Auto Insurance
Home Insurance
Condos Insurance
Do you own a motorcycle? Do you have the proper insurance coverage for it? There are two reasons to make sure that your bike is covered by motorcycle insurance. First of all, it is required by law that you have a certain amount of coverage on any vehicle, including motorcycles.
In addition, without the proper coverage, you could stand to lose a great deal of money if you are involved in a collision. In fact, if the collision is your fault and you are uninsured, you could face lawsuits for any damage or injury you may have caused. That turned out to be more than two reasons, but it just goes to show how very important insurance actually is.
Just as with any type of insurance, motorcycle policies are very detailed and you will need to make a number of decisions when you decide to make the purchase. In order to make sure you get the very best insurance possible, you will need to know the following five things. With this information, you will be able to make the right decisions for you and your motorcycle.
1. It is much the same as auto insurance. While there are a few small differences, the basics of motorcycle policies are almost identical to those that you have on your care or truck. Just as with auto insurance policies, you will have the same options for liability, collision, comprehensive and uninsured motorists coverage.
Liability will cover any expenses accrued if you are in a collision, which is your fault. It will cover the medical bills and costs to repair damage for third parties in your at-fault collision. Collision is the coverage that will pay for repairs to your motorcycle when it is damaged. Comprehensive will cover almost any damage that could come to your bike from non-collision issues like theft and vandalism. Uninsured motorists will pay costs if the third party who causes the accident is not properly insured.
2. The main difference between motorcycle and auto insurance lies in the details of the liability policy. The insurance will cover injury to third parties in the collision just like normal. However, it will also cover medical costs if a person is riding with you on the bike and is injured.
3. Laws differ from state to state as to the minimum coverage required for a motorcycle owner. In order to make sure you have the right insurance, you will need to check your state’s laws on the issue. Otherwise, you could face penalties and fines for not being properly insured.
Most states require a minimum of liability coverage so that you will be able to pay if you are in an accident that is your fault. However, the exact minimum can vary.
4. When you purchase standard motorcycle coverage, you must keep in mind that it only covers the motorcycle itself, not accessories that you have added to it. Many people enjoy personalizing their bikes, spending a great deal of money on accessories and details. If you have done this, then you will need to make sure your insurance includes an accessory coverage provision. If you do not take out this extra provision, you could end up losing a great deal of money.
5. Understand agreed value. This is an important detail in motorcycle coverage. Consider this scenario. You own an older bike, maybe even an antique model. You are in a collision that totals your motorcycle. Since there is no way to replace the bike with an exact same make and model, the insurance company will pay you a value for the bike that was agreed upon between you and the insurer when you purchase the policy. By making sure you understand agreed value, you can make sure that losing your motorcycle is not a total loss.
Owning a motorcycle is not all about riding or adding accessories. It is not all about chrome and style either. It is also about making sure that you are properly insured. Besides being the smart thing to do, it is also the law. If you keep the above five things to know in consideration, you will find that locating and purchasing the right motorcycle insurance will be quite easy.
Related Links:
Motorcycle insurance can be a pricey proposition. Thanks to its status as a high risk insurance class, you can be hit with high bills and limits on your coverage. To counteract the high price of motorcycle insurance and get the coverage you need, it is important to keep the following tips for receiving the best motorcycle insurance in mind.
Tip 1: Shop Around
You may run into situations where a given motorcycle insurance plan is presented to you as your only option. This is simply untrue in most areas of the country. Though motorcycle insurance is less common than straight vehicle insurance, it is still widely available.
When shopping for motorcycle insurance, you will want to get at least three different motorcycle insurance quotes. This will help you get a better sense of what the market rates are in your area. It may also help you choose between two different types of bike if you have not yet made your purchase decision.
As you look at the different motorcycle insurance plans, be sure to compare apples to apples. Some plans are more expensive, but have better built in coverage options like roadside assistance and rental programs. You want to be sure that you are getting the most benefit for your buck when it comes to motorcycle insurance, especially if the motorcycle functions as your primary form of transportation.
Tip 2: Look At Storage Plans
Though not always heavily advertised, many motorcycle insurance plans offer rotating rates based on whether or not the bike is in use. If you only ride in the summer months and keep the bike in storage the rest of the year, you may be eligible for reduced rates on your motorcycle insurance. These rates may apply during the months when the bike is in storage, or they may apply to the entire policy.
If you do pursue a storage rates option, be prepared to provide some documentation. You may need to submit photos from your storage location. You may also have to get the storage facility to make a statement on your behalf. However, despite the additional hoops, the savings can be significant compared to regular motorcycle insurance rates.
Tip 3: Read Exclusions Carefully
Many motorcycle enthusiasts like to customize their bikes. However, it is important to read your exclusions listings carefully, as there are some kinds of customizations that can negative your coverage. They may be beautiful, but what’s the point of a bike you can’t ride because you can’t get motorcycle insurance?
Another exclusion to mind is towing and passengers. Some coverage plans do not allow for passengers or for certain kinds of tow equipment. If this is a concern for you, talk with your underwriter.
Finally, if you will be using your motorcycle in competitions, you may need to get special coverage. Many standard motorcycle insurance policies explicitly exclude racing activities and stunt events.
Tip 4: Take A Safety Course
Motorcycles have a reputation for being dangerous, but long term riders know that there are right and wrong ways to ride if you want to stay alive. To prove to your motorcycle insurance provider that you have the common sense to be a safe rider, you may need to complete a safety course. These courses generally help reduce rates as they paint you as a more responsible rider.
In some states, safety courses may be required. Check your local regulations and your insurer to see what is needed. You may get a discount for the course, but you may also be limited in what kinds of motorcycle insurance plans you can buy if you do not have the course on your record.
Tip 5: Track Your Repair Expenses
By keeping track of your repair expenses, you may be better able to choose your motorcycle insurance deductibles. Many people opt for the lowest limits without doing a full cost analysis. You may actually save money in the long run by going with a higher deductible, based on your bike’s maintenance and repair needs. However, without keeping a careful record of your average expenditures, you won’t be able to make an informed decision about your motorcycle insurance deductibles.
