Motorcycle Insurance Articles
How Motorbike Insurance Coverage Can Protect Riders From Bike Theft
2011-08-21
Motorcycle theft is a common problem and every rider's worst nightmare. Fortunately, comprehensive and collision motorbike insurance coverage will protect your bike in case it is stolen, damaged or unrecoverable. Collision and comprehensive coverage are two of the most important forms of motorcycle coverage for riders who want the assurance of having repairs or replacement costs covered in case of motorcycle theft, joy riders and unauthorized use of your bike.
Comprehensive will pay to repair or replace your ride if your motorcycle stolen or damaged. Whether your bike is found stripped down or is simply unrecoverable, comprehensive motorcycle coverage pays for the damage. According to a study published in the Insurance Journal, roughly half of all riders are concerned about motorcycle theft and 84 percent of those surveyed believe the chance of recovering a stolen motorcycle is very low. Industry data shows that Harley Davidson motorcycles have the lowest recovery rates. On the other hand, racing-style sport bikes are more likely to be recovered and returned to their rightful owner. To combat motorcycle theft, many bike owners have opted to purchase and install GPS tracking devices, motorcycle alarms and other anti-theft technology.
When a motorcycle is damaged or stolen, your insurer will pay to repair or replace your motorcycle according to the market value of repair services or the actual value of your motorcycle based on its age, make and model. Factors that affect motorcycle insurance rates are largely based on the type of motorcycle you ride and where you live. National statistics show that 39 percent of motorcycle theft cases occur in five U.S. states. If you live in California, Texas, Florida, North Carolina, Georgia or a major metropolitan area, you may pay higher rates based on the increased risk of theft. Popular brands, including Harley Davidson, Honda, Yamaha, Suzuki and Kawasaki, are stolen more frequently than other motorcycles.
To control the cost of your motorbike insurance coverage and annual premiums, select a deductible that fits your budget. If you're paying off a loan on your bike, you are required to carry comprehensive and collision. In addition to paying for repair and replacement costs, motorbike insurance coverage can protect value-added equipment, accessories and after-market customization. Ride replacement coverage is another insurance option that makes life easier in case your bike is stolen. If you have collision and comprehensive and need to file a claim for work being done in the shop, ride replacement coverage will pay for a rental vehicle. In order to qualify for collision or comprehensive benefits, coverage must be in effect before your bike is damaged or stolen. If you ride a high-value motorcycle, comprehensive theft protection and anti-theft devices are well-worth the cost.