Auto Insurance Buying Tips

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Consolidate Insurance Policies   Insuring two or more vehicles with the same insurance company can save you between 10 - 15% on your premiums.   Covering your home through the same company that you have auto insurance with can reduce your premiums by another 10-15%.   Increase Your Deductible   One rule of thumb is to carry the highest deductible you can afford. By increasing your deductible from $100 to $1,000, you could save up to 25%. Keep in mind, though, that your lender might not agree to a higher deductible. Install Anti-Theft  And Safety Devices   Installing a vehicle recovery system such as Lo-Jack or Teletracer could save you up to 7-10% per year.  There are other relatively  inexpensive anti-theft devices such as "The Club", which locks the steering wheel in place, as well as having your Vehicle Identification Number (VIN) etched on each window.

Safety features such as air bags, traction control and anti-lock braking systems (ABS) are viewed positively by insurance companies which, in turn, is reflected in your premiums. Although these systems may not reduce injury during an accident, they will reduce your premiums.

Clean Driving Record And Safety Courses

While traffic tickets and auto accidents will increase your premiums, most insurance companies offer discounts to drivers with clean records. Also, some insurance companies will offer a discount if you attend a Driver Training School Program, and your employer might even pay the cost if you use a company vehicle for your job. Training school discounts may vary between 7-10%.

Reduce Coverage On Older Vehicles

If you have an older car worth between $1,000 - $2,000, you might be better off dropping the collision coverage. Check to see if your collision premium is more than the value of the car.

Non-Smoker Or Early Retiree Discounts

Yes, some companies provide discounts for Non-smokers and Early Retirees.   Insurers consider smoking a dangerous driving activity.

Park In A Garage

Sometimes the difference between getting auto insurance and going uninsured is where you keep your vehicle at night. Most thefts do not involve a garaged car and this is reflected in premium discounts. If you have a winter home with no garage, try putting the vehicle in storage. Let your insurance company know that your car is in storage, and you could receive a partial premium reduction.

Carpool With A Co-Worker

Most insurers surcharge premiums if the commute to work exceeds 3 miles. Carpooling with a co-worker may result in a discount for low-mileage use.

Drive A Conservative Car

Before buying a car you might want to find out how much your insurance will cost annually.  Insurance companies consider certain cars easily damaged and expensive to repair, and other cars the target of thieves.    You could end up paying a premium surcharge between 10 - 20%. The National Highway Traffic Safety Administration (NHTSA) has established the Auto Safety Hotline at 1-800-424-9393 to report safety defects or to obtain information on cars, trucks, child seats, highway or traffic safety.  The Insurance Institute for Highway Safety provides information on death rates by car make and model as well as the standard safety equipment available.  The Institute can be reached at 703-247-1500.

Teenage And College Bound Drivers

You may want to consider letting your teenager drive the family car instead of buying his/her own vehicle. This will very likely lower your cost to cover them. Students in school and living away from home can reduce their premiums by 30 - 50%, depending on the insurer.

Conclusion

After reviewing all of the savings tips, you may have determined that if you added up all your credits you could receive a 70 - 90% reduction in your premium. Well, unfortunately it doesn't work like that. Certain measures that you take may qualify you for being placed with the "preferred" company of a particular insurance group. This "preferred" company will be able to give you additional premium credits.

Sunday, February 20, 2011 by Toolib · 0 komentar

Motorcycle Medical Insurance

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Although most real motorcyclists worry about their bike first after a wreck(!) there’s a good chance you could injure yourself or a passenger. The nature of motorcycles is that if we pick a fight with the landscape, car or truck – we are likely to come of worse! It’s vital you have the right medical insurance.

In Most Cases!
If you have a regular health insurance policy through your job for example, then in most cases your medical costs of an accident will be covered. The main purpose of this is to cover the theoretical chance of you carrying an unisured passenger - or someone borrowing your bike who does not have any medical insurance.
Either way, the $5000 normally covered does not go very far.

If you do not have job-related health insurance - you should make sure you are adequately covered for Motorcycle Medical Insurance. 

