Motorcycle Insurance Articles
When The Right Time Is To Upgrade Motorycle Insurance Coverage
2010-06-27
If you own a motorcycle, you know the syndrome. You buy a small bike to start. You realize right away that you want a bigger bike. You buy a mid-size motorbike. You begin lusting for an even bigger bike. When you can finally afford the bike of your dreams, you customize it. You buy a fairing, a set of saddle bags, and a custom paint job. You upgrade your bike by degrees.
As you improve your bike, don't neglect your motorcycle insurance. You want to keep it current. In fact, there are a few times you should upgrade coverage for your motorcycle insurance.
The most obvious time to upgrade your motorcycle insurance is when you buy a nicer bike. Your liability might change if the bike is considerably larger and capable of causing more damage if you're involved in an accident. Most likely, your liability insurance will not be affected too much if you upgrade coverage on your bike, but be sure to check.
Your collision coverage is another story. If your last bike wasn't worth the cost of collision insurance, you'll have to add the coverage for a new bike. You need to keep it in line with the value of your new bike, especially if you took out a loan for the purchase. Your bank requires full coverage to protect your collateral, which protects their loan to you.
You'll also want to upgrade your collision coverage if you customize your bike. Be sure to document the changes before and after a paint job or total make-over of your bike. An insurance company needs to see what the customization covered in case you have an accident and need to have your bike repainted.
Should you move to a new state, check their laws immediately upon relocating. If your old insurance policy does not have a high enough limit for liability coverage, you have to upgrade the policy. If you have a spouse or friend who will be using your motorcycle, add them to your policy.
If your job changes and you have to drive your bike farther to work each day, upgrade your coverage by reporting the change to your insurance company. It probably won't change the premium, but it will keep your data honest and current. If your new job includes a pay raise, consider raising the liability and collision coverage. If you were cutting corners before, now is the time to step up and get good solid coverage for your bike. As a biker, you're more likely to be involved in a wreck, so it's even more important that you upgrade your insurance every time you upgrade your bike or your lifestyle.