The insurance industry has always been a competitive place and this continues to hold true concerning the market for motorbike insurance. As a result of this competitiveness, motorbike insurance companies are trying to find ways to attract new customers as well as keep the ones they already have. This means that they are in a constant state of developing new product lines and combining existing products into new programs and packages that deal with comprehensive coverage. These are all good things for the motorbike owner and rider.
The idea of competition has always spurred the market to create a 'better mousetrap' as well as to find a good price point for the consumer. If the consumer feels that the value is high, the quality is high, and the price is reasonable, then they will continue to do business with the company. Motorbike insurance is no different. The market forces at work will help to keep the costs of motorbike premiums moving downward instead of upward. Traditionally, motorbike insurance has been one of the most expensive types of insurance available. While this probably will not change anytime soon, the gap between this type of insurance and standard auto insurance is closing.
Some would point out that the price is not getting any lower for insurance, but the amount of coverage is increasing. This means that your insurance premium dollars are buying more insurance than they used to. The added value is a benefit to all who ride, since motorbike insurance is mandatory. In order to appeal to the consumer, the insurance companies have had to add features to their existing polices to attract new customers and keep existing ones.
One area of change in recent years in motorbike insurance coverage is in the area of customization. Motorbike owners are known for their passion in customizing and adding accessories to their bikes. In the past, motorbike insurance did not offer a great deal of coverage for these modifications. That is beginning to change in an effort to attract more customers and inspire loyalty with existing customers. There may be a slight increase in the motorbike insurance premium coverage of this type, but in a market that used to exclude modifications, it is a welcome and valuable addition to motorbike insurance.
If you are unsure if your existing motorbike insurance policy will cover these new modifications, you should call your agent and ask. If it is not covered and the company does not have the option for this type of coverage, it might just be time for you to go shopping for a new motorbike insurance policy.