurance that covers their net worth at least.
- Collision Coverage – If you have an accident, this will provide coverage for the damages incurred on your motorcycle. You will receive the reimbursement minus the deductible from your insurance provider covering only the actual cash value of the motorcycle before the accident.
- Comprehensive Coverage – When conditions like fire, destruction or thievery causes any damage, comprehensive policy provides coverage. Collision is not covered under such a policy. This coverage is provided minus deductible, reimbursing only the book value/actual cash value of the motorcycle before the collision. Accessories added to your motorcycle will not be covered under such a policy. These may be covered by purchasing separate policies.
- Uninsured/Underinsured Motorist Coverage – Often, while looking for cheap motorcycle insurance, people end up buying low cost motorcycle insurance and hence also end up being underinsured. So when another driver, who is not insured (uninsured) or does not have adequate insurance (underinsured) causes damages to you or your property, having uninsured/underinsured motorist coverage will help protect you.
Effectively insure your motorcycle
Here are few simple tips to get effective motorcycle insurance:
You may contact the same insurance provider from whom you got auto insurance or maybe ask friends or relatives to help. Local motor magazines and news papers can be of help too.
- Look for good offers:
While shopping for motorcycle insurance quotes look out for companies that may offer good discount rates for graduates or for other students who enroll in training courses. Students who have enrolled for such courses may benefit from such discounts on insurance policies. Those who have already had cases of accidents or are under the age of 25 and have greater risks of getting involved in accidents can benefit from such courses. - Look for discounts:
There are many insurance companies that offer discounts on motorcycle insurance. If you have more than one bike to insure you may even receive multi-bike discounts if you are a member of the motorcycle association. Experienced riders may benefit from mature rider discounts of 10% - 20%. The discounts depend on your country or state and also from one company to another. - Driving Record:
If you have been a good driver all the while, you may be offered some discounts in your premiums. But on the other hand if you do not have a good driving record, you will naturally have to pay greater premiums since the insurance companies may think you to be prone to accidents in future too. - Lay-Up Policy:
With a lay-up policy you will get only the comprehensive coverage during the winter season. This may help many riders like you save money. - Type of bike: The type of bike that you ride in, the place you keep your bike in, the number of miles you drive in a year may also be important factors in determining the premiums that you need to pay for the motorcycle insurance.
You may contact the same insurance provider from whom you got auto insurance or maybe ask friends or relatives to help. Local motor magazines and news papers can be of help too.
Make your motorcycle insurance claim
Making a claim is an easy task. You only need to have the necessary information ready. To state it simply, motorcycle insurance may be classified into 3 sections:
Motorcycles are more prone to accidents than cars. Irrespective of your age you must always be very careful when driving. You may be rejected by insurance companies if you have a history of accidents that result in several claims. Don't be a risky customer, instead be a privileged customer. Drive carefully to secure your future.
- Section 1 deals with the damage that you may cause to some other person whom you collide with. It may be a person or even their car or motorcycle or any other vehicle, house and the like. This also involves personal injury to others and will be covered under liability insurance.
- Section 2 speaks of medical coverage. When you are involved in an accident there are high chances that you could hurt a passenger or even yourself. In such a scenario, you must have adequate medical coverage to protect yourself from the damages. You may be safe with regular health coverage from your employer. But in case someone who does not have insurance has borrowed your motorbike, meets with an accident then in that case you need to have a motorcycle medical insurance too.
- Section 3 deals with collision coverage. When you make a claim for collision coverage keep the following points in mind:
- See if the company has 'repair' or 'replace' options.
- Find out if you can select the repair shop for your bike or does the company suggest one.
- Keep the VIN, registration number and engine number handy.
- Think whether your bike was in legal condition before the accident took place.
Motorcycles are more prone to accidents than cars. Irrespective of your age you must always be very careful when driving. You may be rejected by insurance companies if you have a history of accidents that result in several claims. Don't be a risky customer, instead be a privileged customer. Drive carefully to secure your future.
Motorcycle Insurance
By Plasticmind
Ideally there are 3 types of motor insurance coverage just like your car insurance.
The first one that comes to mind is the Collision coverage, which is meant to cover your motorcycle from
the damages inflicted upon it due to a collision with any external object. The measure of damages inflicted upon a motorcycle may be of higher magnitude owing to its lesser mass.
Motorcycle insurance would also come to you in the form of a Comprehensive coverage.
It is something associated with the damages inflicted upon your motorcycle through other objects than another motorcycle. Such damages could appear from storms, hooliganism, burglary, flood etc.
This is a truly beneficial coverage as it helps in repairing or even substituting it with another one. The cap of such coverage would be the actual cash value of the vehicle.
