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Proper Motorcycle Insurance Coverage

By - Posted on July 1, 2013

Owning a motorcycle is a lot of fun, especially for a member of the armed forces with some down time, but you may have some issues trying to insure it properly. The process can be slightly more complicated than insuring a vehicle with four wheels, but this does not mean it is impossible. If you take the right precautions, you not only will get yourself and your motorcycle completely covered, but you’ll probably save money, as well.

Have the necessary motorcycle insurance coverage
Make sure your motorcycle insurance covers what you need. Depending on your situation, some types of coverage will be more important than others.

  • Collision coverage is great if you have a new motorcycle. Any vehicle with this type of coverage is usually better off, unless the costs outweigh the benefits. Having collision coverage with an older bike may end up being a waste of money, as the price of the motorcycle could be much less than the amount of insurance you are paying for.
  • Liability coverage is important if you get into an accident and cause damage to someone else’s vehicle or property. Without liability coverage, you will probably have to pay for any repairs out-of-pocket.
  • Theft coverage is also necessary, as it will cover you in case your motorcycle goes missing or is vandalized.

Many insurance bundles available
Purchasing all these types of insurance may be a good fit, and many of them are sold together. This will streamline your motorcycle insurance coverage and may even provide a discount.

  • Complete coverage has all types of necessary motorcycle insurance that you will need. This is typically the most expensive package, but as previously mentioned, it could be necessary for new models.
  • Economy coverage will make sure you are covered in the case where you are liable, while it also takes care of theft incidents. This could be better for older model motorcycles, as you won’t be wasting as much money.

 

Posted in Financial Tips & Advice