There are a lot of things to keep in mind when buying a motorcycle. You must consider the bike itself and even protective gear. But one thing you cannot afford to overlook is motorcycle insurance. Yet, buying motorcycle insurance can be just as confusing if not more confusing than buying car insurance.
To help you out, we thought we’d share with you some of the things you must know about regarding motorcycle insurance. They include the following;
There is nothing to consider here, if you are buying a motorcycle, you will absolutely need insurance. You will find that you will need at least minimum liability just to register the motorcycle. So, among all the other things you are considering to go with your new bike, insurance should be at the top of the list.
We’ve all been tempted to get just what you need and no more. This may work for most other things but not motorcycle insurance. Minimum liability will only go so far with coverage for damage and third-party injuries that barely cover the actual cost. Consider getting an add-on to prevent having to pay for someone else’s medical bills in the event of an accident. Paying for someone else’s and possibly your own medical bills out of pocket is more expensive than the premiums.
The reason you will be able to afford the premiums even if you get more than minimum liability coverage is because motorcycle insurance is more affordable than auto insurance. In fact, it you have a clean record and have taken ricing proficiency tests, you may be able to significantly lower the premiums. New riders with no experience will pay more and you may also have to pay a higher premium is you customize your bike in any way like add a custom number plate. But generally motorcycle insurance can be quite affordable.
Collision insurance will cover you when you hit something with your bike and may pay to fix the motorcycle or repay the remaining amount on the loan. Comprehensive insurance on the other hand will pay when your bike is damaged or destroyed by other things like fires. Because most motorbike accidents that lead to damage are often the driver’s fault comprehensive and collision insurance can be pretty pricey.
If you are going to be riding around in a motorcycle, you can’t deny that there is considerable risk to your body. Unlike a car, there is little protection and your health insurance may not be able to cover everything. For this reason most riders choose to insure their bodies as well. It is a wise decision since you may have to claim disability payments in the event of an accident.
We have no doubt you will be a safe rider. But get insured the right way, just in case.