HOW MUCH IS MOTORCYCLE INSURANCE: AN ULTIMATE GUIDE
Motorcycle insurance refers to the monetary coverage for any motorcycle collision, loss, theft or damage. In case of any motorcycle accident, it is very crucial to provide financial protection against any type of severe physical injury or any theft, fire, damage or risk of terrorism to the motorcycle. In our everyday lives, the accidental damage to and theft of motorcycle turn out to be extremely common. The increase in road accidents and the massive maintenance costs arising out of it makes the motorcycle insurance more recommended. To apply for motorcycle insurance, the following points should be taken into consideration:
- Buy an insurance policy when you purchase a motorbike.
- The insured value of policy depends on the market value of motorbike. If it is not correctly declared then under or over insurance occurs.
- If the insured value is more than market value, then over insurance occurs and loss will be covered up to market value.
- If the insured value is less than market value, then under insurance occurs and loss will be compensated partially.
Importance of Motor Cycle Insurance:
The motorcycle riders are enthusiastic about enjoying the adventure of open roads, but there are certain risks included in it. Due to these risks, they have to face some severe accidents causing bodily injury or motorcycle damage. It is the main reason that makes motorcycle insurance more critical for motorcycle riders. It is essential to protect yourself, your motorcycle and to others from any traffic collision. With motorcycle insurance, they can get financial protection against such unique risks. Learn how much is motorcycle insurance.
Motorcycle insurance provides three types of coverage to its buyer. It offers coverage against any
- Serious bodily injury to drivers due to any traffic collision and their medical payments
- Physical damage to, theft, fire or any risk of terrorism to the bike
- Third-party liability arising out of the use of the motorcycle
Factors of Insurance Cost:
How much is motorcycle insurance costs are not an easy task to determine. So many factors are used to determine the insurance cost. Some of them are below:
- Type of motorcycle
- Engine of motorcycle
- Type of coverage
- Driving history/record
How much is motorcycle insurance cost influences by the elements mentioned above? It tends to be high for expensive sports bikes, large engine size, younger and inexperienced male drivers with bad driving history. The rate of insurance policy will vary as per the different geographic locations. If a person has at least three years of clean history of driving, then he is capable of taking a discount, and it reduces the motorcycle insurance costs.
Motorcycle riders face different risks and challenges during their adventurous rides, so it very significant to choose the right motorcycle insurance policy that provides coverage to your bike, to others and yourself. If you want to reduce the motorcycle insurance costs, then you have to select less-expensive bikes with smaller engines, have a good driving history, drive safely & carefully and take safety measures courses related to bike rides.