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The Most Famous Five Questions of Motorcycle Insurance

Questions of Motorcycle Insurance

Prefer to ride your motorcycle than behind the wheel of a car any day. You've customized your bike as much as you can so it screams "YOU!" And you know that the only difference between pulling pegs and height is a lot of skill (and a little bit of luck). But how much do you know about insurance that protects you while you are outside and the wind is in your face?

As motorcycle insurance professionals, we have heard it all. But, like anything else, there are some questions we receive the most when it comes to motorcycle insurance. In this, my first article for Women Riders Now, I'll answer them and give you some things to think about when it comes to securing your fun on the road.

1. Will filing a small claim affect my premium?

The answer is ... maybe. The challenge with answering this - and many other questions - is that the answer varies depending on the situation and varies by an insurance company. If you are in good standing with your insurance company and have no past claims, this will help you. The biggest factor that determines whether your prices will be affected is whether or not you are at fault. If you are not wrong, your rates probably won't be affected. If I am wrong, this could be a different story and may depend on the size of the claim.

Another consideration to take into account when deciding whether or not to file a claim is your opponent. If the cost of repairs is less than the deductible amount, it may not be worth applying. Regardless of anything, always tell your insurance company if you have been involved in an accident involving a third-party injury or damage to third-party property.

2. If I lend my bike to a friend, is he or she covered in my insurance?

Yes. A good rule of thumb to remember is that 'insurance follows the bike'. This is referred to as the fair use policy. As long as the person works with your (owner) permission, the bike is covered. However, you may want to think twice before lending your bike to a friend. If they have had an accident and your insurance company will likely cover that loss, you may be less likely to renew your policy in the future.

3. How do insurance companies determine the value of a motorcycle?

In order to determine the value of your bike after a claim, some insurance companies use books like N.A.D.A. Guides or Kelly Blue Book. The problem is that these "guides" rarely give an accurate picture of your bike's current value. There are many factors that books do not take into account when determining the values ​​that a specialist motorcycle insurance company wants.

A comprehensive claims examiner usually takes into account the book's values ​​as well as the actual market value when determining the true value of your bike. This can include reviewing online classifieds listings to determine the current selling price of bikes similar to yours. Examiners will try to find at least four or five examples in your geographic area to give them a complete picture of what people in your area are paying for bikes similar to yours. They then average these prices to get the true value of your motorcycle. 24

4. What is an "accessory" and why do I need special coverage for it?

One of the more common sticking points people have in a motorcycle insurance claim comes from insufficient coverage for accessories. All too often, people undervalue their accessories or are unaware of what accessories they own. Sometimes this stems from a lack of understanding of what constitutes an "appendix". An accessory is anything that is not included as a standard or primary by a bike manufacturer. This includes things like custom extra chrome, saddle bags, windshield, custom paint and even your riding gear if used exclusively with the motorcycle.

Don't forget to include accessories added by the dealer or previous owner before purchasing your bike. The value of your bike, and thus the amount of coverage you have, is exclusive to a stock bike. Covering for accessories is a separate part of your policy with a limit for it. So, be sure to take a comprehensive inventory of the accessories on your bike when deciding how much coverage to buy. Your insurance company should be able to help you determine the appropriate amount to cover accessories for your bike.

5. What is liability and what does it cover?

The technical definition of liability insurance is "a type of insurance that covers losses resulting from bodily injury to others or damage to property of others for which you are legally responsible and to which coverage applies." I am still awake? Practically speaking, liability insurance is there to help you pay damages - be it bodily or property - that happen to others while operating your motorcycle (but doesn't cover your bike or your injuries).

So there you have it - five of the questions that motorcycle insurance professionals usually answer when it comes to motorcycle insurance. Sure, this is not an exhaustive list, and you may have others. If so, leave a comment below and we'll get the answer, or call us at 800.236.2453. And be sure to visit our website MarkelInsuresFun.com for more helpful information.

I am delighted to be able to write this article and future articles for Women Riders Now. Since we see a lot of misconceptions about motorcycle insurance and because I believe that insuring yourself and your motorcycle is as crucial as keeping your bike in its best running condition, I look forward to providing you with the information you need to make the right decision about protecting your pleasure on the road.