By: Trevor Mulholland
A motorcycle insurance quote is based on the type of insurance coverage
a motorcyclist requires. The most basic element of an insurance quote
for motorbikes is the liability coverage which includes coverage for
bodily injury per person, bodily injury per accident and property
damage coverage per accident. It is always a good idea to obtain more
extensive liability insurance than what the law requires because
drivers can sue other drivers who injure them in accidents and minimum
liability insurance does not cover this risk.
If a rider causes
an accident, collision insurance will cover the cost of motorcycle
repair. Collision coverage is the most expensive component of a
motorcycle insurance quote. A higher deductible can result to a lower
premium. The cost of replacing a motorcycle or repairing damages with
materials of similar kind and quality, without removing depreciation,
is the replacement cost. Depreciation is the estimated value of the
vehicle when wear and tear is taken into account. Insurance companies
would declare a motorcycle a total loss when the repair costs exceed a
given percentage of the motorcycle's worth.
Comprehensive
coverage, on the other hand, pays for motorcycle damages that are not
due to an accident. This covers anywhere from damages caused by theft,
fire, vandalism, disasters to hitting an animal on the road. It is wise
to check a motorcycle's book value as insurance companies do not
normally pay more than this particular value.
Another part of
the insurance package for motorcycles is the medical payments that
cover the medical expenses incurred by the rider and his passenger, if
any. The expenses can come from accidents while riding one's own
motorcycle or someone else's with permission. It also covers injuries
incurred as pedestrians. Expanded forms of this coverage include
personal injury protection and broader no-fault coverage, which may pay
for lost income and child care.
Meanwhile, coverage for
uninsured and underinsured motorists pays for injuries incurred by a
rider if he figures in an accident where the other party or parties
have no insurance. Some companies even provide coverage for property
damage. Other supplemental coverage products are also offered by
companies either as part of the master policy or as separate premium
items. These could include rental reimbursement, towing and labor costs
and gap coverage for a new motorcycle. The last item pays for the
difference in the actual cash value of the insured motorcycle and the
amount left on its financing if it was declared a total loss in an
accident.
Most consumers would admit to not fully understanding
a motorcycle insurance quote that is provided for them when purchasing
insurance for their motorcycle. People tend to focus on the bottom line
figure giving little or not attention to how this figure was arrived
at. It would be wise to gain an understanding of the basic features of
a motorcycle insurance policy if only to realize that the money paid
for the premium is indeed well spent.
Motorcycle-coverage.com
provides you with information on motorcycle insurance quote, motorcycle
insurance, progressive insurance and more to help you make an informed
decision about your insurance
A motorcycle insurance quote is based on the type of insurance coverage
a motorcyclist requires. The most basic element of an insurance quote
for motorbikes is the liability coverage which includes coverage for
bodily injury per person, bodily injury per accident and property
damage coverage per accident. It is always a good idea to obtain more
extensive liability insurance than what the law requires because
drivers can sue other drivers who injure them in accidents and minimum
liability insurance does not cover this risk.
If a rider causes
an accident, collision insurance will cover the cost of motorcycle
repair. Collision coverage is the most expensive component of a
motorcycle insurance quote. A higher deductible can result to a lower
premium. The cost of replacing a motorcycle or repairing damages with
materials of similar kind and quality, without removing depreciation,
is the replacement cost. Depreciation is the estimated value of the
vehicle when wear and tear is taken into account. Insurance companies
would declare a motorcycle a total loss when the repair costs exceed a
given percentage of the motorcycle's worth.
Comprehensive
coverage, on the other hand, pays for motorcycle damages that are not
due to an accident. This covers anywhere from damages caused by theft,
fire, vandalism, disasters to hitting an animal on the road. It is wise
to check a motorcycle's book value as insurance companies do not
normally pay more than this particular value.
Another part of
the insurance package for motorcycles is the medical payments that
cover the medical expenses incurred by the rider and his passenger, if
any. The expenses can come from accidents while riding one's own
motorcycle or someone else's with permission. It also covers injuries
incurred as pedestrians. Expanded forms of this coverage include
personal injury protection and broader no-fault coverage, which may pay
for lost income and child care.
Meanwhile, coverage for
uninsured and underinsured motorists pays for injuries incurred by a
rider if he figures in an accident where the other party or parties
have no insurance. Some companies even provide coverage for property
damage. Other supplemental coverage products are also offered by
companies either as part of the master policy or as separate premium
items. These could include rental reimbursement, towing and labor costs
and gap coverage for a new motorcycle. The last item pays for the
difference in the actual cash value of the insured motorcycle and the
amount left on its financing if it was declared a total loss in an
accident.
Most consumers would admit to not fully understanding
a motorcycle insurance quote that is provided for them when purchasing
insurance for their motorcycle. People tend to focus on the bottom line
figure giving little or not attention to how this figure was arrived
at. It would be wise to gain an understanding of the basic features of
a motorcycle insurance policy if only to realize that the money paid
for the premium is indeed well spent.
Motorcycle-coverage.com
provides you with information on motorcycle insurance quote, motorcycle
insurance, progressive insurance and more to help you make an informed
decision about your insurance
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