Within the last two years, there has been a reported spike in motorcycle rider fatalities in the United States. 2020 was a year that saw around 5,579 motorcycle-related deaths –which accounts for 14% of annual traffic fatalities. Of course, every motorcycle driver knows the risks when they get on a bike and how much more likely they are to get into an accident and encounter serious damages and injuries than they are in a car. As such, motorcycle insurance seems like more than just a legal requirement for liability reasons. But what makes the best and most affordable motorcycle insurance policy? This post serves as your tell-all guide.
While this is the terminology for motorcycle insurance in the United States, its function and purchasing of it remain consistent globally. At the same time, shopping and finding the right motorcycle coverage is also a consistent international practice. Here are the major motorcycle insurance coverages and why they are important to have:
- Liability insurance – Sometimes called third-party liability, liability coverage for any vehicle is usually required in any state or country with very few exceptions. Paying for damages and injuries you cause to other drivers is often a legal obligation. So, liability coverage includes damage you caused to another driver’s property (being their vehicle) and any injuries that you also caused. This is known as the at-fault rule in auto insurance.
- Collision insurance – This is one of two coverages in addition to liability that makes up full coverage. Collision coverage is for damage to your own motorcycle in an accident that you caused. This coverage isn’t required by law, but when it comes to a motorcycle that is much more easily damaged than a car, it would be a great idea to carry it.
- Comprehensive insurance – This is the second part of full coverage for a motorcycle. This accounts for damages caused to your motorcycle while you aren’t driving it or it is in storage. Damages can be due to fire, weather, or criminal causes. With a vehicle as secure as a motorcycle, this also seems like a more than necessary motorcycle insurance.
- Personal injury protection – By now, you may have been wondering about injuries that you sustain during an at-fault accident –that is where personal injury protection comes in. Injuries and medical treatments following a motorcycle accident you caused are all included here.
- Uninsured motorist coverage – While vehicle and motorcycle insurance is required in the majority of regions of the world, there are those who break the law and drive with little to no insurance at all. If there were to hit you, they might not be able to cover all the damages. Your uninsured motorist coverage will come to the rescue here and do it for them. This includes injuries and property damage.
- Custom parts coverage – Some motorcycle owners have custom parts for jobs done on their bikes that often aren’t covered by standard motorcycle insurance. Custom parts coverage sort of acts as an umbrella policy for them as it insures any replacements and repairs.
Like car insurance, it’s difficult to narrow down the average cost of motorcycle insurance because it depends on so many personal factors to the point it’s nearly different for everyone. These factors, also looked at when it comes to car insurance, are:
- Age – Younger drivers tend to pay more for insurance.
- Riding record/experience – Those who are more skilled with fewer accident mark-ups pay less for insurance.
- Bike type – More luxurious and high-speed bikes will fetch higher insurance rates.
- Residence – Where you live and keep your bike will be considered when it comes to local crime rates and weather that can be hazardous to its safekeeping.
- Claims history – Those who file insurance claims often pay more for insurance.
- Credit score – Insurance is all about making your monthly payments on time, so your credit score will be factored into how much you pay. If you have a good score, you will pay less.
- Deductible – The amount that you personally pay before your claim goes through is your deductible, and it is directly inverse to how much you pay for insurance monthly –the higher the deductible than the lower the insurance rate will be.
Finding the best and most affordable motorcycle insurance is easy when you keep two important things in mind –knowing your motorcycle usage and lifestyle and comparing several quotes from insurance companies that sell such coverage. Every insurance company prices its policies differently, and quotes are usually free, so you should take advantage of that. Full coverage for motorcycles with reasonable rates is possible to find.
U.S. companies are barreling towards a $1.8 trillion corporate debt
US firms are barreling towards a giant wall of corporate debt that’s about to mature over the next few years, Goldman Sachs strategists said in a note.
There’s $1.8 trillion of corporate debt maturing over the next two years, Goldman Sachs estimated. Firms could be slammed with higher debt servicing costs as interest rates stay elevated. That could eat into corporate revenue and weigh on the US job market.