I’m sure young riders are not reading these pages – but the same lesson applies to all riders – even a single 40-something living in an apartment with only his Harley to his name.
Just think how bad it would be if you had to sell your bike to pay for our medical bills.
Check back for updated info on this important subject.
A few points to think about:

• Is my Motorcycle Medical Insurance adequate for my wealth/lifestyle/family etc?
• I hurt my leg in the wreck, and I cannot work or make payments.
• I hurt my leg in the wreck, and I cannot work or make payments. And it was not my fault!
• I have minimum medical for my bike, but excellent coverage with my job.
• I might die or be disabled – what coverage do I have?

by Toolib · 0 komentar

Your Motorcycle Loan

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Motorcycle Loan and Insurance
Most finance companies will allow you to add the cost of your insurance the motorcycle loan for your bike.
But there are a couple of important things to beware of:
The insurance you are adding is for one year only, but the length of your loan agreement will almost certainly be much longer.
So next year you will be paying for part of this year's insurance as well as the first year's!  Not smart.
And that's before you consider the interest on the loan.
So, if at all possible,  pay the insurance (or most of it) in cash, or at least with a monthly deal with a broker - they normally only add a small amount for time payments.
Collision Coverage Angle...this could save you $$thousands......but....
The fact is that insurance is incredibly expensive for young riders.  Its not difficult to see a $3,000 Premium for a new Suzuki GSXR1000. Thats 30% of the cost a year. This shows the risk of young riders on fast bikes, and the damage they can do.
But many motorcycle loan companies will allow you to omit the collision coverage for bikes costing under $10,000.  This can cut your insurance in half....but means you won't get your bike repaired by the insurance if you wreck it!   Think very carefully before going for this!

These are just a few of the factors to consider when shopping for motorcycle loans, the secret is to do some homework both on the finance and insurance costs.

Tuesday, February 15, 2011 by Toolib · 0 komentar

Women's Motorcycle Insurance

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Women's Rider Motorcycle Insurance is now becoming a significant sector in the industry.
Women riders are actually the fastest growing category in the motorcycle industry, and this fact is starting to be recognized by manufacturers in the models of bike offered particularly for women (lower seat height etc), apparel etc. It has been reported that up to 15% of new motorcycles are being purchased by women.
It's very fair to say that women riders, both new and experienced, are usually more cautious than men - and this is reflected in claims history and premiums. We are compiling a list of companies specializing in women motorcyclists. Lady rider motorcycle insurance is certain to become more competitive as companies realise they can customize their policies to the riding profiles of women who are less likely to make a claim.
There are a number of web sites and user groups dedicated to the lady rider sector, and this is a good source of all kinds of information as well as insurance.
In the meantime its good to that more women are riding, which makes motorcycling more of a social event as more couples are riding together, for instance.

by Toolib · 0 komentar

Motorcycle Insurance Prices

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here a number of factors an insurance company considers when it is calculating your motorcycle insurance prices.
 First, there is you,  your age, experience driving record and claim history, plus where you live and where you keep your bike. Premiums are calculated on the basis of perceived risk, and someone who has a 'history' is statistically going to be likely to claim.
Second, there is your bike, its age, value, accessories any modifications that might affect performance etc. Obviously a turbo and nitrous injected GSXR1000 is likely to be more risky than a commuter scooter!
Now, the thing to do when discovering your motorcycle insurance quotations is to get a number of quotes from different companies, including those that might specialize in your bike.

Motorcycle Insurance Companies. Of course we all know popular doesn't always mean best - or indeed cheapest, but here is a list of the most popular carriers for everyday street bike coverage:

