Motorcycle Insurance Policy
Buying a motorcycle is an exciting process for anyone who loves to ride, but it’s expensive. Depending on the bike you purchase, it’s age, it’s features, and its safety rating, you might score a good deal on your motorcycle insurance. There are discounts for many insurance discounts available for anyone with a bike, but the cost shouldn’t deter you from purchasing motorcycle insurance. It’s meant to cover you in case you are injured, your bike is damaged, or you are the cause of an accident that injuries someone else and/or their property. Motorcycle insurance is also designed to protect you in case of theft. Bikes are heavy, but anyone with determination can pick one up and take off with it, leaving you with nothing but a memory of the days you rode. If someone steals your motorcycle, you need insurance to replace it. This is why getting to know your motorcycle insurance and its theft protection clause is such a good idea.
Why Are Motorcycles Targets?
Motorcycle insurance rates are determined using numerous factors, and one of those is the fact bikes are easy targets. Thieves love motorcycles. They’re much lighter than vehicles, easier to move, and far easier to take without anyone noticing. They also consist of expensive parts thieves can easily sell on the black market and to other bikers who have no idea they’re stolen for a premium. The more expensive the bike and the more expensive the upgraded parts on the bike are, the more likely a motorcycle is to be stolen.
Motorcycles are also bigger targets in specific locations. If you live in Florida, California, Texas, Arizona, or other states with very warm weather most of the year, your bike is more likely to be taken. These states typically have more residents with bikes than colder climates where they’re unable to be used regularly. Motorcycle insurance is expensive because people like to steal bikes, and bikers who just want to ride for enjoyment are the ones who must pay the price for that.
Filing a Motorcycle Insurance Claim
With home insurance and car insurance, it’s not always going to raise your rate to file a claim. With a motorcycle insurance policy, your rate is going to rise when you file just one claim. As soon as you file a theft claim on your motorcycle, you become a policyholder labeled high risk. Bikes are already high-risk enough based on the severity of injuries, the number of accidents they’re involved in, the cost to replace them, and the cost to cover theft. Now that it’s happened to you and a claim is filed, your insurance premium will rise. Unfortunately, there’s nothing you can do but file a claim if your motorcycle is stolen but expect the premium hike.
Which Insurance Covers Theft?
Not all motorcycle insurance policies protect against theft. There are policies that only protect you if you’re involved in an accident, if you’re injured, or if you cause an accident. There are policies that cover the bare minimum, and there are riders that protect you from theft should it occur. The best policy to choose when you purchase a motorcycle is comprehensive coverage. It’s just like the name suggests, and it protects you from the most comprehensive damage imaginable. This type of coverage is designed to cover the cost of the motorcycle stolen.
If you own a motorcycle, you’ll want to do what you can to protect your insurance rates as well as your bike. Prevention is always helpful, and there are several things you can do to protect your motorcycle from theft.
– Keep your bike in a locked garage at home
– Park your bike close to a large, immovable object and lock them together when possible
– Purchase color tag locks for your brakes
– Install an alarm on the bike
– Park near security cameras anytime you’re away from your garage
Driving a motorcycle is a fun experience for anyone who has one, but it’s expensive to insure. Before you commit to a policy with any insurance agent, know what the policy covers, what it doesn’t, and up to what amount you are covered. If you aren’t satisfied with the policy, add riders and customize it to work for you. Anytime you purchase expensive new parts, call your insurance agency to let them know what you’ve changed or added to ensure your policy is always as up-to-date as possible. Forgetting to add even one expensive part to your policy could result in an insurance payment that’s not enough to cover the loss.