Intricacies of Motorcycle Insurance
The importance of motorcycle insurance cannot be overemphasized as most bike riders are aware of the huge expenses that are associated with motorbike accidents and other incidents such as theft and damage. When looking for a motorcycle insurance policy, it is imperative that you know and understand the various options you have when it comes to selecting your cover level. Most insurance companies have agents who will explain the available options to you and help you choose the most appropriate policy depending on how you use your motorbike insurance www.youi.com.au/motorcycle-insurance.
Types of Policies
Many countries have made it a legal requirement for motorbikes to be insured, the minimum cover being third party only in most jurisdictions. This only covers damage to property and third party injury. The other two types of motorcycle insurance policies are third party fire and theft (TPFT) and comprehensive cover. TPFT covers property damage, third party injury, damage to your bike as a result of fire and offer compensation in the event that your bike is stolen. The comprehensive plan covers any damage to your bike and medical expenses in addition to all the above risks.
Motorcycle insurance companies often look at a number of factors when determining how much your annual premium should be. If you have ever committed traffic offenses, you are considered to be a high risk and your insurer is likely to charge you higher premiums. The rate of vehicle crime in the places you frequent might also affect the level of premiums you pay. Additionally, if you have made any modifications to your motorbike, you are also considered a high risk and your motorcycle insurance premium is likely to be higher than for an unaltered normal bike. The security measures you have in place will also determine whether you are a high risk or not and will in turn affect the level of premiums that you pay.
Motorcycle Insurance Exclusions
There are certain things that will not be covered by your insurer and these are set out in the policy exclusions. You may be fined if you take part in any activity that is not allowed in your cover. Additionally, if you get involved in an accident while taking part in such activities, your insurer will not pay for any damages or medical expenses incurred. It is, therefore, important that you are aware of, and understand all the exclusions from your policy.
By and large, finding the right motorcycle insurance policy should not be as daunting a task as many people make it out to be. Ensure you receive all the policy documentation you need from your insurer, including the certificate of insurance and policy document. You should read and understand the fine prints in the policy document to ensure that there are no terms that may be unfavorable to you. Understand exactly what your policy covers and what is excluded from it to avoid any rude shock when you need to make a claim.