Motorcycle Insurance vs. Auto Insurance
Insuring your motorcycle is fairly similar to insuring other types of vehicles such as cars. The factors that are considered when the premium is calculated is virtually identical to a car.
However, it should be remembered that motorcycles are evidently riskier than cars making motorcycle insurance all the more important. Let’s look at some of the similarities and differences of bike insurance against auto insurance in general.
In the US, the most important type of auto insurance is liability insurance. This ensures that any victim in an accident will be well compensated in the event of an accident. Liability cover is insurance which will pay the third party involved in an accident. Of course, you should be at fault to provide compensation. While this law may seem like a hassle, this would mean that all drivers on the road are carrying insurance to protect you! Liability insurance is required irrespective of whether your vehicle is a bus, car or motorcycle.
Apart from liability coverage, you may also acquire collision coverage to protect you from any collisions or comprehensive auto cover which will provide compensation if your bike or yourself is damaged or injured in ways other than an accident. Remember that if you have bought your bike on a loan or on lease, this insurance will be mandatory.
Similar to other forms of auto insurance, the price of the premium will be affected by numerous similar factors. High risk drivers are liable to pay a higher premium. Typical indicators of high risk drivers are age, driving/riding history as well as the type of bike ridden. Another factor that can affect your premium is the amount you use your bike. A light user would indicate that the probability of being involved in an accident is reduced which will in turn reduce the insurance premium.
It is quite obvious that insurance is purchased for the purpose of evading risks or ironing out any consequences caused by potential risk. As aforementioned, one of the main perceptions of assumptions about vehicles is that bikes are more risky than cars. While this may be statistically true it should be understood that a good, responsible motorcycle rider is safer and less susceptible to an accident than a careless car driver is. Therefore, it is certainly possible to find relatively cheap insurance plans as long as you have a decent record.
Things to Consider When Searching for the Ideal Motorcycle Insurance Plan
As with any form of insurance; laws, limitations and procedures will vary depending on the state you reside in. Due to this, it is apparent that insurance rates will differ depending on the state. However, we do find that plans can dramatically differ in the same local, geographical area. Finding the perfect insurance company for your bike can be time consuming and may leave you weary however using the internet, the process can be speeded up. There are numerous insurance directories on the net that will be listed once you provide relevant criteria such as your location and the type of insurance you are looking for.
Once you are presented with a list of appropriate options, you may find further information about each individual company. While preliminary information about the insurance plans and company is provided, for further information you may call up the company and clear any doubts. You may also retrieve quotes for insurance quite easily using the internet rather than having to meet a rep at an insurance company personally. If you are well versed with motorcycles and the costs associated with them, you may even simply apply and purchase the plan online.
When looking to purchase a plan, one of the most important steps would be calculating the premium. Before doing so, you will need to decide on the budget available for your insurance plan. You can then agree on the amount of coverage as well as other cost related factors such as deductibles.
Different companies may be suited to your needs depending on the services and features offered. Finding the perfect insurance company will require careful consideration of numerous factors.