In the olden days when motorcycles were considered death traps, no thanks to the absence of safety features and accessories, motorcycle insurance could be the death of you even before you hopped on your beloved bike.
Fortunately, the increasing popularity of motorcycles coupled with the increasing number of insurers has led to price drops in this area of insurance. And the better news is that more comprehensive cover is available for virtually all types of motorcycles, be it for motocross or for cross country custom bikes.
Types of Cover: Indeed, many first-time owners of motorcycles find it easy to insure their rides considering the variety of choices available. Many, if not most, insurers will offer the following types of cover for their clients, the final quote price given depends on many factors like age of the rider, type of motorcycle and desired level of insurance.
- Third party liability: This is the cheapest of all motorcycle insurance policies, which the law perceives as the minimum requirement for cover. The insurance company will only pay for the damages done to other vehicles as caused by your motorcycle, if and when you are involved in an accident.
- Third party, fire and theft: A step up over the third party liability insurance, you will also be compensated if your bike goes up in flames or if it is stolen. Sounds like the ‘Wild Hogs’ can use this level of cover!
- Fully comprehensive: This is the most expensive but the most comprehensive of all insurance for motorcycles. You will be covered for third party liabilities as well as damages to your motorcycle in the event of theft and fire. If you have the money for it, opt for this level of cover because you never know what might happen on your travels.
Of course, if you still want more cover and you have the money and need for it, well, then go for optional extras. Think along the lines of helmet and leather cover or overseas travel all of which may or may not be worth the money in the end.
Tips to choosing among types:
In order to choose the best policy for your motorcycle, you need to know what kind of cover you want in the first place. Keep in mind that the more comprehensive the cover, the more expensive it will be. Not to say that you are involved in an accident or your bike bursts into flames aka Ghostrider or somebody sees fit to steal your chopper but in many instances, comprehensive insurance is well worth the money. However, don’t jump into the first comprehensive insurance policy offered to you. It is very important to do comparison shopping as you want to get the best deal at the best price.
There are many resources that you can go to for your comparison shopping. You can browse the Internet for online insurers as well as sites that offer instant quotes from many insurers. You may also scan the telephone directory to ask for quotes from mainstream insurers.
Just remember that you must keep an open mind and a closed wallet during your search. This way, you will not make impulsive decisions about your cheap motorcycle insurance that may be to your detriment.
