Fun Fact: Wikipedia defines a motorcycle as a two or three wheeled motor vehicle. Also known as a motorbike, bike, moto or cycle (depending on where you are in the World), the types and styles of motorcycles vary greatly depending on the use they are designed for.
Touring bikes provide comfort and room for long distance travel, cruisers are great for navigating city traffic, sport and racing bikes satisfy the thrill seekers and dirt bikes are fun for off-road conditions. There are also some great trikes and three-wheelers manufactured, or you have the option of having your two-wheel converted into one.
Before getting into the nitty gritty Insurance stuff, we thought we would share with you some fun motorcycle facts that we stumbled upon. As these come from different on-line sources, we make no guarantees on their accuracy!
Did you know….?
- The first motorcycle created was the SH Roper 1869 steam cycle
- Early bike helmets were lined with cork
- The first Honda motorcycles were pushbikes
- Harley-Davidson built push-bikes from 1917 and 1923
- Ducati once made radios
- Kawasaki also makes spaceships
- Yamaha makes swimming pools and unmanned helicopters
- Sport bike tires don’t contain any natural rubber
- Front tires disperse water at three times the rate of rear tires
- When cornering, 75% of a bike’s grip comes from the front tire
Know of any more cool motorcycle facts? We’d love to hear them (admin@costeninsurance.com)!
Just like the many types and styles of motorcycles, there are also many types of motorcycle insurance products available. Some Insurance Companies offer motorcycle insurance as an added service to their other product lines, and others specialize in motorcycles. The type of motorcycle you ride, your age, and the number of years of insurance experience and licence history that you have are all factors that impact the price and market available to you.
Similar to automobile insurance, a credit applies for new riders completing an approved motorcycle driver’s training course. Many Insurance Companies also offer discounts for experienced riders, for insuring multiple motorcycles, and some for combining your motorcycle with your automobile insurance. The coverage available on a motorcycle insurance policy is also similar, with the option to purchase liability coverage only, or adding collision and/or comprehensive coverage. Many of our Insurers also offer the Waiver of Depreciation endorsement on motorcycles purchased new.
One way in which a motorcycle insurance policy differs from that of an automobile insurance policy is on how the earned premium is calculated. With an automobile policy, vehicles are generally driven year-round and the premium is earned evenly over the 12 month period. With a motorcycle policy, motorcycles are seasonal vehicles and the riding season is considered to be from March to October. A small percentage is earned for the months of March and October, a larger percentage is earned for the months of April, May, and September, and the largest percentage is earned for the months of June, July and August. What this means is that most of the premium is earned through the riding season, so if someone were to cancel their policy during the winter months while they are not riding, the refund would be minimal (if any).
Motorcycle insurance policies are available on an annual term only, and many Insurance Companies request payment to be made in full. Several of our Insurance Company partners do offer a monthly payment option for motorcycles and our Brokerage provides several financing alternatives as well. As a Broker, we have access to a large number of these motorcycle insurance markets and can find you the best rate, coverage and payment plan to suit your needs.
Costen Insurance is excited about the upcoming motorcycle season. We had a great time at this year’s Calgary Motorcycle Show and Two Wheel Sunday, and are gearing up for some great tradeshows, charity rides and sunny days ahead!
If you are interested in joining the 2018 Freedom Ride, please send your name and contact information to Larry (larry@costeninsurance.com) and he will add you to the email list! This year, the group is headed down south to Colorado in the latter part of August.
Thank you,
The Costen Team