Name	Contact Information	Bikes	Notes
AARP Motorcycle Insurance Program	http://www.aarpforemost.com 1-800-752-2461	Most Makes & Models inc. Customs, Trikes & Classics	Specialized coverage for AARP members that will care for your bike as much as you do!  Offers lifetime renewal (certain restrictions apply)
Allstate Motorcycle Insurance	http://auto-insurance.allstate.com/motorcycle-insurance.aspx	All Makes & Models	Coverage applies to road-use motorcycles only. All coverages are subject to availability and qualifications
American Collectors Insurance	http://www.americancollectorsins.com/cm_overview.htm 1-800-360-2277	Specializing in Classic Motorcycles	ACI will consider a single qualifying motorcycle as well as larger collections
Berglund Insurance Agency	http://www.berglundins.com/constr.htm 1-800-537-2555	All Makes & Models Including Customs	They have a department solely dedicated to assessing and insuring custom motorcycles in 46 states (Not AK, HI, MA or NJ)
BikelinE presented by Markel American Insurance Company	http://www.bike-line.com 1-800-236-BIKE (2453)	All Makes & Models	Their associates ride the same motorcycles you do, so they're ready to ask the right questions to get you the coverage that fits your needs
Bluebonnet Insurance Group	http://www.insurecycles.com 1-888-326-1410	Customs, Cruisers, Vintage, Sport Bikes, Touring Bikes, Scooters	Available in All of Texas, New Mexico & Louisiana
California Services Motorcycle Insurance	1-877-977-5787	Vintage Motorcycles, Limited Production Customs, Passengers, Trikes, Scooters	Extra Chrome, Helmets.  Call for your quote
CycleInsure Agency	http://www.cycleinsure.com 1-800-800-0965	Sportbikes, Cruisers, Customs, Harleys	**Only California Riders Rates as low as $50 per yr
Geico Cycle-Guard	http://www.geico.com/cycle/ 1-800-44-CYCLE	All Makes & Models	Sunny day lay-up program, transfer discount, renewal discount, MSF rider course discount, tour bike discount and multi-bike discount
Gourley Insurance Inc.	1-888-635-2753	All Makes & Models- Not Available in DE, MA, MI, NC, NH & NJ	Specializing in serving Motorcyclists since 1985
Hales Insurance Progressive	1-888-4-BIKERS	All Makes & Models	"Your Motorcycle Insurance Specialist - Insure Your Passion"
McGraw Insurance	http://www.mcgrawgroup.com 1-800-303-5000	All Makes & Models	Discounts including: Association Discount / Motorcycle Safety Course / Anti-Theft / Multi-Policy / Garaging Discount
Mike Felder Insurance	1-800-7-CYLES	All Makes & Models	Insurance specializing in Motorcycles
Progressive Motorcycle Insurance	http://motorcycle.progressive.com/ 1-800-PROGRESSIVE	Most Makes & Models	Insures a variety of bikes including customized motorcycles, and bikes 25 years and older.
Sentry Insurance	http://www.sentry.com/CP/ProductDetail.aspx?Product=CYCL 1-800-3SENTRY	All Makes & Models including vintage & antiques	Discounts including: Annual Policy / Anti-Theft / Rider Training Course / Multi-Cycle / Rider Group

by Toolib · 0 komentar

Insurance Quote Factors

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I’m often asked what insurance quote factors come into play when you're looking for motorcycle insurance.
Well, insurance is a business of risk assesment, and hewe we have two factors involved: You and Your Motorcycle!

You
Your age - a young rider is more of a risk than a midldle aged one.
Your riding experience - a new rider is more at risk than a seasoned pro.
Your driving record - tickets
in your car mean something about your risk on a bike!
Your location - an inner city area is more of a risk than a county area.
Your accident record - same as above, it builds a picture of your ‘risk rating’.
Your occupation - a rock musician can be expected to have a different ‘risk rating’ compared to say an accountant.

Your Bike
Naturally a 1000cc racebike replica would attract a higher risk rating than a 250cc Scooter!
Modifications or tuning - tells the company this is not a normal risk.
Age of Bike - a ten-year-old standard is less risk than a new sportbike.
Value - similarly a bike worth $20,000 will be more than one you bought at a yard sale for $200.
Location - if it’s tucked up warm at night in your garage, its safer (and less risk) than if it's on the street in a downtown area!

Warning:
Although some of the above may be unwelcome truths, its vital that you are not tempted to cheat!  Whether its where you keep it, your driving record, claims you ‘forgot’ etc. If they are not picked up in the application process - they can easily be discovered if you have a claim. In this case the company can deny your entire your entire claim - and even counter-claim for fraud!

