Motorcycle Insurance, the most important accessory

Regardless of what motorcycle a biker may ride, which open road they take or how many miles are laid down, every riding enthusiast faces the same financial burden of insurance.

And before one minute of saddle time is recorded for 2011, bikers may do themselves a favor by spending a fraction of the time reviewing their insurance policy and coverage as they do preparing the trusty metal steed for its first ride of the New Year.

Its a perplexing area of riding that has many enthusiasts confused and unsure what to have and how much is truly enough?

Progressive insurance have recently released five tips they feel are crucial to any thoughts given towards motorcycle insurance:

1. Make sure your insurance policy is still in force. Some companies have a winter layaway period when some coverages are restricted. Check with your insurance company to see if you have a type of limited coverage.

2. Update your policy. Let your insurance company know about any changes such as additional riders, a new address or customized parts. A quick call to your independent agent can secure coverage that meets your needs.

3. Cover customized parts. Parts such as chrome plating, a new paint job, saddlebags, or special rims usually increase the value of your bike. If you’ve added custom parts or equipment, make sure they’re protected.

4. If you don’t need it, drop it. If you own an older bike, check its value. Don’t pay for coverage that you don’t need. Consider dropping collision coverage if the premium exceeds 10 percent of the bike’s market value. Understand, however, that you won’t be covered if your bike overturns or collides with another object.

5. Shop around. Prices can vary from company to company, so shop around. Make sure you’re buying from a national carrier who offers specialized motorcycle insurance. Don’t just add your bike to your car insurance policy. Another tip: If you purchase comprehensive and collision coverage, consider raising your deductibles. This can lower the cost of your physical damage overage.

Motorcycle insurance is extensively discussed in Clutch and Chrome’s ‘All About Motorcycle Insurance’ and a frightening trend in these days of trimming household costs are riders who under-insure themselves.

Many insurance experts are troubled by the fact people buying motorcycle insurance repeatedly under-insure in two areas: uninsured motorist and medical liability coverage for the person or people injured when the crash is a rider’s fault.

Also, uninsured motorist coverage which fiscally makes a rider whole again when the driver who is at fault doesn’t either have insurance or enough of the right kind of insurance. Given that in some states as many as one of every five drivers is uninsured, this is considered by many as a ‘no-brainer’.

Although it’s not as glamorous as a new set of pipes or eye-catching as chrome, insurance could be considered one of the most important aftermarket addition a rider could ever buy for their your motorcycle.

Interesting to think, if riders took a fraction of the time looking and reviewing insurance coverage they spend looking for the latest, hip motorcycle add-on, more would have better coverage for probably a lot less they’re spending currently.