Motorcycle Insurance 101
Not all motorcycle insurance policies are the same, which is why choosing one to fit your needs can be a bit tedious. Understanding what motorcycle insurance coverages you are required to carry versus what you need to protect yourself and others can get complicated.
What you want to keep in mind are the costs associated with being involved in an accident, regardless of fault. Making a choice to purchase the minimum liability limits can leave you grossly underinsured.
A good place to start when insuring your motorcycle is adding up your assets and how much it would cost if you were seriously hurt, or if you seriously hurt someone else.
Choosing Your Coverages
Motorcycle insurance offers important coverages such as Liability, Underinsured Motorist and Uninsured Motorist Liability, Medical Payments Collision, and Comprehensive.
- Liability covers any damage or injury you may cause to property or other people in the event you are deemed to be at fault in an accident or collision.
- Uninsured/Underinsured Motorist provides protection in the event you become involved in an accident caused by another driver, and the other driver does not have insurance or has inadequate insurance coverage. It helps pay for bodily injury and/or property damage.
- Collision coverage pays for damage to your motorcycle, less your deductible, when you are at fault.
- Comprehensive coverage protects your bike from non-accident related perils, including theft, vandalism, or even hitting a deer.
- Medical Payments coverage pays for bodily injury received as a result of a motorcycle accident and can be used regardless of who is at fault.
- Optional Equipment Coverage is also offered to cover most permanently attached accessories such as parts, decorations, custom painting, chroming, side cars or other items that were not originally provided by the manufacturer as standard equipment.
- Towing and Roadside Assistance, are good options to consider. They provide help when a bike is disabled and can’t be ridden, and will cover all reasonable and necessary related expenses. With the purchase of Towing & Roadside Assistance, some companies also provide Trip Interruption coverage at no extra charge. This covers meals, lodging and transportation up to $500 if the bike is in a collision 100 miles or more from home.
- Some companies offer Replacement Cost Total Loss Settlement Coverage. With this coverage, if a bike is purchased new from a dealer and insured within 30 days, the insurance company would replace the bike if it is a total loss in the first two years. There can be limitations, which can vary from company to company.
- Some companies also offer Safety Apparel Coverage which provides coverage for collision damage to clothing designed to minimize damage from an accident, including helmets and leathers.
What About Discounts?
Most companies will offer significant discounts for multi-policies, if you bundle your other insurance with them, such as your Auto, Home and Personal Umbrella Insurance.
Other discounts may include preferred driver, safety course, prior insurance, mature driver and affinity group discounts.
What To Consider When Making Your Choice On The Best Motorcycle Insurance Policy
You want to make sure that the independent insurance agency assisting you in comparing rates, claims service and customer service has your best interest in mind. You want to choose an agent that will answer your questions fully, in a way that you can understand. It doesn’t matter who insures you, until a claim happens. Having a clear understanding of the insurance you purchase, will make all the difference today.