Motorcycle Insurance in Terms you can understand. Most riders have a motorcycle license before they purchase their insurance. One thing to consider before purchasing a motorcycle, try and complete a motorcycle training course before riding on the open road.
The 8 most important insurance coverage's for motorcycle owners.
Some people incorrectly think "I don't need motorcycle insurance- my bike is not worth that much". Unfortunately, while the value of your bike is a consideration for insurance, there are numerous other risks present when you own a motorcycle that can impact your family's financial well-being beyond the simple value of the bike.
When you are evaluating different policies, you have to make sure that you are receiving the appropriate and adequate coverage's based upon your personal situation, and your personal goals for financial coverage. Motorcycle policies differ from one insurance carrier to another, both in terms of coverage's and premiums. Do not make the mistake of comparing your vehicle insurance policy with a motorcycle policy. You will want to consider more coverage with a motorcycle policy than a vehicle policy. Motorcycle accidents are more dangerous to the occupants then vehicle accidents due to the fact there is less physical protection for a motorcycle rider than in a vehicle. Although it is a scary thought, you need to consider that a majority of motorcycle accidents result in serious injuries and or death- either are a costly experience. Additionally, each policy cost will vary based upon several factors including your age, type of motorcycle, geographic location, driving record and experience.
You MUST have;
1. Bodily Injury Liability. In most states this is required by law. Bodily insurance coverage will pay for the occupants in the other vehicle that you have hit. It will cover their medical payments, loss of income, pain and suffering and your lawyer bills to defend you in a law suit resulting from the accident.
2. Property Damage Liability. In most states this is required by law. Property damage liability covers the damage to other property. If you are at fault in an accident and you do damage to another vehicle, building or structure, the property damage coverage will pay for the repair or replacement of the property.
3. Medical Payments. Medical payments coverage will cover your medical cost from the result of an accident. Typically medical payments coverage will cover ambulance transportation, x-rays and other medical related costs resulting from an accident. Typically, medical claims will not count against you as a claim, but you will need to verify this with your current insurance carrier.
4. Collision. Collision coverage covers the cost to repair of your bike if you collide with another object, such as a vehicle, pole or building. There are differing deductible levels that you can choose from and you will want to discuss the different options with your agent.
5. Comprehensive Coverage. Comprehensive coverage will cover your bike if it is hit while parked, catches fire, is stolen or vandalize. Like collision, there are several deductible levels that you can choose from.
6. Guest Liability coverage. Guest liability provides protection for your rider. If you are in an accident, guest liability will cover medical cost, loss of income and pain and suffering for your guest passenger. In some states, this is part of bodily injury coverage.
7. Uninsured/Underinsured coverage. Uninsured/Underinsured coverage will protect you if you are hit by another party that has no insurance or has minimal insurance coverage that will not cover the damages to you.
8. After-Market Protection. With many bikes having custom features and paint, you will want to have after-market protection coverage. This will insure that if your motorcycle is involved in an accident, your custom parts will be covered.
The above coverage's are the most important to have on an average motorcycle policy. Please note, there are many more options that you may choose to add to your policy depending on your needs. Each coverage above has limits of coverage and it is extremely important that you discuss these levels of limits with your agent. Too often people simply take the cheapest policy- not worrying about the uncovered risks. You will want to make sure that the limits are at a level that will adequately protect you. Each year you will want to review these coverage's to make sure that they reflect any changes that have taken place.
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