Think About It!
But considering the above insurance quote factors can be very valuable in determining the kind of bike you choose to buy and ride. If you’re not absolutely determined to have that latest Gixxer, an older sportbike will save you possibly hundreds a year.

Bad History
Similarly if you have had a troublesome history with tickets and claims, an older bike (together with a high deductible), could make your insurance affordable - when it may have looked impossible!

by Toolib · 0 komentar

Compare Motorcycle Insurance

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Getting insurance is the first and the foremost important thing that should be done on the purchase of a new motorcycle. Insurance is imperative for the safety of the motorcycle as it covers for losses or damages in the unfortunate event of an accident or theft.

In most of the countries, it is mandatory to have valid or in force insurance policy for the vehicle, before it can be taken on the road.

There are a lot of Insurance companies in the market, who take up motorcycle insurance and have devised lot of standard as well as customized insurance solutions for the customers.

Customers, who have purchased a new bike or are in the process of finalizing a motorcycle for purchase, should spare some time and effort in comparing motorcycle insurance solutions which are available in the market.

By comparing the various motorcycle insurance solutions available the customers will be able to decide which is the best and cost effective insurance solution for them according to their needs and requirements. There are various ways with which one can compare motorcycle insurance quotes which are available in the market.

One can seek the help of the insurance executive present in the agency from where the motorcycle is being bought. They will be able to provide details of various insurance policies which one can choose from.



The only thing to be kept in mind is that, if the agency has a tie up with a specific insurance company, they will only suggest that company specific products, irrespective of whether they are of any use for the customer or not. This will tend to limit the choice of solutions and customers might not be able to compare motorcycle insurance solutions in an effective way.

Another tool which can be used to compare motorcycle insurance solutions is to engage the services of the advisors who deal in multi company products. These advisors can suggest insurance solutions from various companies which deal in the motorcycle insurance stream.

The customers will be able to compare motorcycle insurance quotes with the help of these advisors and can choose a product based on self needs and requirements.

Generally, these advisors charge commission for their services, so although they might be able to get a good deal for the customers, but when you include their charges along with the insurance cost, the total outflow of money might not exactly be a cheap or money saving option for the user.

One of the most cost effective and assured way with the help of which customers can compare motorcycle insurance quotes is to get them online.

There are online portals which compare motorcycle insurance products from a wide variety of options available in the market for the customers and the customers can then virtually pick and choose the ideal solution based on their needs and requirements.

Therefore, it is advisable for new motorcycle owners to look for the best insurance option available for them in the market by doing effective and comprehensive surveys to finalize on the most appropriate and cost effective insurance solution for themselves.

Sunday, February 13, 2011 by Toolib · 0 komentar

Let the Insurance Shopping Marathon begin.

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Just like Loans, the more you shop around, the better your chances of getting the best insurance rate.  There are a billion insurance companies out there, so start by asking your home and auto insurance agent about motorcycle insurance.  If the company doesn’t offer it, ask your neighbor with the shiny new Kawi Ninja what company he uses.  Search motorcycle websites and forums for rider recommendations.  Finally, with your list of ‘A’ and ‘B’ companies on hand, dedicate a day to call as many insurance agents as you can.
But wait!!  There are some answers you’ll want to have ready once you’re talking insurance plans and rates with an agent.  Here, a little preparation goes a long way in making the best impression (which results in an ideal rate) on an insurance agent.  Know what they’ll ask before you pick up the phone.

1. Your Personal Liabilities

Just like with Auto insurance, your age and your driving record are key factors.  Auto accidents do count when buying motorcycle insurance.  If you’re older but a first-time rider, you will likely have a higher rate.  However, you might be able to offset that by investing in special DMV or motorcycle classes – just be sure to hang on to your certification for proof.

2. They know where you live

Working or living in a high crime/ high accident area can affect your rate.  Have a plan for how you’ll store the bike.  A garage, an alarm, or any other form of security for your parked bike is necessary no matter where you live.  A bike that spends most of it’s time in an open, unsecured area is clearly a risk for any insurance company to take on. 

