When looking for the best bike insurance policy, it is important to understand that different insurance companies have differently tailored policies for their customers. Choosing the right coverage that will cater for your needs is important and therefore you must consider the choice with absolute thoroughness.
The process of choosing the policy can be overwhelming and especially if you have never done it before. However, you must be able to know your needs and the main reason as to why you are buying the policy in order to be able to make your selection properly. The first thing you should know is that the bike insurance cover is important and mandatory if you intend to use it on the road legally. Different countries and states have the minimum requirements for the insurance covers and knowing what is expected of you in your respective state or country.
Available bike coverage policies
As with the auto insurance, the bike coverage comes with different options which one should consider. However, some are mandatory while others are optional and important based on your bike usage. Below is a list of these policies:
• Liability insurance cover: – This insurance cover is mandatory for any bike user just as it is for the automobile owners. This cover is aimed at protecting other people or property which might be injured or damaged in case of an accident or bike use. In case you happen to cause an accident and are deemed to be the one in the wrong during a collision or accident, the policy covers for the injuries and damage caused. This liability bike policy however does not cater for the bike or the owner although there are available policies from different companies which might cater for a passenger riding on the bike.
• Comprehensive coverage: This policy normally covers the bike from various perils that might arise and which are not related to an accident. These include issues such as floods, acts of vandalism, theft, fire or any other act that does not involve a crash. If you value your bike and are riding some of the most expensive machines, this policy could be worth considering.
• Collision policy: Although it is expected that the bike rider is well trained, collisions are a common occurrence and at times cannot be avoided. The collision coverage is therefore worth considering especially because it covers for any injuries or damages that might occur when you are on the wrong. This policy pays for the damages that might happen to your bike minus your deductible.
• Uninsured or under insured bike policy: This coverage is aimed at providing protection to the rider should an accident occur from a collision with other drivers or riders who are not insured or are under insured. It caters for any damages, losses such as wages and medical treatments for the rider and the passenger. The bike is also catered for under this if your policy has a provision for uninsured motorist / property damage policy.
• Additional policies include Personal Injury Protection, Medical Payments, and optional coverage for bike parts among others. Seek to know whether your company of choice offers these covers.
You should however consider a number of things before choosing the coverage that you intend to buy for your bike. This will help determine the premium rates that you should pay annually although other factors such as your age, bike type, storage system and annual mileage also determine the cost of whichever coverage that you choose.