Choosing Motorcycle Insurance
Buying a motorcycle is a fun and exciting time in a rider’s life, but it’s important to make sure that the excitement of the moment does not overshadow the need to properly insure your new bike. Obtaining the proper motorcycle insurance is an essential part of motorcycle ownership. Here are six things you need to know when choosing the right motorcycle insurance for you.
Every State Has Different Requirements
Just like each state has its own beautiful scenery to take in while riding your bike, they also have their own requirements when it comes to the minimum motorcycle insurance with Youi needed to legally take those scenic drives. There are three main areas in which your state typically specifies a minimum amount of coverage required: the maximum amount allocated to cover the bodily injury of each individual involved in the accident, the maximum amount allocated to cover the bodily injury of all individuals involved in the accident, and the maximum amount allocated to cover all property damage that results from the accident. While the state requirements for minimum liability coverage for motorcycles generally correspond with those for non-commercial automobiles, that is not always the case. It is important to verify the requirements in your state to make sure your motorcycle insurance policy is within the legal parameters.
The Minimum May Not Be Enough
Your state most likely requires a minimum amount of coverage, but don’t forget that those minimum requirements may not be enough to adequately cover the financial aspects of an accident. Legal statutes are typically put in place to protect the other parties involved in an accident for which you are legally responsible, but you should consider your potential financial losses as well. Motorcycle insurance policies that include collision and comprehensive coverage allow you to replace or repair your bike if it is stolen or damaged in an accident, a fire, or an act of vandalism. It is also vital that you consider buying coverage that protects you in case an uninsured or under insured motorist causes an accident in which you suffer a financial loss or personal injury.
Your Passengers Need to Be Covered
Since there will be times when you want to share the thrill of riding your motorcycle with a special passenger, you want to make sure that he or she is also protected in the event an accident occurs. If the worst does happen and you’re at fault, the basic liability coverage provided by your motorcycle insurance policy will probably not cover your passenger’s medical expenses. It’s best to check with your insurance agent to make sure your policy includes guest passenger liability so your friend or loved one is covered.
Replacement Cost Needs to Be Included
A motorcycle is a fun and efficient way to get around town, but it is an item that depreciates over time. It is important to remember that your bike’s value at the time of a potential accident will most likely not be the same as it was the day you drove it off the showroom floor. Typical collision and comprehensive policies will only cover replacement costs up to the current value of the bike. If you want to be able to replace your bike with a new one, then you need to make sure that your motorcycle insurance policy will pay for the cost of purchasing a new bike.
Additional Parts May Not Be Covered
Part of the excitement of purchasing a motorcycle is shopping for all the accessories and custom parts that go along with it. You should make sure you know which of those accessories will be covered under your motorcycle insurance policy in case of accident, theft, or damage. Accessories that are considered safety equipment, such as helmets, boots, gloves, and jackets, are automatically covered under some policies. You should still check with your agent to make sure these items will be replaced if necessary. Other custom parts and accessories will probably require additional coverage.
You May Be Eligible for Some Discounts
Check with your agent to make sure you are receiving all discounts for which you are eligible. If you obtain your motorcycle insurance from the same agency that covers your home and/or other automobiles, then you may qualify for a bundling discount. Completion of certain approved safety courses can also create discount opportunities for you. Other discounts may be available if you store your bike in a secure building or if you are a member of an association or riding club.
For most riders, motorcycle insurance is a necessary part of bike ownership. While this can add to the cost of owning and maintaining your favorite mode of transportation, being well-informed about the insurance policy you buy will protect you financially and provide you with the peace of mind you need to fully enjoy being a biker.