3. The Bike

Just like in auto insurance, that glitzy, brand-spankin’ new model is going to cost more to insure that an older stock bike.

4. How much you ride

If you live in the part of the country that has a definite riding ‘season’, make this apparent to your agent.  By only using your bike for half the year, your mileage stays low and your rate usually will follow suit.

5. Lastly, avoid over-insuring, since you’ll never get more than the market value of your bike in the event of an accident.

Bear in mind that the rate is not based solely on your bike, but also your lifestyle, your riding habits, and your history.   Once that is out of the way, you need to pick an insurance plan. 
3^rd Party Liability: Insurance that covers other people and their property in the event of an accident that is your fault.  Instead of you personally paying for the damage to the other party’s property, your insurance pays the bill.  It doesn’t cover damage to you or your property.  Most states require you to have at least liability insurance on your bike.
Full Coverage Insurance: (also called “comprehensive”) is available in different amounts, and will cover you and your property in an accident, whether the event was your fault, someone else’s, or “no-fault”.  Full coverage also extends to any passengers on your bike present in the accident.
Look into a combination of liability insurance and comprehensive insurance. 

This will provide you with the most coverage overall in the event of a mishap.
Essentially, know your basics, know what to expect, and make sure that you understand the details of any insurance package you are purchasing.  Although no one wants to get in an accident, they happen to the best of us, and the whole experience can be a lot less painful if you’ve got a good insurance plan to back you up. 

by Toolib · 0 komentar

What you should do if you have an accident

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Statistically your chances of avoiding an accident throughout your riding career, are low, so its
important to be prepared.

If you have an accident with another motorist, there are a number of things which you must do.

• You must exchange your details if there is damage to either vehicle.  Try to get name, address, telephone number, - but most importantly get the registration number, make, model and color of the car.
• Try to get details of witnesses who may have seen the accident.
• If someone is injured, you must notify the police, if you are injured, you should either visit your Doctor or go to Hospital for a check up.  Failure to do this will limit any personal injury claim that you may later wish to make.
• Do not admit liability, even if it is obvious that you were in the wrong.  Don't accuse or be rude, if you are courteous and polite, they’ll be less likely to lie in their statement.
• Don't accept a payment at the scene - you may not fully appreciate the cost of repair.

Collecting Evidence

It will help if you collect as much information about the scene, damage and injuries sustained.  Obviously, you can't easily carry a camera, but it may be worth returning to the scene later.
 

Evidence Collection Kit Keep a pen, pencil, some paper and a disposable camera in a waterproof bag under your seat.  In the event of an accident you'll be able to take pictures of damage, road layouts etc.  A copy of the high way code can also help resolve any disputes.

You should collect details of:   Road names, direction, road signs and speed limits   Condition of the other vehicle, weather and road conditions.   Take pictures of: Any injuries you sustained, damage to your bike,    clothing etc.   Keep receipts for: Repairs, expenses and a log of all dialogue with insurers and 3rd parties.

Completing your claim statement

Your statement needs to tell your insurer what happened, who was in the wrong, how the accident could or could not have been avoided.  Always state the lane, speed and direction you were going and the position of the other vehicle when you first noticed it, estimate their speed if necessary.  Did you have your lights on? Did you have any high visibility clothing? Did you flash, sound your horn or indicate. Clearly state the actions of the other motorist.  State if you think they could see you.  If it was their fault say what they did wrong.  Did they indicate in anyway.  Did they admit liability. Try to include a diagram if it helps clarify the situation.

