New survey shows one in three riders unsure if they have adequate insurance
coverage
COLUMBUS, Ohio, April 10 /PRNewswire/ -- As summer days approach,
motorcycle enthusiasts expect to use their Harleys, Kawasakis and Hondas
more often and for longer periods of time than they did a year ago. Gas
prices and a strong passion for riding are two of the main driving factors
behind the increased desire to ride, according to a new survey by
Nationwide Mutual Insurance.
According to the survey, 35 percent of motorcyclists said they will
ride their bikes more over the next year as a result of fuel prices.
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.
According to the survey, 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, is one of the largest diversified
insurance and financial services organizations in the world, with more than
$157 billion in assets. Nationwide ranks #98 on the Fortune 100 list. The
company provides a full range of insurance and financial services,
including auto, motorcycle, boat, homeowners, life, commercial insurance,
administrative services, annuities, mortgages, mutual funds, pensions and
long-term savings plans. The Nationwide companies include the country's
seventh-largest property/casualty, the fourth-largest homeowners, the
sixth-largest auto insurance group and the country's largest farm owners
insurer. Nationwide Life Insurance Company, the major subsidiary of
Nationwide Financial, ranks 11th in assets according to A.M. Best. For more
information, visit http://www.nationwide.com.
Nationwide and the Nationwide Framework are federally registered
service marks of Nationwide Mutual Insurance Company. On Your Side is a
service mark of Nationwide Mutual Insurance Company.
Contacts:
Elizabeth Stelzer (614) 249-1025
stelzee@nationwide.com
Charley Gillespie (614) 249-5701
gillesc1@nationwide.com
SOURCE Nationwide
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Related links:
http://www.nationwide.com
CONTACT:
Elizabeth Stelzer, +1-614-249-1025, or
stelzee@nationwide.com, or Charley Gillespie, +1-614-249-5701, or
gillesc1@nationwide.com, both of Nationwide
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