There are circumstances where in you come across accidents with your motorcycle while you are not the party at-fault. Obviously, you would not be prepared to spend for the damages caused by someone else. Now, under those circumstances if the person doesn't even have enough coverage to feed your injuries, you would be at a loss. There are chances that you or any other passenger on your motorcycle may die due to a collision caused by such an uninsured/under-insured person. Again, this type coverage has state specific norms to dwell upon. The need & limit of coverage to be maintained would thus vary from one state to another.
There are some benefits which are offered under this coverage-
Medical Coverage
Medical coverage covers the most reasonable & urgent medical costs that are incurred by you or another passenger on your vehicle due to an accident. The expenses towards hiring an ambulance, hospitalization or medical surgeries constitute some of the notable examples.
PIP Benefits
All the expenses incurred due to an accident keep on mounting at times. This is the time that a PIP (Personal Injury Protection) benefit pays you back in connection with the following factors-
* Hospitalization costs
* Loss of wages
* Funeral costs
* Infant care
However, the PIP benefits are offered to you irrespective of whether you are at-fault or not. But, you need to make sure that such benefits are available in your state.
By Plasticmind
Ideally there are 3 types of motor insurance coverage just like your car insurance.
The first one that comes to mind is the Collision coverage, which is meant to cover your motorcycle from
the damages inflicted upon it due to a collision with any external object. The measure of damages inflicted upon a motorcycle may be of higher magnitude owing to its lesser mass.
Motorcycle insurance would also come to you in the form of a Comprehensive coverage.
It is something associated with the damages inflicted upon your motorcycle through other objects than another motorcycle. Such damages could appear from storms, hooliganism, burglary, flood etc.
This is a truly beneficial coverage as it helps in repairing or even substituting it with another one. The cap of such coverage would be the actual cash value of the vehicle.
There are circumstances where in you come across accidents with your motorcycle while you are not the party at-fault. Obviously, you would not be prepared to spend for the damages caused by someone else. Now, under those circumstances if the person doesn't even have enough coverage to feed your injuries, you would be at a loss. There are chances that you or any other passenger on your motorcycle may die due to a collision caused by such an uninsured/under-insured person. Again, this type coverage has state specific norms to dwell upon. The need & limit of coverage to be maintained would thus vary from one state to another.
There are some benefits which are offered under this coverage-
Medical Coverage
Medical coverage covers the most reasonable & urgent medical costs that are incurred by you or another passenger on your vehicle due to an accident. The expenses towards hiring an ambulance, hospitalization or medical surgeries constitute some of the notable examples.
PIP Benefits
All the expenses incurred due to an accident keep on mounting at times. This is the time that a PIP (Personal Injury Protection) benefit pays you back in connection with the following factors-
* Hospitalization costs
* Loss of wages
* Funeral costs
* Infant care
However, the PIP benefits are offered to you irrespective of whether you are at-fault or not. But, you need to make sure that such benefits are available in your state.
Posted: Thu May 15, 2008 11:35 am Post Subject:
My friends,
property damage liability is all about covering the damages that are the outcome of your causing damages to someone else's property. Shops, private houses, cars & structures that could bear the brunt of such casualties. Atleast thats what I perceive at this point of time.. Pal-in-Rome
Posted: Thu May 15, 2008 11:54 am Post Subject:
Hi all!
property damage liability is all about covering the damages that are the outcome of your causing damages to someone else's property.
Exactly!
On the other hand, if you are the one who committed the mistake, then you might need to expend towards the sufferings of the other person on your motorcycle. At this juncture, it could be a serious problem if you do not have that financial strength to support the party not-at-fault.
Now see, you could always opt for something like a Bodily Injury Liability at this juncture. It would protect you from the loss caused to another person who was with you on your bike & the fault was on your side for sure.
Thanx for visiting the forums,
Plasmahectic
Posted: Thu May 15, 2008 12:02 pm Post Subject:
Thats a big thing for sure!
There are pretty many states, where the bodily injury liability coverage would cover you from any form of bodily injuries caused to the co-passengers. For rest of such states, you might need to pay a bit more in terms of premium in order to avail the bodily injury premiums.
Posted: Fri May 16, 2008 03:17 pm Post Subject:
An important part of motorcycle insurance I don't see mentioned above is custom equipment coverage.
Many owner's of Harley Davidson's and other such bikes put quite a bit of expense into adding aftermarket cosmetic and performance parts onto the motorcycle, saddlebags, custom paint, additional chrome work, etc....
Most companies require the value of these parts to be insured by endorsement so be sure to review this with your agent if you own such a motorcycle that is not factory standard.
Posted: Sun May 25, 2008 06:59 pm Post Subject: just a query
I have a question here on the insurance cover for motorcycle. Does at any point of time, is it possible to replace the part of the motor cycle and still get it cover under the same insurance cover of previous one..
Posted: Thu Jul 17, 2008 09:47 am Post Subject:
From where can I buy low cost motorcycle insurance?
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