How Much Can I Expect My Insurance Premiums to Change If I Make a Claim - Say for $1,500 Worth of Damage?
Each insurance company will handle this differently. You should check with your motorcycle insurance provider to see if they offer small accident forgiveness and what the maximum claim amount is for this to apply. Some insurance companies will offer this option based on how long you have been a client. The longer you keep your policy the more benefits you can earn. For instance, Progressive Insurance offers a loyalty rewards program. If you leave an insurance company to go to another be sure to check what type of rewards you may lose. If the premium savings is small then it may not be worth it when it comes time to file a claim.
According to the National Insurance Crime Bureau (NICB), in America a motorcycle is stolen every 9.5 minutes. The recovery rate of stolen motorcycles is a dismal 25% – 30%, compared to 60% – 65% for automobiles. The good news, although there was a nominal increase of 0.3% in motorcycle sales from 2010 to 2011, motorcycle thefts decreased 6%.
It’s safe to say most motorcyclists dread the claims process. Claims are a hassle. Most people simply do not want to understand the claims process. They just want the money due to them to make them “whole” again. Well, life is not that easy and you should be proactive in your own claim or the claims paid to others.