Having a motorcycle is one of the most exciting things in life. A motorbike is a priceless possession for all bike enthusiasts and the joy of riding your favorite bike is threesome when you ride it at full speed. Motorbikes and speed are just meant for each other.
However, as per current statistics, there is a motorcycle accident in very 14 second which causes major injury to the rider. Also, 20-25% motorcycles stolen every year are never found. This calls for the need of Motorcycle Insurance.
The rate of motorcycle theft in increasing alarmingly so is the rate of motorcycle accidents. Keeping this is in view it is very essential to have your motorcycle insured so that you can take to ensure the compensation if unluckily any sort of damages happen to your motorcycle.
Before you pick the best insurance policy available in the market, you need to understand what exactly does motorcycle insurance cover?
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Liability – Motorcycle insurance cover the liability to others who are hurt from your bike. Also, it covers all injuries of people who were on the bike. Property damage is also covered under the policy.
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Other Damages – Motorcycle insurance covers damage from theft, fire, hail, tornado or hitting an animal.
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Medical Bill – Motorcycle insurance covers all your hospital bills after the accident, including ambulance charges and therapy if required.
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Personal Stuff – Any safety apparel carried by you at time of the accident such as helmet, leather jacket etc are also covered under the policy.
There are other optional coverage’s which can be taken under special schemes offered by the insurance company.
Motorcycle insurance is a very big step taken towards the safety of your motorbike. Every individual who has a bike is has to get it insured so as to protect it from any kind of mishap. Life is unpredictable and uncertain and especially on roads with high traffic, the chances of an accident are very high. The importance of insurance comes to the surface in such a situation. The insurance company will be liable for all damages caused in the accident and compensate the same for a small amount of premium you pay to the company.
How is the rate of premium determined by the insurance company?
The premium of motorcycle insurance is determined by the listed factors.
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Age – The prime factor which would determine how much premium you pay to the insurance company is you age. Higher the age, lesser is the premium. If you are under 21, you might have to pay higher premium than a person who is 40 or above.
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Driving Record- Your driving record is also an important factor which determines the premium. If you have a great driving record with no traffic tickets, you'll get the lower rates. Being single or married also leaves an impact on the decision.
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Motorcycle Type – Type of bike also determines the rate of premium. Bikes under 1000cc will generally be less expensive than those of high end bikes which are just meant for speed. High speed bikes calls for higher premium.
Motorcycle insurance is a must in almost all states. It acts as a protection shield and when you add up the costs and risk involved, you will understand the need of having great motorcycle insurance from a reputed company.