The investment bank estimated that $790 billion of corporate debt was set to mature in 2024, followed by $1.07 trillion of debt maturing in 2025. That amounts to $1.8 trillion of debt reaching maturity within the next two years, in addition to another $230 billion that will reach maturity by the end of this year, Goldman strategists said.
The wave of debt that will need to be refinanced could spell trouble for companies, as interest rates have been raised aggressively by the Fed over the last year. The Fed funds rate is now targeted between 5.25%-5.5%, the highest range since 2001.
For every extra dollar spent to service their debt, firms will likely pull back on capital expenditures spending by 10 cents and labor spending by 20 cents, the strategists estimated, a reduction that could weigh down the job market by 5,000 payrolls a month in 2024 and 10,000 payrolls a month in 2025.
Experts have warned of trouble for US corporations as credit conditions tighten. Already, the tally of corporate debt defaults in 2023 has surpassed the total number of defaults recorded last year. As much of $1 trillion in corporate debt could be at risk for default if the US faces a full-blown recession, Bank of America warned, though strategists at the bank no longer see a downturn as likely in 2023.
Russian response to sanctions: billions in dollar terms are stuck in Russia
“Tens of billions in dollar terms are stuck in Russia,” the chief executive of one large company domiciled in a country told ‘The Financial Times’. “And there is no way to get them out.”
Western companies that have continued to operate in Russia since Moscow’s invasion of Ukraine have generated billions of dollars in profits, but the Kremlin has blocked them from accessing the cash in an effort to turn the screw on “unfriendly” nations.
Groups from such countries accounted for $18 billion (€16.8 billion) of the $20 billion in Russian profits that overseas companies reported for 2022 alone, and $199 billion of their $217 billion in Russian gross revenue.
Many foreign businesses have been trying to sell their Russian subsidiaries but any deal requires Moscow’s approval and is subject to steep price discounts. In recent days British American Tobacco and Swedish truck maker Volvo have announced agreements to transfer their assets in the country to local owners.
Local earnings of companies from BP to Citigroup have been locked in Russia since the imposition last year of a dividend payout ban on businesses from “unfriendly” countries including the US, UK and all EU members. While such transactions can be approved under exceptional circumstances, few withdrawal permits have been issued.
US groups Philip Morris and PepsiCo earned $775 million and $718 million, respectively. Swedish truck maker Scania’s $621 million Russian profit in 2022 made it the top earner among companies that have since withdrawn from the country. Philip Morris declined to comment. PepsiCo and Scania did not respond to requests for comment.
Among companies of “unfriendly” origin that remain active in Russia, Austrian bank Raiffeisen reported the biggest 2022 earnings in the country at $2 billion, according to the KSE data.
US-based businesses generated the largest total profit of $4.9 billion, the KSE numbers show, followed by German, Austrian and Swiss companies with $2.4 billion, $1.9 billion and $1 billion, respectively.
‘The Financial Times’ reported last month that European companies had reported writedowns and losses worth at least €100 billion from their operations in Russia since last year’s full-scale invasion.
German energy group Wintershall, which this year recorded a €7 billion non-cash impairment after the Kremlin expropriated its Russian business, has “about €2 billion in working interest cash… locked in due to dividend restrictions”, investors were told on a conference.
“The vast majority of the cash that was generated within our Russian joint ventures since 2022 has dissipated,” Wintershall said last month, adding that no dividends had been paid from Russia for 2022.
Russian officials are yet to outline “a clear strategy for dealing with frozen assets”, said Aleksandra Prokopenko, a non-resident scholar at the Carnegie Russia Eurasia Centre. “However, considering the strong desire of foreign entities to regain their dividends, they are likely to explore using them as leverage – for example to urge western authorities to unfreeze Russian assets.”
