So you have yourself a new bike. Congratulations! But before you get carried away and go on a long drive, first make sure that your bike is covered by your insurance policy. Some people may think that doing so is a hassle. But not you. You’re careful. And you’re wise enough to know that by doing so, you actually do yourself good. So if you’re not sure if your insurance coverage includes your vehicle, or if you have gotten yourself in a sticky situation and you don’t know if your bike is covered, here is what you need to do.
Standard insurance policies cover most bike owner concerns
Suppose you have a basic insurance policy for your bike, meaning that you have not availed yourself of any premiums or add-ons. In that case, it means you can probably rest easy because it generally covers some of the most common vehicle concerns. So if your bike gets stolen, damaged from a crash or collision with another vehicle, damaged or lost while being transferred, then you are most likely insured. Because of this, standard policies are a great option if you don’t want to spend too much on a policy but still want to get ample protection for the most common risks. However, the amount with which you are covered depends on your particular policy and the specific circumstances surrounding the situation.
Comprehensive policies offer coverage for more specific risks
The kind of policy you get should always be determined by how much at risk you think you are and how often you need to use your bike. If you use your vehicle pretty heavily, the chances of risks and the kinds of risks being encountered go up. In these cases, a comprehensive policy may be a better option. You will be able to get coverage for a wide variety of risks, even including collisions with animals, or colliding with a responsible party that does not have insurance coverage, among others. Also, a comprehensive policy provides higher payouts whenever necessary, which always, as it happens, comes in handy.
Insurance based on calculated risk
Regardless of the kind of insurance policy that you have, though, it’s important to remember that your policy coverage is determined by the calculated risk involving your vehicle, as perceived by you and your insurance company as well. It’s always you and your insurance company. Because of this, make sure that the cost of the coverage is worth the severity of your perceived risk. If you end up availing of a premium policy that you think costs too much, given that the risk is pretty low, then you will eventually feel it’s a burden to keep up. On the other hand, even if the policy costs quite a bit, but you believe that the risk is really high, so you do need as comprehensive a policy as possible, it won’t be burdensome at all. But at the end of the day, even if you are insured, it’s always best to avoid these sticky situations as much as you can.