Honda Gold Wing Insurance

The Honda Gold Wing was first introduced onto the market in 1974 at the Cologne Motor Show. The bike was designed to fit into a niche market for the long distance rider and riders who valued performance over luxury. The Gold Wing was to tap into a market of riders who were not prepared to pay the cost of a Harley Davidson or a BMW Tourer but were prepared to spend decent money on a good bike. Today over half a million Gold Wings are sold every year, mostly in the North American market. Check this out if you are looking for the best luxury car services.

Insurance is an important consideration when you buy a new bike, whether out of the showroom or second hand. In Australia, third party insurance is compulsory for all vehicles to protect the other person in the event of an accident. Over and above this level of cover (which is required for you to be able to register your bike) you can obtain comprehensive insurance or third party, property, fire and theft. The latter is a step up from the compulsory level of insurance and covers any property damaged in a traffic accident as well as you bike if it is burnt or stolen. 

“Full” comprehensive insurance covers all of these risks as well as ensuring that your bike is repaired or replaced in the event of a traffic accident, your medical bills are covered as is the cost of towing your bike for VW repairs Perth and a hire car or bike while yours is being repaired. The level of insurance varies according to the number of risks that are covered by the policy (the contract for the insurance). The basic policy I mentioned before covers property, fire and theft but no other potential risks to your bike. You can obtain cover for mishaps other than traffic accidents too, but your premium will be higher as a result.

The level of the premium (what you pay for the insurance) is determined by the insurance company based on statistics that show the comparative risks of different factors. The most obvious of these and the most influential are the characteristics of the bike to be insured. The two key determiners are the retail cost and the performance capability. In terms of the Gold Wing, the retail price is not the issue as much as the performance that the bike is capable of; this will increase the premium.

The other risk factor that has a big influence on your premium is the profile of the rider in terms of age and driving history. Older riders are less of a risk to have traffic accidents and they have more experience and driving history. If you have not made any insurance claims previously you may also be eligible for a no-claim bonus which represents a reduction on your overall premium.