Transforming Africa’s Transport and Energy Sectors in landmark Zanzibar Declaration
A special meeting of African ministers in charge of transport and energy held from 12-15 September on the theme, “Accelerating Infrastructure to Deliver on the AU Agenda 2063 Aspirations” has concluded with an action-oriented Zanzibar Declaration aimed at spurring the Continent’s transport and energy sectors.
Convened under the auspices of the African Union’s Fourth Ordinary Specialized Technical Committee on Transport, Transcontinental and Interregional Infrastructure and Energy, the meeting was organized by the African Union Commission (AUC) in collaboration with the African Union Development Agency (AUDA-NEPAD), the African Development Bank (AfDB) and the United Nations Economic Commission for Africa (ECA).
Speaking at the Ministerial segment of the meeting, Robert Lisinge, Acting Director of the Private Sector Development and Finance Division at the ECA called on member states to address the barriers limiting private sector investments in infrastructure and energy, urging them to facilitate investments by creating conducive policy and regulatory environments. “The requirements of continental infrastructure development and the aspirations of Agenda 2063 and Agenda 2030 far exceed current levels of public sector investment,” he said.
He stressed that over the next ten years, there is a need for concerted action to address energy transition and security issues, in order to open up opportunities for the transformation of the continent. He cited ECA’s analytical work on the AfCFTA, which demonstrates there are investment opportunities for infrastructure development in the area of transport and energy and added that digitization and artificial intelligence offer great opportunities for the efficient operation of infrastructure.
According to the Zanzibar Declaration, the Ministers adopted the AUC and ECA continental regulatory framework for crowding-in private sector investment in Africa’s electricity markets. This framework will be used as an instrument for fast-tracking private sector investment participation in Africa’s electricity markets. The Declaration also called on ECA and partners to develop a continental energy security policy framework as called for by the 41st Ordinary Session of the Executive Council and an Energy Security Index and Dashboard to track advancements in achieving Africa’s energy security.
The meeting acknowledged the efforts by ECA to support Member States in coordinating Public-Private Partnerships (PPP) with development partners and the establishment of the African School of Regulation (ASR) as a pan-African centre of excellence to enhance the capacity of Member States on energy regulation.
The Declaration requested the ECA and partner institutions to further act in the following areas:
The AUC, in collaboration with AUDA-NEPAD, ECA, AfDB, RECs, Africa Transport Policy Programme (SSATP), and the African Continental Free Trade Area (AfCFTA) Secretariat to implement the roadmap on the comprehensive and integrated regulatory framework on road transport in Africa.
ECA, in collaboration with AUC, to identify innovative practices and initiatives that emerged in the aviation industry in Africa during the COVID-19 pandemic and propose ways of sustaining such practices, including the development of smart airports with digital solutions for improved aviation security facilitation and environmental protection.
ECA, in collaboration with AUC, to establish mechanisms for systematic implementation, monitoring and evaluation of continental strategies for a sustainable recovery of the aviation industry.
The AUC, AUDA-NEPAD, AfDB and UNECA to engage with development partners and Development Finance Institutions (DFIs) to mobilize resources for projects preparation and implementation of PIDA-PAP 2 projects.
ECA and AUC, in collaboration with partners, to coordinate PPP initiatives to avoid duplication of efforts and strengthen complementarity.
The AUC and ECA to work with continental, regional and specialized institutions to support the design and implementation of programmes, courses, and capacity development initiatives of the African School of Regulation (ASR) to support the implementation of the African Single Electricity Market and Continental Power System Master Plan.
The AUC to work with AUDA-NEPAD, AfDB, ECA and RECs, respective power pools, regional regulatory bodies, and relevant stakeholders to design continental mechanisms for regulating and coordinating electricity trade across power pools.
AUDA-NEPAD, AUC, AFREC, ECA, AfDB, Power pools and development partners to comprehensively assess local manufacturing of renewable energy technologies and beneficiation of critical minerals for battery manufacturing.
ECA and AFREC to accelerate the implementation of the Energy4Sahel Project to improve the deployment of off-grid technologies and clean cooking in the affected Member States.
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