Motorcycle Insurance

Financial cover for accidents involving your motorcycle

Motorcycle Insurance is defined as taking a cover for any financial loss, which may occur due to any reason involving your motorcycle. It includes damage to property, theft, injury to the body, vehicle damage, medical payments and special risk related to your motorcycles. In some places, it is also a legal requirement but even if it is not mandatory, you owe the motorcycle Insurance for others.

What can be covered using Motorcycle Insurance?

There are different policies available in the market and practically you can cover anything and everything relating to Motorcycle Insurance. Broadly, the following coverage can be done besides the standard policy:

• Coverage for Collusion
• Coverage for Other than Collusion
• Coverage for general Liability
• Coverage for Medical Payments
• Coverage for Optional Equipment
• Coverage for Safety Apparels

Additional Features

Besides the above, there are special policies also which need specific and should be taken if the situation so demands. They include:

• Coverage for Total Loss settlement
• Coverage to Increase Limits on Liability
• Coverage for increased limits on optional equipment
• Coverage for Roadside Assistance and Towing with Trip Interruption
• Coverage for Transport Trailers
• Coverage for Underinsured/Uninsured Motorist

Certain states also offer special Motorcycle Insurance, which does not cover winter months. Special category also has “Guest Passenger Liability Insurance”. In polices of total replacement cost, you get the full value of the Motorcycle and not the depreciated value if the vehicle is totally damaged in an accident. The category of Insurance Coverage for equipments includes Parts and Equipment, Devices, Accessories and Specialized additional enhancements, which are not part of the OEMs that change the bikes performance/appearance like trailers and sidecars and electronic equipments.

How to get the best deal in Motorcycle Insurance

To decide on which is the best Motorcycle Insurance Policy, you should try striking a balance between the benefits, which are relevant to the premium paid. This can be done by following these simple steps:-

• Select a few good insurance companies by either browsing the internet or checking out with neighbors or friends, who already have motorcycle insurance. You can also visit the motorcycle dealer if purchasing a new bike.
• Get insurance quotes, as it is very common that for similar policies cost can vary from different insurance companies.
• Do not decide just on the lowest price, but go for the value for your money. Always prefer Companies with excellent claim settlement records, companies with “AAA” to a minimum of “A” grade. You should also refer to consumer complaints reviews Board on website.
• Prefer keeping same insurer for all your insurance needs to earn maximum discounts. Some of the insurance companies also give discounts for special categories or schemes like Multi-Policy, Multi-Unit, Prior Insurance, Safety Course, Preferred Operator, if a continuous coverage, then renewal discount, Equipped with Airbag and Anti-Lock.
• Make sure to include only that coverage, which is necessary to the specific needs of your lifestyle and bike.

How to start the Motorcycle Insurance

After you have decided on the Insurance Company and the Type of Policy, you want for your Motorcycle Insurance then you just have to decide on the payment plan. You can either opt for Monthly or Annual Premium. You can also go for flexible plans. Payments can be through automatic transfer of funds from your account. This will also help you in keeping your budget in place. Generally, policies are renewed annually or half-yearly.

How to get the Claim from the Motorcycle Insurance

The first and foremost step to get a Motorcycle Insurance claim is to act immediately. Report the claims to the numbers provided by the company. There are strict timeframes on reporting and extreme delay may give the right to the insurance company to refuse the claim. You will then be guided by the insurance claim handlers. Furthermore, when you are filing a complaint make sure you are having the following with you:

• Policy Number and Policy Crime Number (If applicable)
• Details of complete name and address of the policyholder
• Particulars of involvement of Third Party
• Details of the accident
• Information of the Witness (If necessary)