9 Motorcycle Insurance Questions Every Rider Should Know
Answers from Experienced Motorcycle Accident Attorneys
As all motorcycle accident attorneys know, having motorcycle insurance is vital. But sometimes it is hard to choose between so many insurance companies and types of insurance coverage. It is important to understand the details of motorcycles insurance because you never know when you might have to make a claim because the bike is damaged in an accident or stolen.
When you purchase a motorcycle insurance policy, ask the broker these nine questions to make sure you get all the necessary information.
1. How does the insurance provider determine the cash value of your motorcycle?
You need to know this information because the cash value of the vehicle will be an important factor when determining the amount of compensation. You also need to ask this question because if the actual cash value of your motorcycle is lower than what you insure it for, you will pay more for the insurance. Obviously, you do not want that.
Usually the worth of the new vehicle and how old it is determine the value of your bike, but there also might be some other factors. Ask the insurer how they calculate the value.
2. How do they classify motorcycles?
If your bike falls under the category of a sport bike, it usually means that the it is subject to a higher insurance rate. The reason for this is that sport motorcycles are supposed to be faster and overall have a higher performance than normal bikes. That is why sport motorcycles are at higher risk for crashes, at least according to the statistics. And the bigger the risk of a crash is, the higher premium you will be asked to pay. If you do not have a motorcycle yet, you might want to make your choice based on the cost of the insurance for this type of bike. Considering you will have to make regular insurance payments, the cost of owning a bike can vary greatly.
3. Can you reduce the insurance costs by completing training courses?
If you do not know how to ride a motorcycle yet, there’s a way for you to learn AND get a discount on your insurance. All you have to do is attend a certified motorcycle riding course.
The reason for this is that insurance companies benefit from you becoming a better informed, safer rider. If you complete the courses successfully, it will mean you know how to ride a bike well and there is a lower risk of an accident, which means a lower chance that the insurance company will have to pay up on your behalf.
4. What types of coverage are mandatory?
Depending on the state, some forms of insurance coverage are mandatory while others are optional. Going only with mandatory can save you money, but optional types are better. Speak with motorcycle accident attorneys to learn more.
5.What optional insurance coverage is available?
Sometimes it is better to pay more for optional insurance to make sure you protect yourself against all kinds of risks. If you get only the mandatory coverage, you may leave yourself vulnerable in certain situations. So, in the long run, optional insurance is more beneficial.
6. Is your insurance valid in other states and countries?
Of course, this question is only useful if you travel a lot. But why get a motorcycle and not travel? If your insurance is not valid outside your state, you will need to pay more if you plan to go somewhere.
7. How much insurance do you need?
There is usually a special formula the insurance companies use to calculate the amount of insurance. It is based on many criteria, so your insurance may vary from what your friends have.
8. How to get the best rate?
Insurance companies are interested in you becoming their client. So, they will offer different kinds of discounts. Some examples are: Multi-Line Discounts, Clubs or Associations, Age, Anti-Theft Devices, The Amount You Drive, Your Driving Record etc.
9. How to make an insurance claim?
Different companies have different procedures for making an insurance claim. If you know what to do, it will save you a lot of time in the future. Motorcycle accident attorneys have a lot of experience in making such claims, so you can hire one to ensure you get a proper compensation.
Last Updated: 03-24-2017