Motorcycle Insurance: 3 Things To Consider Before Getting A Policy
When you become a motorcyclist, there are several things you need to consider. Not only do you need to get a special distinction on your driver's license, but you also need to carry motorcycle insurance. Your insurance will vary from others depending on your own circumstances. The following are some things to consider when you get a motorcycle insurance policy:
Type of Motorcycle
The first factor when getting motorcycle insurance is the type of bike you want covered. Different types of policies cover different types of motorcycles. For example, some policies only cover classic bikes while others cover motorcycles that are used as a primary form of transportation. Smaller, faster motorcycles will also have a different policy from a scooter. The type of motorcycle coverage will largely determine your premiums, which can be more expensive depending on the type of bike you have.
Cost of Replacement
Another thing to consider when getting motorcycle insurance is how much it would cost to replace the bike if it were totaled. Knowing the value of your motorcycle will tell you how much you will need to pay for your replacement costs. While there is a minimum amount required, you can increase your limits if your bike is worth more than the limit. That way, you will be made whole should your motorcycle become inoperable.
Replacement Versus Reimbursement Value
You also need to consider the replacement versus the reimbursement value. The replacement value of a motorcycle is the actual market value of the bike. The reimbursement value is the market value less the depreciation of the bike. If given a choice, consider a policy that provides the replacement value over the reimbursement, as you will get more money. You will need to ask for this, as most insurers will not voluntarily tell you that they offer replacement value for motorcycle policies. If you receive a claim check for a much lower value than expected, it is likely that they gave you the reimbursement value.
No matter what, it is crucial that you insure your motorcycle. Not only do you want to replace the bike if it is totaled, you also need to cover yourself and anyone else that may be involved in an accident with you. If you have questions about motorcycle insurance, be sure to speak to an insurance agency that specifically provides motorcycle policies so that you get the best options available. Visit a site like http://www.wyattinsuranceca.com/ for more help.
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