Posts Tagged motorcycle riders
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Hot Leathers Driving Motorcycle Gloves Large Black
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Tips on Lowering the Premium Rates of Motorcycle Insurance Coverage
Most states require people to have motorcycle insurance coverage that will help them pay for any damages and injuries they sustain after a crash. This coverage will also help at-fault motorcycle riders to pay for the repair and hospital bills of their victims.
Meanwhile, many people think that motorcycle insurance is just another unnecessary expense. But contrary to this belief, such coverage may even lessen their expenses in the event of an accident, whether they are the at-fault driver or the victim.
FACTORS THAT AFFECT PREMIUM RATES
Insurance providers based the premium rates on several factors that will determine if a person is a high risk rider or not.
- Age. Insurance companies require higher premium rates for younger people who are more prone to crashes compared to middle-aged bikers. Experts attributed this disparity with the tendency of young people to underestimate a dangerous condition.
- The type of motorbike. The more expensive the bike is, the higher its premium rate. So for those who want to lower their premiums, it is better to stick with ordinary motor bicycles.
- Driving record. This record will show if a person is a high risk policyholder or not. According to insurance lawyers, tainted driving records will result to higher premium rates.
- The policyholder’s job. A person’s premium rates will be influenced by his job. For example, an office clerk will have lower premiums compared to a messenger who always need to travel from different places.
- The policyholder’s location. Insurance companies require higher rates for people who are living in areas with a high crime and accident rate.
LOWERING PREMUIM RATES
By knowing these basic factors used by insurance companies in computing the premium rates, it will be easier to adopt strategies that will lower the cost of insurance.
Meanwhile, here are some of the basic tips to reduce the premium rates:
- Shop around. People should call as many companies as possible and decide on which of these provide the best deal. According to Los Angeles lawyers, the most common mistake of people is assuming that their existing insurance providers for their properties, cars, and business establishments will also offer better deals.
- Do not over insure. Another wrong notion about insurance is that people can over insure their bikes thinking that they can receive higher claims in case of an accident. According to lawyers, people will only receive claims that will cover the exact amount of damages.
- Take special training. Taking safety motorcycle training can drastically decrease a person’s insurance rate. However, policyholders should keep their certifications to show these to the insurance companies.
- Secure the bike. Premium rates are lower for motorcycles with alarm and anti-theft system and if these are parked in a safe place (ideally in the policyholder’s garage).
- Travel less. The fewer miles traveled, the less likely a person will encounter accidents. With this, insurance companies demand lower premium rates for people who travel less.
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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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Tips For Getting Online Motorcycle Insurance
The key to saving time and money when shopping for insurance, no matter what you are insuring, is to utilize the resources available on the Internet to gather multiple quotes in a short amount of time. This is especially true when it comes to insuring motorcycles, as many websites allow motorcycle owners to type in their basic information quickly in order to receive an instant ballpark insurance quote. And finding online motorcycle insurance is easy, even if you have never done it before. By using the following tips you will be able to easily find low cost insurance rates from top companies such as Geico, Progressive, Titan, Mercury, The General, and many others.
The first thing you should be aware of is the fact that motorcycle insurance is different than auto insurance. Motorcycle insurance is unique in that it offers special discounts for things such as storing your bike in a locked location, as well as factors unique to owing a motorcycle, such as custom parts coverage. That being said, you’ll want to choose insurance companies that specialize in motorcycle insurance, or that at least have a fairly lengthy history of offering motorcycle insurance. Avoid companies that offer “custom” policies that can be tailored for motorcycle riders, as these policies rarely offer the unique benefits that motorcycle owners require in insurance.
When you have selected some insurance companies that specialize in motorcycle insurance, you’ll want to go ahead and go through their online quote process. While doing this, be sure to watch for questions that indicate discounts the company might offer. If the website doesn’t ask about storage location, security devices, auto club membership, or motorcycle safety courses, then your quote won’t reflect the discounts associated with these things. In this case, your best option will be to go ahead and complete the online quote process, and see if the initial quote is a number you like. If it is, then go ahead and actually call the company to talk with a representative about discounts you might qualify for.
Also, while going through the online quote process, watch for the option to customize the amount and type of insurance you want for your policy. A good online motorcycle insurance company will allow you to drop the additional medical coverage, for example, if you don’t want it. Again, if this isn’t an option, go ahead and complete the process to get a basic quote. Then, if you like the number, call the company and speak to a representative.
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