A dream comes true for anyone who gets his own bike after months or maybe even years of planning, but this is just the beginning of the journey for a biker to get his motorcycle on the road. Obtaining the cheapest motorcycle insurance is the biggest hurdle that bikers would have to cross before they hit the road. Here is a look at the options that bikers can look at while buying the cheapest motorcycle insurance:
Damage or Injury Liability Insurance:
This type of motorcycle insurance is a mandated requirement in some states. It pays for the property damage and the injury caused by you when you get into an accident. In states where liability insurance is required for riding a motorcycle, this would amount to a win-win situation for two bikers who got into an accident.
If the responsibility of the accident is determined to be that of both bikers, they may be covered for all the damage that has happened to their bikes. They may also get compensated for the injuries that they have received, and for the medical costs of treating their injuries. The biggest problem of getting the cheapest motorcycle insurance with only liability coverage, however, is that there isn’t much to do if your bike gets stolen. The same holds true if you hit a tree or if you get in an accident where no other bike or vehicle is involved.
This is the add-on to a liability insurance policy in states where the latter is compulsory. The comprehensive motorcycle insurance works like medical insurance, where you would have to pay a deductible. Until you meet the deductible, the benefits of the cheapest motorcycle insurance would not kick in. It pays for everything that the liability insurance misses out on.
This includes coverage against theft in accidents where only you and your bike are involved. One way to get the cheapest motorcycle insurance policy is to increase your deductible amount. Most insurance companies follow the thumb rule that if the customer is ready to pay a high premium, the deductible can be low. If the customer cannot pay a high premium, the deductible may be lower.
Remember, though, that if you do choose a high-deductible plan to get the cheapest motorcycle insurance premium, you may find yourself paying the bills for any accident or damage to the bike for some time till the policy actually kicks in.