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Motorcycle insurance is a necessity in many places in the world in order to drive legally. However, just being legal is not the only reason people insure their bikes, peace of mind in knowing they are covered in case of an accident is also very important. Without doing some careful shopping even the most careful motorcycle owner may pay much higher rates than they need to. Any insurer bases the premiums for insurance on the amount of risk they believe the driver and their history as well as the vehicle present to them. A cyclist with a spotless record will usually get lower rates than a driver with many tickets and or accidents on their record. There is also the motorcycle to consider as well because a performance machine built to go over the speed limits may well be assessed higher premiums. An expensive cycle built to perform well and have all the amenities is usually given a higher premium because it will cost more to replace if there is an accident. While a motorist may well only go the speed limit and be very used to driving a more powerful machine they still usually spend more in insurance premiums. However a good driving record will go a long way to lowering the rates on even higher performance motorcycles. How much coverage is needed for the vehicle also affects the premiums. A minimum policy will almost always be less than one which includes personal injury, and fire and theft. Personal injury adds to the cost of premiums as the risks of injury on a motorcycle are felt to be greater than that of damaging property. A policy which covers almost all contingencies may be the best for some cyclists and for others it is unacceptable or unnecessary. Insurance that also includes personal injury to the motorist or the vehicle will usually increase the rates. However, without the insurance the motorist may well have to bear the cost of replacement or repair themselves and this should be considered. Motorcycles are often considered luxury and sports items, and may be very expensive to replace out of the owner's pocket pocket. How much a motorcycle is driven regularly impact the price paid for premiums. A cyclist whose only vehicle is the bike and who used it daily for transportation to and from work will usually pay more than the person who takes the bike out on weekends or holidays only. Owning two bikes can actually lower the rates with some companies as they give multiple cycle rates. Safety counts when it comes to motorcycle insurance and taking positive measures to assure the safety of the rider and the bike can mean a cut in premiums with some companies. Owners who store the bike indoors or in a locked garage when not in use will pay less than those who leave their bikes out overnight. This applies to bikes which are covered by fire and theft since the company must replace or repair the bike if it gets stolen. It might seem obvious, but the right motorcycle insurance may not be the cheapest. The right one may not even be the one that covers the most, it is the one that fits the budget and driving habits of the cyclist. Cycles are luxury items often and prized by their owners. Replacing or repairing a motorcycle, which can be very expensive if the owner has chosen only minimum insurance in order to stay legal.
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