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Looking at the everyday increasing on-road insecurity, motorcycle insurance is a must for every such person who drives a motorcycle. Mainly, there are three types of motorcycle insurance policies available in the market. These are
Classic and vintage vehicle insurances – Under these, all such motorcycles which have been in use for more than fifteen years and are still functioning properly, are insured. These insurance policies are best for motorcycles which are used as recreational vehicles or hobby vehicles.
Third party motorcycle insurance – This type of insurance covers the damage caused by you to someone else’s vehicle. This does not include the coverage of the damage caused to your own motorcycle.
Comprehensive motorcycle insurance – This is the most common type of insurance in the arena of motorcycles. Under this, you can get your motorcycle insured comprehensively. This includes the coverage of the damage caused to your vehicle as well as the damage caused to someone else’s property by your vehicle.
Motorcycle Insurance Coverage
The most interesting thing about all these insurance policies is that they are customizable. This means that you can vary the cost of these policies according to your budget and according to the amount of coverage that you want under your motorcycle insurance policy.
Let’s take the most solved out insurance policy, which is comprehensive insurance. Under this, you have the option of choosing the amount of protection based on your budget. You can opt for coverage of repairing of your motorcycle in case of any unprecedented accident. By paying some more money, you can even opt for replacing your motorcycle. You can also opt for the coverage of the damage caused to the passengers in case of any mishap. If you have employed your motorcycle for business purposes, then you can also opt for coverage of the damage caused to the business in case of theft or any other mishap.
How to Save on Motorcycle Insurance?
First, list out all your needs regarding the insurance. After this, try to do comparative buying. For this, you can have a conversation with various insurance providers regarding the policies which are being offered by them. Compare the pricing of the policies offered by different providers based on your needs. Ask them for any kinds of discounts which they can offer. Select the one which fits your pocket and your needs in the best possible way.
Factors That Affect on Motorcycle Insurance Rates and Premium
Most insurance companies prefer to have safe drivers as their customers. The most important calculation involved is the premium. Factors affecting the amount of premiums are the age of the owner, past accident history, whether the person lives in a high crime area, and job location. If the person concerned has a regular accident history then the insurance will get costlier. A high crime rate area means more risk of the bike being stolen and hence, it involves a costlier insurance. Job location makes a difference because the person might have to ride a long way every day, increasing the risk of accident. In this case, a high rate of insurance is applied. Another factor that they look for is the make, size, and model of the owner’s motorcycle. It is always prudent to purchase a motorcycle insurance policy that provides maximum coverage in the unfortunate event of an accident.