Motorcycle Insurance Articles
How Motorcycle Policies Can Cover Motorcycle Parts And Services
2010-09-26
Motorcycle policies do more than just help the operator afford the financial burden of an accident. Many operators do not understand that motorcycle insurance policies include options to cover parts and services as well. For serious motorcycle enthusiasts who spend a significant part of each week or day customizing their own bikes, this may be less of an issue because they have the skills required to self-repair a motorcycle in the event the need arises. But for the average everyday motorcycle operator who has neither the time nor the inclination to learn and master these skills, it is actually cheaper, faster and much safer to purchase a motorcycle policy that covers motorcycle parts and services.
There are several parts to motorcycle policies. When shopping for quality motorcycle insurance, it is important to know what each part means to ensure the policy has adequate coverage desired. Common types of coverage options are personal injury, comprehensive and collision. Coverage can also extend to an uninsured or underinsured motorist, medical payments, custom parts and roadside assistance. It is important to identify which parts in an insurance policy cover parts and services, since the names of the coverage may vary a bit from insurer to insurer. There are often also options to purchase extra add-on insurance coverage to a policy that offers more comprehensive repair, service and parts replacement. This can be important when insuring a vintage or customized bike.
For the most part, parts and services coverage will be found under the "comprehensive and collision" or "Custom Parts and Equipment" section in the motorcycle insurance policy. Comprehensive and collision coverage basically covers the cost of repairing or replacing the bike should it be damaged, involved in an accident, vandalized, stolen, or otherwise physically impacted. There is often a deductible, or what is commonly termed an "out of pocket" expense, that the operator must bear before the insurer begins to pay benefits out under the policy. It is important to think through what the operator's budget can bear before selecting a deductible - the higher the deductible, the lower the monthly premiums, but the higher the out-of-pocket cost before accessing repair benefits should an accident occur.
It is also important to ask the insurer whether replacement parts will be new or refurbished before choosing a policy. An insurer may choose to use only refurbished parts, which may seem reasonable when repairing an older damaged bike, but can significantly impact the value of a brand new bike that is involved in a damaging incident. There is also often an option to buy additional coverage to cover custom parts and equipment. Vintage or heavily customized bikes may benefit from this additional coverage.