Honda Gold Wing Insurance Quote
It is very easy today to quickly get a quote for insuring your motorcycle. Most insurance companies offer an instant online quote service for comprehensive insurance and you can easily see how changing the level of your cover will influence your premium. If you own a Honda Gold Wing you are one of a cohort of happy Honda owners that expands by over half a million every year. The Gold Wing was introduced in 1974 at the Cologne Motor Show and was targeted at a specific market – that of the long distance rider who valued performance over luxury features.
The Gold Wing continues to be a successful Honda model and has been named in the top ten bikes in Cycle World magazine an impressive eighteen times. From an insurance point of view, the Gold Wing will attract a relatively higher insurance premium due to its performance capabilities. There are a number of factors that the insurance company will look at when determining the risk of any given insurance policy. These include the characteristics of the bike, the level of cover selected, the excess payable, the risks covered, the profile of the rider and the way the bike is used.
The characteristics of the bike are the major determining factor for the premium. High performance bikes and those with a higher retail price are more expensive to repair or replace in the event of an accident so the premium (what you pay for the insurance) will be higher. On the up side as with any motorcycle repair shop, the component of the insurance that covers property damage will be relatively lower than for a car because a bike cannot do as much property damage as a car or truck. The flip side of this is that there is greater personal injury risk for a motorcycle rider than the driver of a car so the component of the insurance that covers personal injury will be higher for a rider than a driver.
The second major factor in determining your premium is the profile of the rider in terms of age, number of years riding and your riding and insurance history. Older riders are a lower risk group for traffic accidents and the statistics suggest that if you haven’t had an accident you are less likely to have another one. Further, if you have a good riding history and haven’t made a claim or been at fault in an accident you may be eligible for a nice reduction in your premium cost, called a “no-claim bonus”. One factor that you can tweak to adjust the premium you pay is the excess. An excess is a fixed contribution that must be paid each time the bike is repaired. A voluntary excess is one where you choose an amount to pay in the event of an accident in exchange for a lower premium.