Insurance '101'

Insurance: 1.a: the business of insuring persons or property; b: coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril; c: the sum of which something is insured; 2. a means of guaranteeing protection or safety; Isn't insurance something that I'm told I have to have and it's my job to find the cheapest rate? Depending upon how you answered the above question is probably a true indication of how you look upon yourself. You shouldn't have an insurance policy only because you may be required to have it in most states. In many states, the insurance companies are required to download active and non-active policies to the Department of Motor Vehicles - who in turn, suspend your registration, fine you, suspend your driver license, etc.... If you set out to find the cheapest insurance policy, then you should be prepared to get what you pay for. I work in the insurance industry and I still call it a necessary evil. But, if you read the Webster dictionary version that I provided in my opening sentence - it is a contract to guarantee one against loss by a specified contingency or peril. In short - an unexpected event or loss that nobody plans on having when they saddled up. It is very important to have an insurance agent that knows and understands the type of insurance that your are seeking. If the insurance agent just wants to sell you a policy rather than understanding your particular needs. Understanding your needs is knowing: 1. Type of motorcycle(s) you own 2. Riding behavior (short local rides versus long trips) 3. Financial status (limits of liability that best suits your portfolio) 4. Operators of the motorcycle 5. Future plans with the motorcycle (accessory coverage) 6. Other Recreational 'toy' Products that you may own (discounts for multiple units or policies) These are just a few of the important demographics of the person needing an insurance quote. If you only deal with the internet to obtain a quote and policy without speaking to a licensed agent, then you are either a licensed agent yourself or may be selling yourself short in the long run. The internet doesn't interact with you as to your specific needs. Each insurance carrier has their style of developing an insurance policy, handling of claims, and determining what is covered and what is not. A licensed agent will suggest coverages that fit your profile, but ultimately the decision is yours on what you will be selecting. Limits of liability, comprehensive and collision, uninsured and underinsured motorist, accessory coverage, and spousal coverage are extremely important when you purchase an insurance policy. If you purely look at the bottom dollar - you may not be getting the top of the line coverage. I suggest that you find the type of coverages that are best suited for you, then compete with insurance carriers on identical coverages for the best price. However, always ask how the claims are handled between the insurance carriers. The members of Ride-Again.com have all had their own experiences with the claims department. A standard insurance carrier (an agent who works for that insurance carrier) versus a specialty insurance carrier (an agent who is independent and writes for several insurance carriers) are questions that you need to research. Most standard insurance carriers only provide a standard auto policy for your motorcycle, which doesn't always protect you in a manner that you think you are protected. A specialty insurance carrier is just that.........they specialize in the type of product you have - this case a motorcycle - that is an insurance policy designed around your specific needs on a motorcycle. I hope that wasn't confusing............. It always benefits you to have that discussion with your insurance agent to determine if you are getting the best representation for your specialized needs. 'The Insurance Guy' Bob Feinen RV America Insurance