Posts Tagged motorcycle insurance companies
Which Motorcycle Insurance Coverage You Need and Which You Probably Don’t
With all the different types of motorcycle insurance out there, it can be hard to decide exactly what you need. It can get very expensive. However, in some situations you can probably skip certain types of coverage and save a lot of money on your insurance.
One of the most expensive parts of most motorcycle insurance policies is the comprehensive and collision coverage. However, if you are paying for the bike yourself and not financing it, you can probably forgo this type of coverage if you get an inexpensive bike. Find out what the savings would be compared to the price of the bike and it might just be worth it to go without this coverage.
Many people already have health coverage through their workplace. If this is the case with you, you probably don’t need to get the Med Pay coverage offered by motorcycle insurance companies. Your regular health insurance will cover any injuries you get while riding your motorcycle.
If you never carry passengers, you can also do without guest passenger coverage. This type of coverage is for anyone else that you carry on your bike, so as long as you are willing to commit to not carrying anyone else you don’t need this coverage unless it is mandated by the state where you live.
The categories of motorcycle insurance that are mentioned above can sometimes be left off of your policy. However, there are some types of insurance that are important to include. Many motorcycle riders frequently do not purchase enough coverage in the areas of medical liability and uninsured motorist insurance. You should get at least $100,000 of coverage, just like you would with your car because you will have the same liability as if you were driving a car.
You can lower the cost of your motorcycle insurance premiums in other ways besides eliminating certain types of coverage. Paying your bills on time will get you lower insurance rates, as will joining certain organizations, taking a motorcycle safety course, purchasing multiple types of insurance with the same company, storing your bike in a locked garage, and adding security devices to your motorcycle.
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How to Protect You & Your Family From a Motorcycle Accident For Only Pennies Per Day
The “Fatality Rate per 100 Million” (miles traveled) for motorcycle riders has nearly doubled from 22.73 to 39.89 fatalities per 100 million miles traveled this was during the period of 1997 to 2004. The number of miles mentioned above may include many Iowans, because riding motorcycles is a popular hobby for many people in Iowa and the Midwest. There are numerous events during the summer time that involve motorcycle riders.
To put it into numbers, there has been over a 30% increase in motorcycle sales since 2001. All those sales equal more motorcycle related accidents. What are even more alarming are the accidents, with the increase in sales, there are more accidents which have caused motorcycle related deaths to jump up by 50%! That’s huge… that’s over 4,700 deaths in the US by just motorcycle accidents alone.
According to the National Highway Traffic Safety Administration, motorcyclists are roughly 35 times more likely to be killed in accidents than automobile drivers, especially during the first year of owning a bike because of experience.
Statistically, if you ride a motorcycle then you have about a 50% chance of being in a motorcycle accident during your lifetime. Each year almost 100 Iowans are killed and hundreds are seriously injured in motorcycle accidents.
Unfortunately, many of these accidents are caused by drivers with little or no insurance. What many Iowans do not know is that Iowa law only requires a person to have $20,000 in insurance coverage for bodily injuries. Given the rising costs of medical care, that number barely covers a trip to the hospital and follow-up medical care. Statistics tell us that about 12% of Iowans have no car insurance and we estimate that another 60% of Iowans do not have enough. What happens if you are involved in a motorcycle accident caused by one of these drivers, sustains serious injuries, has a pile of medical bills and cannot return to work?
What can be done to protect you and your family from these irresponsible and uninsured drivers? The insurance companies probably have not told you and won’t tell you. Many Iowans don’t know what uninsured and underinsured motorist insurance coverage is. Unisured and underinsured motorist insurance is the only motorcycle insurance that can protect you and your family for injuries caused by a motorcycle accident. Our survey of the leading motorcycle insurance companies shows that for most Iowa drivers the difference between providing $20,000 and $500,000 in coverage is less than a dollar per day. Isn’t it worth protecting your family?
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How to Compare Motorcycle Insurance
You’ve always wanted a motorcycle. Now that you have one, the next step for you is to get motorcycle insurance. But with so many motorcycle insurance companies out there, it’s hard for you to choose which one is right. After all, you are paying them your hard-earned money.
You might as well get the best that would cater to your every need. Don’t be overwhelmed by all the details the agents tell you. Here are some pointers that you need if you to be aware on how to compare motorcycle insurance.
First and foremost, you have to choose which of these insurance companies give you the best premium discount. You also have to check whether you will be able to save more if you sign up with them online or not.
Some motorcycle insurance companies give their clients that option. They know that the Internet is the backbone of the 21st century and a number of motorcycle owners would prefer do just get those online quotes. If you do want to compare motorcycle insurance, this is a factor that you have to be aware of.
You also have to check whether the insurance companies have claim bonus or not. Go for the insurance companies that have a high percentage of no claim bonus. The standard no claim bonus ranges up to 65%.
If you find one while you are in the process of compare motorcycle insurance, then bookmark that company. Then check whether they also offer premium discount for less usage and higher excess. Don’t be too overwhelmed by these terms.
In layman’s terms, these just means how much you’ll get if let’s say you don’t use your insurance. If you get an insurance company that will offer you a portion of your money back if your insurance remains unused at a given point, then go for that company.
Another important thing for you to remember when you compare motorcycle insurance is to check if the company covers up to the market value and can replace your bike, just in case it gets stolen. There are some insurance companies that do that but there are some that don’t. It’s to your discretion which one you opt for.
There are also some insurance companies that cover your riding gear and your personal valuables just in case you do lose your motorbike. The best insurance also offers lifetime guarantee on repairs. But you have to make sure what do they mean exactly by lifetime.
Sometimes, this just means til a given time. Just like any contract, you have to define all statements that you read when you compare motorcycle insurance.
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Things to Look For When Getting an Online Motorcycle Insurance Quote
Doing research online can save you a lot of time, so it has become a very common thing for people to do. Why spend hours on the phone calling all sorts of motorcycle insurance companies to see who will give you the best rate when you can just spend a few minutes on a website and get multiple quotes? However, there are some things you should look for when you are getting online quotes for this type of insurance.
When you call an insurance agent to request a quote for motorcycle insurance, they will ask quite a lot of questions in order to make sure that they know exactly which discounts you might qualify for. Not all online insurance websites are as thorough, so you might not be getting the lowest possible quote if you do your research online.
Make sure that when you are looking into motorcycle insurance quotes the websites that you use ask the right questions. You want to make sure that they ask where you will be storing your motorcycle, as many companies offer discounts if it is stored in a locked garage. It is also important that they give you a chance to tell them whether or not you have any alarms or other security devices for your motorcycle. They should also ask if you have taken an approved motorcycle safety course. If the website does not allow you to mention these things, you might want to call an insurance agent to find out whether or not these discounts are available through the company you are considering, and how much it would lower the amount on the quote that you received online.
Another important thing to check for when you are getting an online motorcycle insurance quote is whether it allows you to customize the amount and type of insurance you get. You might not want to get the full coverage available, so it is nice to be able to opt out of the types you do not need (for example, some people don’t want the extra medical coverage if they have a good health insurance policy through their work). If you have a lot of custom equipment on your motorcycle, you might also want to increase the value of the coverage for accessories.
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