What is the need of Motorcycle Insurance?
Rules for the road today are centered on safety and on civil insurance for anything that might move any faster than a normal human being. Understandable as that might be, it still raises the issue of finding proper ways to both fulfill your duties towards the societal rules enforced and to find a good a service as you can possibly get with as little sacrifice as possible.
First thing to do when you wish to go hunting for insurance for your motorcycle (and, actually, this applies to just about any type of insurance you are interested in) is to inquire what exactly the rules are. You might not be in need of a super-mega offer that insures even your wheel spokes against rust, whilst leaving your pocket thousands of pounds (or dollars, or what your local monetary unit might be) lighter by the month, and counting.
Always read the laws, even the smallest of prints, and never be afraid to inquire if you don’t understand something. Professional advice may be free, or it may cost you a little, but the price you pay now may save you a lot in the long run.
Once you’ve learned what the law is, don’t go off and search for quotes right away. Make a list of a few items that might affect your insurance plan, and, if possible, how you could override them. Always keep in mind that, while insurance companies might, in case something goes wrong, pay more than their earnings from you personally, they are still commercial entities, and, as a result, their first concern is profit. Carefully evaluate and calculate factors that put you and your motorcycle at risk further than it normally is before you talk to anyone about an insurance contract.
First off, look at your traffic history. Have you had many accidents with cars? How about with motorcycles? Are you a first-time motorcycle driver, or are you a true-hearted Hell’s Angel? Have you had many speeding tickets? All these constitute your “criminal record” when dealing with insurance companies. All these factors, if positive, are likely to push your insurance rate sky-high right from the start.
Consider that insurance companies will know where you live and, most likely, how you live. A crime-free area of residence is more likely to attract a lower rate, since the risk of your motorcycle being stolen is lower. Many insurance companies will not actually knock on your door and check your garage, but the most professional do, and, when dealing with them, you might want to make sure that your garage is as easy to break into as is Fort Knox, will save you a lot of money later on. Then we go on to your bike itself. It should come as no surprise that regular stock motorcycles cost less in terms of insurance than custom-design, sparkling new motorcycles. That does not necessarily mean that you should stick to old bikes, for they tend to become obsolete and their parts aren’t being manufactured anymore. Consider, when thinking insurance, that they will have to cover the whole cost of repairs, however high that may be, and old parts that are very difficult to find are not on their list of preferences.
After all these matters have been settled, the insurance company will look at you. They will analyze how often you ride and what your riding patterns are.
Average mileage is also a factor in your insurance rate. People who ride more pay more. That’s an almost general rule all over the globe. It would be best if your motorcycle was yours only. Sharing it or making a habit of lending it to other people will reflect in the insurance rate.
Last thing you need to take into consideration is the actual market value of your motorcycle. Don’t go over that when you purchase insurance, the vast majority of companies have contracts crafted in such a way that they will never be obliged to pay more than that amount, regardless of your insurance sum. If you’re confident about your capabilities as a motorcycle rider you might want to consider a 3rd party liability contract, a type of insurance that covers only the other party in case of an accident. 3rd party liability insurance costs a lot less, but it only covers the damages you must pay, not your own damages. Alternatively, a comprehensive insurance (or a full coverage insurance) contract will cover all damages, but is a lot more expensive. The choice here is yours, although it is highly recommended that you go for the full coverage if you can afford it.
In conclusion, take all the above into consideration, then go and request quotes. Don’t settle for the first one you encounter, spend a day looking and requesting quotes, then pick the one that suits you and your motorcycle best. You will be safer on the wheels and your pocket will be much happier.