Whether you’re a road warrior searching for fun or only looking for a way to get around town, there’s nothing like motorcycling.
Whether you want to cover yourself, your customers and your property you will need protection, just like you will in the case of a car. And just as you would look around for the best car insurance, you’re going to want to look around for cheap motor insurance covers. Here’s our guide to understanding motorcycle insurance.
Requirements for Motorcycle Insurance
In most states, motorcycle owners are required to purchase liability insurance. Coverage of liability, which is almost always necessary, pays out for injury or negligence to someone if you cause an accident.
The lowest amount of liability insurance that you must buy on your motorcycle is the same as the minimum requirements for motorcycle insurance in your state.
Minimum liability caps might not be enough for covering your legal costs and claims if you’re sued, so creditors might go after some of your assets.
Remember, consult with the insurance provider to ensure that passengers are protected by the bodily injury liability insurance; in some states, passenger liability insurance might be required to protect them.
Few states also require drivers to bear coverage of an uninsured/underinsured motorist. This coverage pays out for accidents arising from an incident caused by an uninsured driver or someone who has insurance that is not adequate.
Coverage Options for Motorcycle Insurance
Motorcycle insurance coverage plans are like the ones you’ll see with car insurance. In addition to liability and motorist coverage that is not insured/underinsured, most insurers offer these options:
- Collision: It pays out for motorcycle damage, minus your deductible amount. A deductible is an amount you chose when you buy your policy which is deducted from a claim check.
- Comprehensive: It pays out for damage caused by something other than a collision with another vehicle or if your motorcycle is stolen. Any collisions affecting animals are also covered. Deductibles are also applied in this case.
- Health Insurance: Unlike insurance from personal injuries, reimbursement of medical benefits does not compensate for missed income and other expenses. Driving or riding a motorcycle, no matter how vigilant you are, comes with dangers. Coverage for medical expenses will come in handy if you don’t have health insurance or don’t have enough.
- Personal injury protection: In general, it pays out the medical bills of you, the passenger or pedestrians that suffer in an accident, regardless of who is at fault. Rules vary according to State in this case.
- Add-Ons: Usually, motorcycle insurance providers offer add-on plans, but some may offer one or more as part of their standard programs. Limits and deductibles apply to some of those. These include trip interruption coverage, coverage for custom parts, equipment and accessories, transport trailer coverage and roadside assistance.
Many insurers provide what is known as lay-up insurance during the winter, as many drivers put away their motorcycles. Insurance still protects you during the lay-up period from burglary and other incidents that can happen when the bike is in storage.
Lay-up policy saves on your monthly premium premiums but bear in mind that it does not protect you in a crash if you take the bike out of the road during the lay-up time.
Getting a discount is the best way to attain a cheap motor insurance cover. Discounts vary according to the insurance provider. Below are some of the most common methods of getting a price break:
- Buy some other type of insurance from the same insurer, such as auto or mortgage insurance.
- Keep a clean driving record.
- Choose the same insurance provider for more than one motorcycle.
- Complete a training course for a Motorcycle driver.
- Be a part of an organization of motorcycle riders.
- If you’re over 55 or a long-time driver, inquire for a mature rider discount.
Stolen or Destroyed Motorcycle Insurance
One of the most important things to think about your motorcycle insurance is, if your bike is destroyed or stolen, how it pays off the damage. There are 3 kinds of settlements. Those are:
- Actual cash value: pay the cash amount of the purchase of the vehicle, minus depreciation and deductible.
- Amount stated: Pay the sum you chose when you bought the program.
- Agreed value: Pay the amount settled upon by you and the insurance provider after issuance of the policy. The sum is unchanged, so a claim check does not remove any deductibles.
Getting a cheap motor insurance cover is very important if you want to manage your expenses in case of an accident. Therefore, it is also important to choose the best insurance provider. Motorcycle insurance will protect you against theft, damage to the bike and any medical expenses.