Motorcycle insurance is expensive and complex, and if you?ve only ever purchased car insurance, you?re?probably unprepared for the process. So why is motorcycle insurance?so expensive? Well, bikes are in accidents?at a higher rate than other vehicles are, and on average, the accidents result in greater liability for the?insurer. Additionally, motorcycles are stolen at a much higher rate than passenger vehicles are.
No Standard Full Coverage
Another thing you need to know is that there is no such thing as a standardized full coverage policy. The?only standardized coverage is the policy that simply conforms to the state minimum. For most?motorcycle owners, the state minimum is not nearly enough coverage. Generally, minimum coverage?only makes sense if you?re simply willing to walk away from the bike if a wreck occurs.
Motorcycle insurance policies can have the following components:
- Bodily injury liability: Covers your liability if another person is hurt.
- Property damage liability: Covers you liability if someone else?s property is damaged.
- Uninsured/Underinsured: Protects you in case the at fault is not able to meet their obligation.
- Medical coverage: Covers medical bills for you and any passengers when you are at fault.
- Collision: Covers the damage to the motorcycle when you are at fault.
- Accessories: When at fault, covers accessories, such as helmets, chrome, saddlebags, and so forth.
- Comprehensive: Pays for other losses, such as theft, vandalism and fire.
- Towing and Storage: Pays for non-emergency towing and storage.
Buy the Insurance First
Deciding what ?full coverage? you need is a matter of considering each of these aspects thoroughly. For?the first-timer, it is actually best to purchase the insurance first. This way you have an idea of what it will?cost you, and then you can shop accordingly. The insurer won?t finalize the policy until you?ve purchased?the actual bike.
Discounts are Available
The other thing you should know is that there are many motorcycle insurance discounts available. Many?companies have a 5 percent discount just for combining your car and bike insurance. There are also?transfer discounts and good credit discounts. Popular additional discounts include those for motorcycle?safety courses and for anti-theft devices.
Image Source: InsuranceProviders.com
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