| 1. |
Liability coverage |
| |
Liability
insurance covers bodily injury and property damage that
you may cause to other people involved in an accident.
It doesn't cover you or your motorcycle. Find out if
your coverage includes Guest Passenger Liability, which
provides protection in the event that a passenger is
injured on the motorcycle. Whether or not this is
included depends on the laws of your state and the
company issuing the policy. |
| |
|
| 2. |
Collision coverage |
| |
Collision
insurance covers damage to your motorcycle if you are
involved in an accident. Your insurance company pays for
damages, minus your deductible, caused when you collide
with another vehicle or object. Collision insurance
usually covers the book value of the motorcycle before
the loss occurred. |
| |
|
| 3. |
Comprehensive coverage |
| |
Comprehensive
coverage pays for damages caused by an event other than
a collision, such as fire, theft or vandalism. However,
just like collision coverage, your insurance company
will pay for damages, minus your deductible, and will
cover only the book value of the motorcycle.
Keep in mind most comprehensive and collision coverages
will only cover the factory standard parts on your
motorcycle. If you decide to add on any optional
accessories such as chrome parts, a custom paint job,
trailers or sidecars, you should look into obtaining
additional or optional equipment coverage |
| |
|
| 4. |
Uninsured/underinsured
motorist coverage |
| |
Uninsured/underinsured
Motorist Coverage covers damages to you and your
property caused by another driver who either doesn't
have insurance (uninsured) or doesn't have adequate
insurance (underinsured) to cover your damages.
This coverage typically pays for medical treatment, lost
wages and other damages. If your uninsured/underinsured
motorist coverage includes property damage, then your
motorcycle would also be covered under the same
circumstances. Check with your insurance professional to
see if property damage is included or needs to be
purchased separately |
| |
|
| 5 |
Tips for the cost-conscious
rider |
| |
Many
factors can play a role in determining what your
insurance costs will be such as your age, your driving
record, where you live and the type of motorcycle you
own, or being a graduate of a rider-training course |
| |
|
| |
Many
companies offer discounts from 10 to 15 percent on
motorcycle insurance for graduates of training courses,
such as the Motorcycle Safety Foundation (MSF) rider
course. Riders under the age of 25, usually considered a
higher risk, may see some savings by taking this course.
It’s also a good idea for cyclists who have already had
accidents. |
| |
|
| |
Maintaining
a good driving record with no violations will also help
reduce your premiums. |
| |
|
| |
In many
northern states, riders may save money by buying a
"lay-up" policy. With a lay-up policy, all coverage
except comprehensive is suspended during winter months. |
| |
|
| |
Find out what
discounts your insurance representative offers.
Multibike discounts for those insuring more than one
bike, organization discounts, if you’re a member of a
motorcycle association, and mature rider discounts for
experienced riders, are just a few possibilities.
Discounts can range anywhere from 10 percent to 20
percent, depending on the company and your state.
Availability and qualifications for discounts vary from
company to company and state to state. |
| |
|
| |
Keep in mind that the
type, style (such as a sports bike vs. a cruiser) and
age of the motorcycle, as well as the number of miles
you drive a year and where you store your bike may also
affect how much you pay for your premium. |
| |
|
