Now that you have purchased your used or new motorcycle, the next thing to worry about is insurance. In this article, we want to discuss three important aspects you should be aware of when scouting for a motorcycle insurance policy.
Motorcycle Insurance Rates
A lot of people have been asking, what are the insurance rates for motorcycles? Well, the answer is simple; there are no fixed rates. It all depends on the value of your bike and importantly, how you use your motorcycle.
Motorcycle Insurance Coverage
In almost every state, it is required by law that you have a Third Party cover. It protects the third parties involved in an accident which you are at fault but doesn’t pay for the damages on your bike, or injuries you sustain. We also have Third Party, Fire, and Theft, and this covers for third parties i
n an accident as well as losses attributed to motorcycle fires or theft. Lastly, we have comprehensive cover, and this is the best as it will cover the medical expenses as well as the cost or repair or motorcycle replacement.
Insurance Premiums
These days, insurance companies have very flexible premium payment options. One thing you need to know is that the more frequent you pay your motorcycle insurance premiums, the more expensive your coverage is. So, if you have the money, pay your premiums on an annual basis.
Just like in the car insurance industry, there are a lot of myths and facts. Always make sure you understand your insurer’s policy and if possible, consult a motorcycle insurance expert prior.