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When you buy a motorcycle, the first thing that you will need to do is make sure you have the proper insurance for it. Do not make the mistake of thinking that you do not need to get the vehicle insured because it does not have four wheels. In fact, laws require that the motorcycle is insured just as a car, truck or SUV is. The good news is that motorcycle insurance is much the same as auto insurance, so it is quite easy to understand.
However, since any type of insurance can be a little confusing, you will definitely need to know the basics of how this coverage works. Save yourself some time, money and headaches by learning the basics of motorcycle insurance.
There are five basic areas of coverage that you will need to consider. Even if your vehicle is paid for in full, the law requires that you insure the motorcycle for liability. This policy will cover any damage or injury to a third party. However, in addition to the basic coverages of liability that are just like auto insurance, there is one key addition to liability for motorcycles. In addition to covering damage to other properties and injury to third party individuals, the liability coverage will also pay for injury to any passenger who is riding the bike with you.
The second type of policy coverage is collision. This is the insurance that will pay for damage to your motorcycle if you are in an accident. While collision is not required by law, it is something that most motorists will want to include so they do not suffer a loss in case of an accident.
Comprehensive insurance policies for motorcycles are just like policies for auto insurance. This coverage will pay for damage that your bike may suffer other than the damage incurred from a collision. These damages can come from vandalism or theft.
The last two types of coverages include uninsured motorist or under insured motorist protection. While it would be nice if each person had the proper insurance on their vehicles, this is not necessarily a fact. If you are in a collision that is the other driver’s fault and they do not have the proper insurance, this policy will make sure your motorcycle’s repairs are paid for.
Now that you understand the different polices that should be considered for your motorcycle, it is important to understand some of the details that will come along with your insurance. Just as with auto insurance, there will be a deductible involved in the policy. You will be able to choose the deductible for your coverage, but keep in mind that the lower the deductible, the higher your premium.
There are certain factors that will directly affect how much your policy costs. These factors include your age, how often you will be driving the motorcycle, and where you live. In addition, your driving record will have a direct impact on your cost. If your driving record is clean or relatively so, your insurance premium will be significantly lower. Finally, you can save money by grouping your insurance policies together and having the same company insure your motorcycle, your home, and any other vehicles. Some insurance companies will also give you discounts if you have taken part in defensive driving courses or are a member of certain motorcycle safety clubs.
The last thing you need to keep in mind is this: your insurance policy will only cover the damage to the original value of the bike. If you make significant upgraded, like adding expensive chrome fenders, you will need to purchase additional coverage. Otherwise, you could face a loss if your motorcycle is severely damaged.
Many people may not think about it, but a motorcycle must be covered by vehicle insurance just as any other auto must be. To make matters simpler, motorcycle insurance is quite similar to standard auto insurance. The only main difference is how passenger injuries are covered. When choosing the coverage for your motorcycle, make sure you consider any upgrades that you have made to it so that you can ensure that the total cost of the vehicle is covered. Motorcycle insurance is vital for anyone who owns one of these two wheeled vehicles.
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Motorcycle insurance is related to basic vehicle insurance, but it is often sold as its own special product. Since motorcycle riders are classed as a different risk level than your average minivan driver, not all insurance carriers will offer coverage. However, it is still possible to buy from a number of providers.
Though a limited number of mainline insurance providers offer motorcycle insurance coverage, there are many dedicated policy providers. In addition to dedicated motorcycle coverage groups, so-called “high risk” insurance carriers, such as Progressive and Dairyland, will also offer coverage to cyclists. Some coverage may be available through your local motorcycle club, although you may need to prove group membership to qualify.
When choosing your motorcycle insurance, you should consider your riding habits carefully. There are different policies available for weekend cyclists, distance riders, and those for whom the motorcycle is a full time vehicle. If you keep your purpose in getting coverage in mind, you will be able to get a better plan for yourself.
Information Needed For Motorcycle Insurance Quotes
When you seek out motorcycle insurance quotes, you will find that you need the same kinds of documentation as you would for a vehicle policy as well as some supplemental information. For example, you will need to have your motorcycle license in addition to your regular driver’s license. You should also include information about any special safety training that you have completed.
You will also need to give information about the bike itself. You should have accident history and repair records on deck as well as mileage numbers. If you have done any custom modifications to the motorcycle, you should also detail these so that they can be replaced in the event of a loss.
Common Motorcycle Insurance Policy Features
Motorcycle insurance protects the bike, you as the rider, and any others who may be injured as a result of contact with or use of the motorcycle. The most common motorcycle insurance policy features are:
- Collision coverage. Just like a car, your motorcycle is covered in the event that you are in a collision.
- Bodily injury. This coverage is for you as the rider, to cover injuries that you may sustain while riding the bike.
- Medical payments to others. If you have passengers or strike someone with the bike, this will help cover their medical costs under your motorcycle insurance.
- Comprehensive motorcycle coverage. This coverage will protect your bike against natural accidents, such as falling branches that dent the bike, vandalism, and other non-collision incidents.
- Custom equipment coverage. This motorcycle coverage pays for the customizations that you may have had done on your bike in the event that they are damaged, stolen, or vandalized.
- Roadside assistance. If you breakdown or are stranded on the side of the road, you can get towing and other forms of roadside assistance throughout your motorcycle insurance plan.
- Lay Up or Storage. This is a feature that changes your premium during months when poor weather conditions prohibit you from riding. Though not included on every policy, it is a popular endorsement with seasonal riders.
Motorcycle Insurance Discounts Available
You can get discounts on your motorcycle insurance by bundling coverage, installing safety features, and taking driving courses.
With bundled coverage, motorcycle insurance is usually combined with another vehicle policy to earn the discount. Homeowner policies may also be used to get the discount, although rental policies generally may not.
Safety features on your bike can also help you lower your motorcycle insurance premiums. If you have wheel locks or a tracking system, this can earn you a discount. Alarms may also earn discounts.
Safety courses can lower your risk rating as a driver. This helps lower your rates in turn. However, you should weigh the cost of the course against potential savings before enrollment.
Motorcycle Insurance Exclusions To Note
Depending on your motorcycle, you may be excluded from coverage if you are failing to obey proper safety measures for your state or if you are taking on unauthorized passengers. Read your policy carefully also to see if there are customization items that can negate some of your coverage under a standard motorcycle insurance plan.
