Responsible motorcyclists know the importance of securing adequate motorcycle insurance. Doing so will help you achieve the peace of mind you need to truly enjoy freedom on the road. Learn more about the basics of motorcycle insurance by reading on.
Liability Insurance Coverage
Required by most states, liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident.
- Bodily injury liability - typically covers the other driver or your passenger’s expenses such as medical bills, lost wages, and pain and suffering.
- Property damage liability - typically covers the expense of repairing damage to others’ property (vehicles, homes, fences, etc.).
Comprehensive Insurance Coverage
Comprehensive coverage pays for damages caused by an event other than a collision, such as fire, theft or vandalism. However, just like collision insurance coverage, your policy will pay for damages, minus your deductible, and will cover only the book value of the motorcycle.
Uninsured/Underinsured Motorist Coverage
Uninsured/underinsured motorist insurance coverage covers damages to you and your property caused by another driver who either is uninsured or underinsured to cover your damages. This coverage typically pays for medical treatment, lost wages and other damages.
Collision Insurance Coverage
Collision insurance covers damage, minus your deductible, to your motorcycle if you are involved in an accident. Keep in mind, collision insurance usually covers the book value of the motorcycle before the loss occurred.
Optional Equipment Coverage
If you decide to customize your motorcycle, you should look into obtaining additional or optional equipment coverage. Most comprehensive and collision insurance coverages will only cover the factory standard parts on your motorcycle.
Consider Augmenting Your Coverage
If you can’t enjoy riding your bike in the winter months, you can still enjoy increased savings with a lay-up insurance policy. There’s no need to fully insure your motorcycle if it’s stored for an extended period of time. With a lay-up insurance policy, all coverage except comprehensive is suspended for a specific period of time.
Summary
Ensuring that you have adequate motorcycle insurance is one of the most important steps to take if you want to be a responsible rider. Don’t wait until it’s too late.
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