Was the road surface to blame

If you've had a spill for no apparent reason and no other vehicle was involved, it may well be due to poor road surface.  Pot holes, gravel, sand and diesel spills are major causes of motorcycle accidents, but don't despair, you could get your bike fixed without claiming on your insurance.  Your local council is responsible for maintaining the roads.  If you suffer loss or damage as a result of poor surfaces, you may be able to claim compensation.  Some authorities take the irresponsible attitude of paying out claims rather than fixing the roads, as many people don't bother claiming.  You’ll need to collect evidence of the fault and show receipts for repairs etc.  Be sure to act quickly as you may find your evidence gets swept up.

by Toolib · 0 komentar

Tips on how to get Cheap Motorcycle Insurance

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Now that you know how the motorcycle insurance company will view and rate you, and what types of coverage are available, here are some tips on how to get a good deal:

 

1. Shop, Shop, and Shop More: Insurance can vary widely in the same region. Do not assume that your existing insurance company for your car, home, etc. will offer you the best deal. Take a whole day to call as many companies as you can to get a rate quote. Shopping around for insurance can sometimes be the single best way to cut your insurance costs. The more companies you call the better chance you will find a great deal on cheap motorcycle insurance. When you are comparing companies, reduce your best quote by 5 - 10% to see if it can be matched.

2. Securing Your Bike: What can you do to keep your bike more secure? If you can garage your bike, alarm it, or secure it somehow while it is parked, you may be able to secure yourself some discounts on your insurance.

3. Don't Over insure: Remember, if something happens to your motorcycle, you will only receive the market value so over insuring will not help you get a higher price for your bike.

4. Mileage: If you only ride your bike once in a while during the summer for pleasure, you should be able to get a better rate if you can keep your mileage low. Also, if you do not carry passengers, this can lower your rate as well.

5. Special Motorcycle Training: Taking special DMV or other motorcycle classes can help decrease you rate. Just make sure you keep your certification documents handy for the insurance company to view. Also, some associations have contracted discounts for their members. It cannot hurt to check this out as well.

6. Provide Honest Information: If you falsify information in obtaining a quote and coverage from the motorcycle insurance company, if the need arises to file a claim and the motorcycle insurance company determines you have provided false information, they will not process your claim and you can be pretty sure that they will drop your coverage.

NOTE:  There is no reason to overpay one insurance company when another one is willing to give you a better deal. If an accident would occur you will get the same value for your bike regardless of what company you choose. By taking the time to find out how the insurance company will view you, your bike, and your riding habits, you can learn how to save while still getting a great policy.

Talk to the cyclist or salesperson who sold you the motorcycle, and also look through motorcycle magazines, motorcycle Web sites and the yellow pages. Dealerships don't always work with the best companies, and you might get talked into a policy you don't want.  

by Toolib · 0 komentar

Types of Motorcycle Insurance Coverage

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Similar to automobiles, there are a few different types of motorcycle insurance coverage available. Some of the types of coverage are required by law, and some that you have to determine if you think you need. As stated before, insurance is statistics and odds. You may not think you need a certain type of coverage to save money. And you may never use that coverage. But if just one incident happens that you do not have protection by a certain type of coverage, it can cost you big time.

Bodily Injury/Property Damage Liability Insurance

Bodily injury liability is another type of motorcycle insurance coverage that you are required by law to carry in most states. Legal minimum in many states is as little as $10,000 per person, per accident. Your coverage pays for injury to others when the accident is your fault. Most insurance experts recommend that you purchase as much as three times the minimum in this day of litigation and lawsuits.

If you are legally liable for an accident, your insurance will pay for the following:

  The cost to repair or replace damaged property

   Medical bills incurred by injured parties (may include coverage for guest passengers)

   Lost wages of injured parties

   Other damages you are legally obligated to pay as a result of an accident.

If you are involved in a motorcycle accident and the other driver is at fault, then the other driver's property damage liability coverage pays for your motorcycle damage. Property damage liability insurance is required by law, but the legal minimum amount for this coverage in some states is only $5,000 per accident. So, if a driver with the $5,000 minimum totals out your $15,000 bike, his insurance company will pay you only $5,000. How will you get the other $10,000? If the other driver files for bankruptcy, you end up with nothing.

 

Explanation of Bodily Injury and Property Damage Liability limits:

If you select 15/30/10 limits, your liability coverage will pay up to $15,000 per person and no more than $30,000 per accident for Bodily Injury and up to $10,000 per accident for Property Damage.

