It is important to protect yourself from property damage and theft, as these are things you have accumulated over time spent money on and invested in. Insuring your property is a way to financially protect your possessions much in the same way you insure a home. Insuring a motorcycle protects your investment in the new Ducati, or other bike if you prefer, that you so enjoy riding. This eases the burden of worrying about wrecking your motorcycle or having it stolen, as well as protect from financial damages if someone else is involved in a motorcycle accident you could have. Although not as entertaining a topic as riding your motorcycle, it is an extremely important one.
You can usually begin by going to the same company that insured your car or other vehicles. Insurance companies like repeat customers who hold multiple policies with them, so keeping things all in one company is often a good idea. At the same time, however, you need to do enough research into the motorcycle insurance market to know how other companies stand up by comparison. There’s no point in sticking with a company that is giving you poor coverage for high rates, after all. Don’t change companies frivolously, but know enough about all the trustworthy ones to be able to tell when you should stay and when you should jump ship. It may even be worth looking into companies that specialize in motorcycle insurance, if you’re really passionate about your bike.
The person who is underwriting should be dependable. Underwriter is the person who is going to settle the claim if you have suffered some damage to your bike like theft, vandalism or accident. Hence it is very import that person who is underwriting the insurance is totally dependable, expert and trustworthy. Choosing a wrong underwriter is as good as having no insurance, because you may end up with no motorcycle and a huge liability.
Compare rate quotes as well as other policy details As the saying goes ?all that glitters is not gold? , similarly the cheapest policy is not the best policy. First step is to understand what type of insurance coverage is mandatory as per the statuary law of your area, your policy should cover all those provisions which are mandatory by law and you not spend extra bucks on those provisions that are not mandatory. The various options available are like insurance only for yourself or another driver, passengers, custom equipment, collisions, uninsured motorists, and medical payments. Then you should compare the policies of various companies before reaching on a conclusion.
Ask if your insurance company offers a discount on your policy if you have taken an approved motorcycle safety course. Many insurance companies offer a discount for people who have taken these courses. Additionally find out if there are any other discounts you may be eligible for from your insurance company such as the aforementioned multiple policy discount.
It is also very important we are 100% honest in providing the facts and details which the company will ask you before taking the insurance. Points that are taken into consideration when you are getting a quote for motorcycle insurance are your age, riding experience, driving record, and details about your bike, such as value, power, age of bike, modifications, and where it is kept at night etc. If these informations are not provided correctly than at late stage your claim can be rejected, if it is proven that you had deliberately concealed facts.
Insuring your motorcycle easily protects you from many of the things that can happen in life. Protect yourself from financial and legal trouble. Make sure you, and your bike, are properly insured.
Susan Reynolds is the content coordinator for a leading South African Insurance Provider who specialises in Motorcycle Insurance.
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