Motorcycle Insurance
Motorcycle insurance is necessary for those who own and use a motorcycle. There are three types of motorcycle insurance available to you. Comprehensive motorcycle insurance, third party property damage insurance and veteran, vintage and classic vehicle insurance are the three types of insurance available to you.
Comprehensive motorcycle insurance provides you with complete insurance coverage, which includes providing your bike with complete cover and providing for damages you may cause to someone’s property with your bike. This type of coverage works well for scooters, too.
Third party property damage motorcycle insurance is a type of insurance that will cover someone else’s property and their vehicle, but it will not provide protection for your own bike.
Veteran, vintage and classic vehicle insurance is a type for those bikes over 15 years of age that are not driven as much because they are used for a hobby or recreational use only.
In addition to these types of insurance for your motorcycle, you also need to have third party insurance, which provides protection for those you injury while on your motorcycle. This type of insurance is compulsory in order to register your motorcycle in the ACT.
Coverage Under Motorcycle Insurance:
Most people will need to have comprehensive motorcycle insurance. There are a number of different amounts of coverage you can purchase, based on the budget you have and the amount of protection you want to have for your bike.
In this type of insurance, the insurance company will likely cover costs related to an accident you are in, which may include repairing or replacing the vehicle, or paying you a payout at the agreed or market value of the motorcycle. It will likely cover the costs of fire, repairing or replacing of locks, and it provides a policy that protects others. As part of the comprehensive package, this liability coverage will provide a great deal of coverage for you should you hurt someone while on your motorcycle, including legal fees, payout for damages, damage caused by any of your passengers, or coverage for your employer if your motorcycle is used for business purposes.
The comprehensive plan will provide your motorcycle with coverage from storms, thefts, replacement when the vehicle is a total loss, and towing. You are not covered when you take your motorcycle out of the country, and most comprehensive motorcycle insurance policies will not provide you with cover for mechanical failures.
In addition to this, any individual operating a motorcycle in Australia will require third party insurance, or TPI. This type of insurance provides you with protection from personal injury claims that are made against you by other road users, when you cause an accident.
Questions for Your Provider:
If you have particular needs, talk to your insurance company. Policies should include liability protection, but even a comprehensive package may not be enough. Putting together a thorough package that includes comprehensive insurance as well as third party insurance is a must for most insurance companies. Ask your provider:
How to make claims:
What is covered and what is not covered (be sure to be specific here) What happens to your policy and premium payments when you have an accident and make a claim (does the rate go up) Are there any discounts for coupling your motorcycle insurance with other types?
Ways to Save on Motorcycle Insurance:
Get the right package of insurance for you. If you do not drive your motorcycle often, it may qualify for the lower costing Vintage insurance. If you use your motorcycle for business, be sure to let the provider know about this ahead of time.
The most important way to get a lower price on your insurance for your motorcycle is to take advantage of comparison shopping. Talk to several insurance companies to find out what they can provide to you. In many situations, you will find discounts for additional policies, too. Insuring your vehicle with your motorcycle can lower the rate you pay in total.
Beware Before Signing:
Read through your motorcycle insurance policy thoroughly. The policy will have a specific page that lists all items that are covered and are not covered. Be sure you understand what is not covered and get an explanation of any of these. That will be the final deciding factor as to if you should sign or not. Be sure that you have a full understanding of your policy!
Additional Coverage to Consider:
In addition to comprehensive motorcycle insurance, make sure you also have third party property damage motorcycle insurance. Consider the benefits of adding any add-ons to your policy should they fit (such as roadside assistance.) Also, look to what the lender will provide you including discounts, rewards, hire car, and after accident care, which may be add-ons in some situations. Some will provide you with lifetime guarantees on repairs as well.
Watch the video related to motorcycle insurance
Promo Video for Dalton Timmis Motorcycle Insurance Services … Dazzle Productions
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About Author
Insurance Compared provides consumers and businesses with explanations and information on most of the different types of motorcycle insurance available today. Insurance Compared is working to demystify caravan insurance policies and working to create transparency so that everyone has the right insurance (and nothing more). Find out more at http://www.insurancecompared.com.au/explained/vehicle/motorcycle-ins.php
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Posted by American Car Insurance on July 6th, 2009 filed in motorcycle insurance | 9 Comments »
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9 Responses to “Motorcycle Insurance”
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July 6th, 2009 at 9:47 am
Depending on what kind of bike you have, you might want to keep insurance even when you are not riding. If you have a nicer bike, I would suggest full coverage. In the event that somebody steals your bike, you are totally covered. Motorcycle thefts happen a lot b/c its so easy to steal one. I had two bikes and both got stolen from my apt complex. Good thing I was covered with Progressive insurance. They covered the costs of the bikes, so I didn't lose any money
July 6th, 2009 at 10:01 am
Prices will vary a lot depending on what bike you get and what type of coverage you select.
Definitely get online quotes – I've posted links to a company that gives instant online quotes – but many of the traditional auto insurance companies also offer motorcycle coverage – give them a call.
In my case my motorcycle insurance was considerably cheaper than my auto insurance (I just have liability coverage on both my bike and my car).
July 6th, 2009 at 10:02 am
Motorcycle insurance is CHEAPER than cars. I pay around $125 for a year….FULL COVERAGE, etc. through Progressive for my H-D. Check around and compare.
July 7th, 2009 at 2:56 am
HOLY COW! We only pay about $150 a year here in Wisconsin. Since it's motorcycle season year 'round down there, that's probably why it's more expensive. I don't know if my company writes policies down there, but you could look them up on the web…Hastings Mutual Insurance Company in Michigan. Maybe Geico could help too, but I've never checked for motorcycles. They were higher on car insurance for us. Also, the kind of ride you have might make a difference too, such as a crotch rocket over a Gold Wing. Anyway, hope you find something. Ride to live, live to ride. <*)))><
July 7th, 2009 at 7:51 am
I guess that would depend upon what company you go with. I know I have our race bikes insured and my oldest son who doesn't race as much anymore has a 2 year old crf250r. The insurance is less on his bike than his brothers new race bikes with all the added extras as we usually have to state how much the bikes would be worth for replacement cost.
July 7th, 2009 at 11:36 am
I have AAA insurance, the truck, the mustang ,the R.V.and the3 bikes are all insured as a package.
July 7th, 2009 at 5:02 pm
I would get a fair amount of coverage, regardless of anything.. just because it's better to be safe than sorry.
And yes, hit and run has gone up quite a lot.
You can get free quotes at:
http://car-insurance.moneysavecenter.com/100.php?id=m3y227
July 9th, 2009 at 7:50 am
sorry, but insurance rates are determined by a number of factors:
1) your age
2) experience
3) make and model of bike, including engine size
4) property crimes in your area
5) city, county that you live in
6) criminal activity in your area
7) credit history
For a 17 year old, on his own insurance plan for a bike like a 600cc .. look at about $1000 – $4000 a year.
July 9th, 2009 at 2:50 pm
I rode for 12 years and always found Dairyland to provide great coverage at very low costs. Give them a look, it may be worth your while.