An Insight Into Types Of Motorcycle Insurance
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Posted by Insurance Advice on November 20th, 2007 at 05:59am
An insurance policy is like a magic shield; although it can’t prevent an accident from taking place but it can definitely help you through the financial stress and trauma that follows the accident. Insurance provides essential cover against damages, so that you don’t feel the financial pinch when the damage actually takes place. Motorcycle insurance is no different but finding the right insurance is not as easy as it seems.
photo credit: choc-oholic, flickr
The only way to find out which motorcycle insurance coverage is the best for you is by knowing what your options really are. The different types of motorcycle insurance policies available are:
Comprehensive coverage
Comprehensive coverage is the most common motorcycle insurance coverage and it provides protection against damages caused by any event apart from collision. The elements causing damage could be theft, fire, burglary or vandalism. If you choose a comprehensive coverage then your insurance company will pay for any damages minus the deductible.
Note: The motorcycle insurance company will cover the book value of your motorcycle. This means that if you add any accessory on your motorcycle other than the factory fitted accessories then those specific parts will not be covered under the comprehensive or the collision policy coverage.
Collision coverage
Collision insurance will provide cover if you are involved in an accident where your motorcycle gets damaged. The insurance company will pay for the damages caused to your motorcycle minus your deductible. The damages to your motorcycle should have been caused due to your collision with another object or a vehicle.
Liability coverage
Liability insurance can be termed as a third party insurance cover. If you purchase liability insurance then it will cover any kind of property damage or physical injury that you cause to anyone who is involved in the accident. The liability coverage is a type of motorcycle insurance that will not provide cover to your motorcycle or you. Some of the liability coverage policies in motorcycle insurance also include guest passenger liability. The guest passenger liability clause will provide protection if a passenger on your motorcycle is injured during the accident.
Uninsured-Underinsured coverage
The uninsured or underinsured coverage in motorcycle insurance provides cover against damages cause to you as well as your property. This policy will be applicable only if the damage has been caused by a driver who is either uninsured or underinsured. For example: If damage to your property is caused by a driver who doesn’t have liability motorcycle insurance policy but if you have uninsured or underinsured coverage, then the driver will have to pay for the damages caused. Normally, the coverage will include medical treatment and other damages.
These are the standard motorcycle insurance policies available and you can always speak to the insurance companies or agents to find out more about riders and other clauses that will help you to derive extra benefit out of your policy.
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