According to a recent survey, Nationwide Mutual Insurance Co. predicts that 35 percent of motorcyclists will ride their bikes more over the next year as a result of fuel prices.
A written release issued by the Columbus, Ohio-based company said that the survey showed that enthusiasts are also turning their hobby into an everyday form of transportation. Survey respondents reported they spent 26 percent of their total riding time last year commuting to work. While most riders have insurance, one in three indicated they are unsure if they have adequate coverage.
“Motorcyclists know that riding is more than a hobby, it’s also one of the most efficient means of transportation available,” said American Motorcyclist Association Chief Executive Officer Patricia DiPietro. “As more Americans discover both the joys and the cost-effectiveness of motorcycling, we’re sure to see more motorists dedicating their time, and their financial resources, to the passion of riding. But before hitting the road, it’s important all riders make sure their insurance is up-to-date.”
The survey conducted by Brandware of 2,544 motorcycle, power boat, bass boat and ATV owners shows that both male and female motorcyclists expect to ride their bikes for approximately 22 more hours than they did in the past year. Male motorcyclists expect to ride 172 hours over the next year, while female riders expect to ride 146 hours. Motorcyclists are so passionate about their fuel-efficient bikes they indicated they will pay $3 to $4 more per gallon before they stop riding, DiPietro said.
Additional study results say that both male and female motorcyclists committed over half of their total money spent on leisure activities to accessories and improvements to their motorcycle over the past five years. Male riders invested more than $7,000 on their bikes over this time period, more than any other group of powersport enthusiast.
As motorcyclists invest more financial resources and increasingly rely on their bikes as a form of daily transportation, the question of adequate financial protection becomes a concern. While most motorcyclists are insured, more than one in ten surveyed indicated they are not. And even those who have insurance may not have enough. Among insured riders, one in five said they are not covered for liability and one-third are not covered for collision or medical payments.
More than 30 percent of motorcyclists surveyed don’t believe they have enough insurance to cover the replacement value of their bikes and 14 percent said they would rather take their chances than pay to fully insure it.
“Nationwide wants to help motorcycle riders protect their investment and maintain the lifestyle they love,” said Mitch Roggemann, national sales director for Nationwide’s Property & Casualty Specialty Products. “Understanding the passions and motivations of the motorcycle enthusiast allows us to remain connected to riders, and ensures our ability to offer the best protection available.”
Nationwide, based in Columbus, Ohio, identifies itself as one of the largest diversified insurance and financial services organizations in the world, with more than $157 billion in assets. For more information, visit http://www.nationwide.com/.
Source: Nationwide Mutual Insurance Company
Topics Trends Auto Pricing Trends Energy Oil Gas
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