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Motorcycle insurance is a key component of owning and operating a motorcycle. It provides financial protection against accidents, theft, and damage to the motorcycle. Understanding the basics of motorcycle insurance is essential for all riders to make sure they have adequate coverage and are properly protected. This paper will cover basic motorcycle insurance needs, liabilities, protection from theft and damages, the importance of understanding motorcycle insurance coverage laws, how different factors affect motorcycle insurance rates, and making an informed decision based off of motorcycle insurance. First, there are several different types of coverage that motorcycle insurance policies offer. Some examples of coverage that is offered includes: the liability insurance, collision coverage, and comprehensive coverage (Doroshuk). The minimum liability requirements in most states include: major body injury or death per person, total body injuries or deaths of all persons involved in one accident, and the amount of property damage covered by the policy (Doroshuk). Also, collision coverage covers damages to the motorcycle caused by the insured’s fault (Doroshuk). Comprehensive coverage will cover any small damages or the total cost of property if the motorcycle is stolen (Doroshuk). Riders should have coverage of their motorcycle through an insurance company. This could minimize the loss of the investment and offer protection from not having to pay for any damages or the entire cost for a stolen or damaged motorcycle. Motorcycle insurance rates are impacted by a wide array of factors and are used to determine the actual dollar amount for coverage (Doroshuk). Motorcycle insurance premiums are highest at the time of purchase (Doroshuk). Riders should compare motorcycle insurance rates to find the best rate and make sure they’re getting the best coverage. The location that the motorcycle is being insured in can also impact the cost of the motorcycle premium. (Doroshuk). A high-crime area city will have higher premiums on motorcycles that are insured compared to a low-crime area (Doroshuk). Based on the location that the motorcycle is being insured can affect the insurance premium on the motorcycle. It is critically important to make sure that a person makes an informed decision when selecting a motorcycle insurance policy; it plays a big part in the protection of your investment (Doroshuk). First, by making an informed decision about the insurance policy allows the rider to obtain the best policy that best meets their needs. You can either tailor their motorcycle insurance policy to specify their needs. Secondly, riders are required to understand how the rates for the motorcycle insurance are being calculated. By evaluating insurance quotes to determine the rates of the insurance policy (Doroshuk). A rider’s insurance policy rates can vary depending on the transportation industry. It only depends on if the majority of the riders in the country drive cars or mopeds. Also ,it is important for riders to understand any other factors that can affect the insurance policy rates on your motorcycle. Some examples include a new, inexperienced rider, and a well driven experienced rider (Doroshuk). Everyone who is a rider can determine their motorcycle insurance policy rates, they are suppose to first be comparing the rates among companies to select their concentrate are the amount that you’re willing to pay annual or monthly (Doroshuk). A person who has insurance coverage or has had coverage before might want to compare rates from several companies since the rates could have changed over the years (Doroshuk). The comparison rate is determined in the policy (Doroshuk). The amount of deductible that a person chooses for the policy can affect the actual rate of the insurance (Doroshuk). Bicycle insurance quotes are free and it is not to be ever coerced in making a client sign insurance policy that states specific (Doroshuk). In conclusion, understanding the basics of motorcycle insurance is crucial for all riders. By making a person aware about what different types of coverage and protection there are in a motorcycle insurance policy it allows the rider to specifically tailor their policy to their specific needs (Doroshuk). By being aware of what determines and affects motorcycle insurance rates it allows riders to be more informed on why it is important to make a right decision if you are purchasing a motorcycle and why it is important to make an informed decision (Doroshuk). Lastly, it is important to make a decision based on a motorcycle insurance policy by understanding what laws apply to the coverage at that time (Doroshuk). There are a couple ways to obtain coverage of a motorcycle because currently there are 962 licensed motorcycle insurance coverage plans that can be operated yearly whereby 660 are financially operated by licensed insurance companies while 252 will obtain funds from a company or other institution on a fiscal year basis (Doroshuk). By making motorcycle insurance a priority and staying informed, riders can be financially protected while enjoying their passion of riding.
