What Motorcyclists Should Know About Life Insurance? Riding a motorcycle on a free road offers speed, freedom, and adventure. However, there are great risks with such a ride on an open road. In an accident, motorcyclists tend to sustain more serious, severe, or even fatal injuries than drivers of cars. That is why motorcyclists need to know about life insurance, as it offers financial coverage to your family if you face an untimely death.
There are various things that motorcyclists need to know about life insurance, like the amount of premium and coverage to pay and receive, how it affects your coverage, and necessary precautions to observe. In this article, we are going to discuss everything motorcyclists need to know regarding life insurance.
Are Motorcycles Covered by Life Insurance?
Yes, life insurance covers motorcyclists who ride motorcycles as a job or hobby. If you ride motorcycles as a hobby or your job, it is important to inform your insurance provider about it. Life insurance would offer coverage if you became a motorcyclist years after you purchased life insurance. Also, a standard will cover accidental deaths due to dangerous activities, but it will not offer coverage if those activities are excluded from the policy.
Do Motorcyclists Need Life Insurance?
Purchasing life insurance depends on your needs and decisions as well as the amount of risks you encounter at your job. Most motorcyclists often prefer to have life insurance coverage for peace of mind for themselves and their families. After the event of death, life insurance pays out death benefits, usually a lump sum amount to your dependents. These benefits can be used to support your family financially in tough times.
Why is Life Insurance important for motorcycles?
There are several reasons why life insurance is very important for motorcyclists. Each day, they are exposed to several risks, and without coverage, they may be left to pay for damages and injuries out of pocket. The following are reasons why life insurance is important for motorcyclists:
Bigger Risks of Accidents
Unlike car drivers, who often drive inside a sturdy steel frame, motorcyclists have little to no protection against accidents. They often protect themselves with helmets and leather jackets. Due to a lack of protection, they are considered to likely sustain severe injuries after a collision.
Coverage Over Accidental Death
The life insurance policy covers accidental deaths due to motorcycle accidents. Riding a motorcycle alone does not increase your premiums, but you may face higher premiums due to several factors, including your driving habits.
Peace of Mind
Life insurance ensures the financial safety of your family when you pass away, allowing them to meet several needs for a long time. Knowing this grants peace of mind to motorcyclists.
Financial Coverage for Your Beneficiaries
After you pass away, life insurance pays a death benefit to your beneficiaries. If you purchased any rider, burial costs, unpaid debts, and support for your family will be granted too.
Revenue Protection
Life insurance replaces your revenue to support your family after you pass away. This ensures your family’s financial protection when you are no longer there to provide.
Coverage for high-risk hobbies
Life insurance tailored to cover several dangers for motorcyclists offers coverage for a wide variety of hazardous activities motorcyclists do. With them, coverage is assured.
Does Being a Motorcycle Affect My Life Insurance Premiums?
Whether your premiums will be affected depends on several factors. One of these factors includes your reason for being a motorcycle. This factor can cause your premiums to increase to compensate for the risks you pose. Motorcyclists who ride a motorcycle as a part of their job or as their transportation method can get life insurance on standard terms because it is not considered a high risk. While those who ride motorcycles as a hobby tend to face higher insurance premiums. However, other factors that may affect your life insurance premiums include:
- Motorcycle type.
- Motorcycle size.
- Usage of motorcycle.
These factors are considered by insurance companies when evaluating premiums, as well as the level of risks you pose.
Is Life Insurance for Motorcycles worth it?
Yes, life insurance for motorcyclists is worth it, especially if you have children or dependents who depend on you financially. With life insurance coverage, you can ensure your family will be financially protected. However, life insurance premiums generally begin at a lower cost, especially when bought at a younger age.