As a new biker owner, it's exciting to finally own your dream ride. However, owning a motorcycle also comes with a responsibility to protect it from theft. Motorcycle theft is a rampant problem, which is why getting insurance is essential.
In this guide, we will explore motorcycle theft insurance and why it's vital for new biker owners. We'll discuss the coverage options available, factors that impact the cost of insurance, and tips to help you save money on insurance premiums.
Why is Motorcycle Theft Insurance Important?
Motorcycle theft is a serious concern for bikers, and the statistics back it up. According to the National Insurance Crime Bureau, motorcycle thefts increased by 9% in 2019. Plus, motorcycles are stolen more frequently than cars, and they're often more challenging to recover.
Getting motorcycle theft insurance is a smart decision because it provides financial protection in case your bike is stolen. Without insurance, you may have to pay out of pocket to replace your motorcycle or repair damages from theft.
What Does Motorcycle Theft Insurance Cover?
Motorcycle theft insurance covers the cost of replacing your motorcycle if it's stolen or damaged due to theft. The policy may also cover aftermarket parts and accessories that were stolen or damaged.
The coverage options available will depend on the insurance provider you choose. Some policies may include:
- Comprehensive coverage: This type of coverage protects your motorcycle from a wide range of risks, including theft, vandalism, fire, and weather-related damage.
- Theft-only coverage: As the name suggests, this policy covers only theft-related damages to your motorcycle.
- Third-party liability coverage: This coverage is required in most states and covers damages or injuries you cause to others while riding your motorcycle.
It's essential to read the policy details carefully and understand the coverage options available before making a decision.
What Factors Impact the Cost of Motorcycle Theft Insurance?
Several factors impact the cost of motorcycle theft insurance. Here are some of the most significant factors:
- Motorcycle make and model: Some motorcycles are more expensive to insure than others. High-performance bikes or luxury motorcycles are typically more expensive to insure.
- Coverage options: The more coverage you select, the higher your insurance premiums will be.
- Age and experience: Younger riders or those with less experience may have higher insurance premiums.
- Location: The area where you live can impact your insurance rates. If you live in an area with higher crime rates, your premiums may be higher.
How to Save Money on Motorcycle Theft Insurance?
Motorcycle theft insurance can be expensive, but there are ways to save money on premiums. Here are some tips:
- Take a motorcycle safety course: Completing a motorcycle safety course can help you qualify for a discount on insurance premiums.
- Bundle with other insurance policies: Many insurance companies offer discounts when you bundle your motorcycle insurance with other policies like homeowner's insurance, auto insurance, or life insurance.
- Choose a higher deductible: A higher deductible means you'll pay more out of pocket if you have to file a claim, but it also means lower premiums.
- Shop around: Get quotes from multiple insurance providers to compare prices and coverage options.
Conclusion
As a new biker owner, getting motorcycle theft insurance should be a top priority. It provides financial protection in case your motorcycle is stolen or damaged due to theft. When choosing a policy, be sure to read the details carefully and understand the coverage options available. By taking steps to reduce insurance premiums, you can save money and enjoy your new ride with peace of mind.
