Getting the right motorcycle insurance is a daunting task as different bike insurance policies have different features. If you are a first-time buyer the confusion would even be more.
Do I need motorcycle insurance?
Motorcycle insurance is not a matter of a choice or free-will. It is a legal demand to have bike insurance policy before your motorcycle is out for a ride on the road. The minimum pre-requisite only demands third-party or liability insurance. You can go in for more than bare-minimum insurance coverage to protect yourself too.
What types of coverage bike insurance company offers?
Third-party insurance: This is related to any damage that happens to third-party because of your bike. It covers the following two aspects:
- Bodily injury coverage pays for the injury to the third-party by the policy owner. It covers the medical cost, loss of income or any kind of suffering of the third-party.
- Property damage coverage pays for the damage to the property of third-party.
Comprehensive insurance: It covers the damage to the policy owner's bike due to natural disasters such as flood, earthquake, fire or other reasons such as vandalism, fire, theft. In short, it protects your bike from non-accidental damage.
Collision insurance: This coverage ensures that you would be paid for the damage to your bike even if it was your fault. It covers the repair-cost and even replacement of your vehicle in the event of accident. Hence, it protects your vehicle against accidental damage.
Uninsured/Under-insured insurance: This insurance covers the policy owner as well as co-passengers for any bodily injury and loss of income. This cover is also beneficial if the other party was responsible for the accident but the drives flees and cannot be traced to claim the third-party coverage. It may also happen that the third- party claim that you seek from the other party is not sufficient to meet the repair cost. This policy would pay for the repair cost of your motorcycle if you have taken this rider.
What things should be considered when demanding motorcycle insurance quotes?
If you are looking for an insurance quote that suits your need then the prime deciding factors should be type of coverage and the amount of coverage you want to seek. With so many plans available in the market you would be confused. Hence, think of your own requirements rather than getting carried away.
Kirti Saxena is a web enthusiast and a writer for different areas including insurance and banking and numerous other sectors. For more information visit: Motorcycle Insurance and Bike Insurance Company .