 

Guest Passenger Liability

This type of coverage provides protection for legal liability in the event that a guest passenger is injured on the insured motorcycle.

Underinsured/Uninsured Motorist

If you purchased underinsured property damage coverage, you may be able to collect the other $10,000 to fix your bike. This insurance is used to "fill the gap" between the actual amount of damages and what the other driver's insurance paid, but only if the other driver caused the accident and only if you purchased limits high enough to cover all of the remaining damage. In other words, if the legal minimum requirement in your state is $5,000 for property damage liability, and you drive a $15,000 bike, you should have at least $10,000 limits on you underinsured property damage.

Underinsured motorist coverage picks up where the other driver's insurance runs out. This type of insurance is very important. If you are injured in a motorcycle accident, break you leg, spend a week in the hospital and are off work for six months and experience a great deal of pain and suffering. You need coverage high enough to pay for your damages. The other driver only has a minimum policy of insurance (i.e.) $15,000. You will be left holding the bag. It is common that the injured persons medical expenses and wage losses are higher than the other persons insurance. Also nothing is left for pain and suffering or permanent disability.

Therefore, you need underinsured motorist coverage to pick up the difference. This type of coverage is strongly recommended because of its importance. It is suggested that you carry a minimum of 100/300 coverage (100 per person/300 per accident) this will also protect your passenger.

Uninsured motorist coverage is the most important insurance you can buy. In many metropolitan areas the other drivers are uninsured. These uninsured drivers can make up as high as 40% of the drivers on the road! As you know, the motorcycle driver is not at fault in most accidents. Therefore, you have a high probability of being hit and injured by a driver who has no insurance. The only way you can protect yourself is to purchase uninsured motorist coverage. Uninsured motorist coverage pays for medical expenses, property damage, and pain and suffering (however, there are limitations in no-fault states). I strongly recommend that you purchase this insurance and do not drive without it. Many riders mistakenly believe uninsured motorist coverage pays only for medical bills, and that they do not need it because they carry health insurance. WRONG!-- it pays for medical expenses, as well as loss of earnings, and pain and suffering.

It is a good idea to talk to your agent, or talk to several agents, to determine the best coverage that will provide the most protection against loss. You need to remember that different insurance companies have different exclusions to their insurance policies. The most common for motorcycle policies is the passenger exclusion, which means that your insurance company will not pay for injuries to, your passenger under your bodily injury liability coverage if you were at fault. There are other types of exclusions that, unless you ask, you may never know about until it is too late. Therefore, the most important thing you can do is to fully understand you entire coverage.

In a nutshell:

Underinsured coverage is coverage that protects you if the person who hit you does not have enough insurance to cover all of your damages.

 

Uninsured coverage is coverage that protects you if the person who hit you does not have any insurance at all. This type  of coverage covers your medical bills and any lost income you would incur while you are out of action.

NOTE: This coverage can be argued to be the most important coverage for a motorcycle rider and passenger. This is the only type of coverage that you can purchase that protects you. Most motorcycle insurance protects someone else or someone's property, or your bike for damage. This is the coverage you collect from if you are injured by, a person who has no insurance or a person who does not carry enough bodily iniury (BI) to cover your claim. This coverage can pay your medical bills, lost wages, pain and suffering, and even future damages.

What to buy: as much as you can afford. Riding without this coverage is about as dumb as riding without a helmet, in a bathing suit, with no shoes.

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Collision/Comprehensive Coverage

Comprehensive and Collision coverage covers the cost to repair or replace your motorcycle if it is stolen or damaged in an accident, regardless of who is at fault. You select a deductible for each coverage, and once the deductible is met, the insurance company pays for the remaining damage. The higher the deductible the lower the premium. Hint: On smaller bikes the difference between deductibles is not as great as on larger more expensive models.  

Collision coverage will pay for damages to your bike, less your deductible. This coverage applies without regard to fault. Even if the damage is your fault the coverage will apply. You also can use this coverage when you have been hit by another person and they are at fault. Note: Coverage extends only to the factory parts of your bike. If you get fancy and add anything extra—like nifty chrome accessories - additional coverage will be required for compensation.

