How is bike insurance calculated?

How is bike insurance calculated?

Bike insurance is calculated according to a motor cyclist’s age, their riding history, and the amount of years they have had their motor bike driving license, the make of the bike and the purpose of the riding using the bike. The amount of mileage the motor cycle does is also considered as well as the area the rider lives in. Note that a motor cyclist should always update their insurer if any of the above change.

When a rider chooses their bike insurance, they should check that they are fully covered or make sure they are covered for what they bought it for. People feel they have good bike insurance but are then shocked at how little their policy covers them in an accident. Many insurers are reluctant to insure motor bikes as they are high risk compared to cars and may try and deceive what a rider gets for their money.

There are three main types of bike insurance; Liability policy, Collision policy and the Comprehensive policy. The Liability policy covers other people and their damages in an accident. The owner of the policy is not covered for their damages. The Collision policy covers the rider and their bike is an accident occurs. Many insurers replace the price of the bike at its depreciated value although some pay for the original price. Medical cover given by the motor cyclist’s insurers should be investigated closely and understood to how much they are given before accepting the policy. The Comprehensive policy protects the rider against fire or vandalism if fault of the incident is not due to the owner of the bike.

A motor cyclist can save money by limiting the amount of mileage the bike does. Storing the bike in a garage decreases the premium as well as adding extra security features such as an alarm. It is advised that a rider gets a policy with a high excess before the insurer contributes as this will save a lot of money. Motorbike insurance is now available on the internet, usually at cheaper prices with a decrease in the premium again if the motor cyclist pays their fees yearly.

Good motorcycle insurance is available with reasonable prices. Having a good riding and no claims history will help the chances of this.