If youre thinking of getting electric motor
a motor bike insurance policy it is very important to first educate yourself
and understand all of the conditions and coverage aspects. Most people think
that they are covered and only when an accident occurs they are shocked to find
that their policy doesnt cover the damages in that type of situation. Simply
put, a car ensures more safety to the driver and to others around as opposed to
motor bikes. Since motor bikes are high risk most insurance companies are
reluctant to cover them. There are three types of motor bike insurance policies
which are offered by most insurance companies.
Liability, Collision and
Comprehensive are the three major types of motor bike insurance policies. Liability
insurance is when the injuries or damages of an accident are covered for the
other people involved in an accident. This is the most basic and cheapest
insurance policy to get into. However, the drawback of this motor bike policy
is that it doesnt cover you or your motor bikes damages. Collision coverage
is when the policy covers to pay for the damages to you and your motor bike. It
is important to check if the cost of the bike will be replaced if it is deemed
a total loss by the insurance company. Watch out for policies that have fine
print expressing that they will only pay the depreciated value of the bike.
Thats a trick most insurance companies use to get away with paying for the
complete cost of the bike. You have to make sure and ask about the medical
coverage the insurance policy will provide. Most insurance companies which
claim to have cheap motor bike insurance policies to offer are covering
extremely few aspects of medical coverage or none at all. Comprehensive
coverage is a policy which covers incidents such as fire or vandalism damages
caused to your motor bike. If your motor bike gets stolen, comprehensive
coverage replaces the bike for you. But it will be a difficult claim to make if
the bike is stolen with the keys still in the ignition.
The premium that you pay for a motor bike insurance
policy is determined and calculated according to different factors such as:
your age, how many years you have had a motor bike driving license, your riding
history, for what purpose you will be using the bike, the kind and brand of
motor bike, how far you will be riding the motor bike annually, and what area
you live in. You are responsible for notifying the insurance company of any
changes you have made to the bike whether it is cosmetic or performance
enhancing. If you change the purpose of usage for the bike or if other people
are using it are also reasons to notify the insurer.
It is easy to save money and
get a decent motor bike insurance policy by incorporating a couple tips in your
life. An insurer usually offers a mileage discount if you limit the usage of
your bike. You can also avoid paying higher premiums by storing the bike in a
garage, getting the motor bike fixed with an alarm and other proper security
features to avoid it being stolen or vandalized. It is also a good idea to get
a policy with higher excess which is what you will pay towards any damages in
an accident before the insurance company contributes. In most cases, if you
purchase motor bike insurance online you will get it considerably cheaper. If
you have the financial means to make your payment all at once as opposed to
monthly instalments you will be rewarded with a cheaper motor bike insurance
policy. It is also necessary to build a respectable no claims history with the
insurance company for a couple of years before you get a bike insured. If they
see your credibility beforehand, the chances are you will get a great policy
with that insurance company. If you have more than one bike to insure a multi
bike insurance policy might be a better option for you to obtain. A multi bike
insurance policy allows you to add many bikes under one policy.
There is no instant solution
for getting a good deal on motor bike insurance. The key to getting a great
deal is maintaining a creditable riding record, no claims history and
researching and finding out the options you have with all the insurance
companies available before you settle down to pick one.
Tags: electric motor
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