   

Comprehensive coverage will pay for theft, fire and vandalism. This coverage is subject to a deductible.

The time to find out about coverage and exclusions on any policies is before you buy it. Before you sign anything, ask your insurance agent if there are any exclusions or notice requirements in the policy. Always ask to have all exclusions and notice requirements explained to you before you buy any insurance.

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Medical Payments

Medical Payments coverage pays the cost of necessary medical care you receive as a result of a motorcycle accident and can be used regardless of who is at fault. The coverage often is limited to medical treatment received within the first three years after an accident and is limited to a specific dollar amount. In some states, Medical Payments only applies after other medical insurance is exhausted.

Very few motorcycle riders buy this insurance. My guess is that they have great hospital coverage from their employer or purchased their own coverage and feel that this is a duplication of coverage. If you do not have hospital insurance buy as much of this coverage as you can afford.

Hint: If you do not have hospital insurance and are injured in an accident that is your fault this is the only coverage you will collect on for your medical expenses. If you carry your own medical and have a deductible or co-pay plan you need this coverage to fill in the gaps. Limits of $500.00 to $10,000.00 are available, a small deductible may apply varies by company.

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Custom Parts and Equipment (CPE)

When Physical Damage Liability coverage is purchased, $1,000 of Custom Parts and Equipment (CPE) coverage is included. Additional CPE coverage can be purchased to cover equipment, up to $30,000 in value.

CPE covers equipment, devices, accessories, enhancements and changes, other than those that the manufacturer originally installs, that alter the appearance or performance of the motorcycle or ATV. This includes, but is not limited to:

• Any electronic equipment, antennas and other devices used exclusively to send or receive audio, visual or data signals or play back recorded media, other than those that the manufacturer originally installs, that are permanently installed on the motorcycle using bolts or brackets, including slide-out brackets
• Sidecars
• Trailers designed to be pulled behind a motorcycle or ATV
• Trike conversion kits
• Custom paint, custom plating or custom exhaust
• Mower blades, plow blades or winches
• Safety riding apparel, including helmets. (Coverage is provided in the event of a Collision loss. Theft is not covered.)

Note: You should retain photos of the motorcycle and all receipts for custom parts.

 

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Roadside Assistance

Roadside Assistance coverage provides towing to the nearest qualified repair facility and necessary labor at the place of disablement when your motorcycle is disabled due to any of the following:

• Mechanical or electrical breakdown
• Dead battery
• Flat tire
• Lockout
• Insufficient supply of fuel, oil, water or other fluids
• Entrapment in snow, mud, water or sand within 100 feet of the roadway

Roadside Assistance is available 24 hours a day, 7 days a week.

by Toolib · 0 komentar

How the Motorcycle Insurance Company rates you and how motorcycle insurance premiums are determined

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Insurance, especially motorcycle insurance, is basically odds and statistics.  The motorcycle insurance company through the following criteria, determines how much risk is involved if they insure you. The higher the risk you are to them the higher your rate will be. The following are the key elements that are used by motorcycle insurance companies to determine your risk rate.

1.      Your Age: As with auto insurance, usually the older you are, the cheaper your rates will be. But, if you are new to operating motorcycles you will probably be in a higher rate category until you gain some riding experience.

 

2.      The type of bike: If you have the latest and flashiest bike, that will cost you more than an older, basic motorcycle.

 

3.      Your Address/Garage Location: Sometimes the high insurance rates you receive can be greatly influenced by where you live. If you live and/or regularly drive in a high crime or high accident area, your rates will likely be higher than someone in a zip code with less crime and accidents.

 

4.      Your Driving Record: All accidents count. Even if you are new to a motorcycle, the accidents you had in your automobile will count against you. Therefore, the cleaner your driving record, the cheaper your insurance will be.

 

5.      Your Job: Where you are driving to and parking your bike will influence your rate. If you have to keep your bike parked on a construction site, you insurance may be increased due to the increased risk of injury to your bike.

by Toolib · 0 komentar