Motorcycle insurance regulations are in close alignment with automobile insurance with some minor differences. When it is time for you to choose a mot...
Motorcycle insurance regulations are in close alignment with automobile insurance with some minor differences. When it is time for you to choose a motorcycle insurance policy for yourself, consult the following sources:
* The dealer from where whom bought your motorcycle. Usually scenario, motorcycle dealerships have insurance tie-ups.
* Friends, relatives and co-workers can also provide you valuable information
* Motorcycle magazines have listings and advertisements of insurance companies. You might even be able to get a discount on your premium
* Internet listings in your locality
* If you already have car insurance, you could contact your known underwriter
Motorcycle Insurance: Types of Coverage
There are primarily five motorcycle insurance policy factors you must know about:
* Liability Cover: This is a mandatory insurance that covers damage or loss to life and property.
* Collision Cover: This covers the pre-accident market value of your bike minus the deductibles. The damage should necessarily be caused by a collision with another vehicle or object.
* Comprehensive Cover: This covers the pre-accident book value of your bike due to damages caused by factors other than collision: vandalism, fire, theft.
* Underinsured or Uninsured Motorist Cover: If the responsible party in the accident is underinsured or not insured, this covers the value of damage that cannot be paid by the insurance company of the other party.
* Medical Cover: If you do not have health insurance, medical coverage is of paramount importance to you. This covers all personal injury expenses.
Motorcycle Insurance: Factors that Decide the Premium
Motorcycle insurance premiums are determined by the following factors:
*Age
*Driving record
*Make of your bike
*Where you garage your bike
*Training and your maturity as a rider
Motorcycle Insurance: Making a Claim
When it comes to the settlement of a motorcycle insurance claim, the most damaging thing you can do is to arrange a settlement with an insurance company without speaking to a knowledgeable attorney. It is an unfortunate perception that motorcyclist are by nature reckless and weave in and out of traffic. Thankfully, law does not pay heed to perceptions.
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