Tuesday, January 17, 2012
Cutting Corners on Motorcycle Insurance Can Really Hurt Your Wallet
Written By: Rob Fleming
I was talking with friend of mine who had built a new sexy custom Harley chopper a few months ago, and he was in a rage fighting his insurance company after he was hit on his motorcycle. It seems that he under reported the value of the motorcycle to get a lower insurance rate, but what he didn’t know was when his new custom Harley Chopper was totaled in the accident his insurance company would refuse to pay out $60,000.00 for a motorcycle he claimed was only worth $45,000.00 at the time he bought his motorcycle insurance.
After dropping so much money on new custom motorcycle, it just doesn't make sense to cut corners on motorcycle insurance when all it takes is one motorcycle accident to total your bike and leave you with a pile of broken parts.
The smartest thing to do is make sure you and your bike are fully covered for all the most common situations in your area. If you live in a rural area adding an animal comprehensive to your policy is a wise option, all it takes is one deer or other large animal to dart out in front of you to start a nightmare. One of the most important things to remember is you always want to include under and uninsured motorist coverage. Working for Russ Brown Motorcycle Crash Attorneys has taught me that this is very important. Many bikers call in, they have been in an accident and the other person had very little insurance. The first question we ask is do you have uninsured/ under-insured coverage. If you say 'NO', you may be limited in the money you can recover from your motorcycle accident.
Owning an expensive or custom motorcycle can hurt your wallet when it comes to purchasing motorcycle insurance, but it is defiantly better to pay a little more each month in premiums than get stuck with shelling out money to fix your motorcycle because you don't have enough or the right kind of motorcycle insurance.
Don’t take chances with the first insurance policy quote you get, ask a lot of questions and shop around. The last thing you want is to get hit on your bike and find out later you aren’t covered.
You can even trim some of the cost of your insurance by bundling your auto, home and life insurance to include your motorcycle. Another way to save some money on those monthly premiums is by taking an approved motorcycle rider safety course.
If you are confused on what all of the insurance terms mean and what amount of coverage is the right amount for you, your motorcycle and potential passengers, you can check out your state's insurance department website, they have valuable tools and resources that will help you understand the legal jargon and what each level of insurance actually covers. If you have any questions regarding your motorcycle insurance policy talk to your insurance agent!