Riding a motorcycle requires you to have insurance. It is a law, but more importantly, you need insurance to protect yourself, passengers, your investment and other road users. Without insurance, you are likely to incur substantial financial consequences. In case of damage or accident, insurance helps you to get back to normal or close to where you were before.
Insurance is a need and not a want regardless of the model of your motorcycle. Luckily, there are many insurance providers and different policies. The expense of any insurance policy depends on various factors like the type and value of the motorcycle, the history of the rider and the type of insurance policy.
Factors affecting insurance cost
- Your driving history and your age
- Type and value of your motorcycle
- Your motorcycle’s annual mileage
- Age of the motorcycle
Insurance coverage for motorcycles
Before choosing which insurance coverage to pick, ask an insurance professional about the laws that apply in your country or state.
Liability Insurance covers damage that you may cause to other people in an accident. It covers bodily injury and property damage. It does not cover the cost of damage on your motorcycle or injuries that you can get but those of other people.
Collision Insurance covers damages caused by a collision with another vehicle. The amount payable by the insurance company is the book value of your motorcycle less your deductible.
Comprehensive insurance covers other damages apart from collision. The insurer only pays for damages minus your deductible. The insurer pays the book value of your motorcycle in case of theft or fire.
Comprehensive and collision policies cover standard factory parts. If you wish to add more parts to your motorcycle, ask the insurance about the coverage limit.
Uninsured/underinsured coverage covers damages to you that are caused by another party but that party does not have insurance or the insurance he has is not enough to cover you.
What motorcycle insurance to pick?
Before deciding about the best insurance to take, understand the use of your motorcycle first. For instance, the premiums for a racing motorcycle cannot be the same as that of a scooter. A motorcycle has three primary purposes; social use, commuting and business use. In case you use your motorcycle for pleasure, pick a social policy. If you use it to get to work, select a social plus commuting insurance. On the other hand, pick business insurance if the purpose of your motorcycle is business. Think of other things that might be important to insure.
Also, consider getting different quotes from insurance companies. Understand the terms of insurance and their limits before deciding which coverage to pick. Don’t prioritize cheap policies, they might be expensive in the long run instead, consider the best affordable policies. Consider the insurance company that offers the best policy, and best terms and has wider coverage.
Ways of minimizing insurance costs
- Ensure that you maintain a clean driving record
- Ensure you have trained for motorcycle riding before getting a policy
- Be a member of a motorcycle riders club or organization
- If you are above 55 years o age, ask for a mature rider discount
- Ensure another motorcycle in the same insurance company
- Get another insurance policy may be for your house with the same insurer
- Installing alarm and security devices in your motorcycle
- Keeping your motorcycle in a safe and secure place