James Bond is a few of the men to walk away from a motorcycle accident without so much as a scratch. Studies conducted by the National Safety Council in the U.S estimates that a motorcycle accident seriously injuring at least one person occurs once every fourteen seconds. Another study by the National Insurance Crime Bureau Statistics reveals that there is an alarming rise in the theft of motor vehicles especially motorcycles. What is more alarming is that only 20-25% of the stolen bikes are ever recovered.
Motorcycles are small and relatively light, some are compact making it easy for the crime of theft to occur. A fire, explosion or flood is all it takes to destroy your dream machine. So, in a nutshell you would be a fool to even think about skipping motorcycle insurance. Many states in the U.S even make it mandatory.
Motorcycle insurance will cover liabilities for:
- Injuries to yourself and/or any co-passenger
- Damage to other people or, of their property
- Damages arising from fire, theft, falling objects, hail or even contact with animals.
- Accidental damage to your motorcycle
- Loss or damage of any personal items or safety apparel, so your investment in leather, helmet and gloves may be safe.
In addition to these, ‘comprehensive’ motorcycle insurance will also cover medical expenses, which include your transport to a hospital and may include any physical rehabilitation after the injury. You can also opt for optional insurance for towing and roadside assistance coverage that may come handy when you are away from home.
In spite of all these advantages, bikers usually grumble and gripe about the soaring costs of motorcycle insurance. One of the main reasons for this unprecedented rise in motorcycle insurance premiums is the kind of bikes that are available today. The new high-tech, swanky bikes cost almost as much or even more than a second-hand car.
Another crucial factor that decides how much you have to pay is the size and power of the bike. Once you hit the 1,000cc mark, motorcycle insurance costs will increase. Cruiser style bikes are less expensive to insure than the flashy, high performance sports variety. Every year, we see new accessories and gadgets being added to bikes. Add to these certain other factors, like the climbing cost of litigation, falling stock markets, higher numbers of claims, etc. and you can see that motorcycle insurance will continue its steady climb upwards. Motorcycle insurance is not only smart, it is absolutely necessary and how much you spend on your motorcycle investment is entirely up to you. Count the cost, the risks and the worth to you personally. Then decide what company you will insure with.
Another tricky thing about motorcycle insurance is that it usually applies ONLY to your own bike. This means that if you are riding somebody else’s bike, you are not covered by your own insurance. Every state may have its own rules regarding this. Many youngsters also automatically assume that if they are riding the family bike, they will be automatically covered by the motorcycle insurance. This also needs to be checked out before you can be sure.
So, how much motorcycle coverage do you need? Well, how much can you afford? Since the motorcycle is the most vulnerable speed machine on the road, it is that much more dangerous. So, you need all the cover that you can get.
There is no reason to get robbed or ripped off, your bike or through motorcycle insurance. Examine your options, know what your purchasing and know clearly how much you personally will need to spend on your motorcycle insurance.
Summary:
How much motorcycle coverage do you need? Well, how much can you afford? Since the motorcycle is the most unprotected speed machine on the road, it is that much more dangerous. So, you need all the cover that you can get.
