Choosing the right insurance policy is much like choosing the right bike. You want it to fit your needs and lifestyle, but at the same time be within your budget. Although most states require you to carry a minimum amount of liability coverage, other types of coverage are usually optional. Always ask your agent about which laws apply in your state. The key to finding the right coverage requires you to learn the facts about all the options available to you: Bodily Injury & Property Damage Liability (BI/PD) – BI/PD covers you if you’re at fault for an accident that injures another person or damages someone’s property, up to the limits you select. It doesn't cover you or your motorcycle. Find out if your coverage includes Guest Passenger Liability, which provides protection in the event that a passenger is injured on the motorcycle. Whether or not this is included depends on the laws of your state and the company issuing the policy. Uninsured/Underinsured Motorist (UM/UIM) - When the person at fault for an accident doesn’t have insurance or doesn’t have enough insurance, UM/UIM will cover your injuries and damages that the at-fault party is legally liable for, such as medical treatment and lost wages. Uninsured Motorist coverage pays for medical treatment, lost wages and other damages if a driver who has no insurance hits you. If your uninsured motorist coverage includes property damage, then your motorcycle would also be covered under the same circumstances. Check with your insurance professional to see if property damage is included or needs to be purchased separately. Underinsured Motorist coverage is similar to Uninsured Motorist coverage, except it applies when the other party has lower coverage limits than you do and damages exceed the other party's limits. Comprehensive & Collision – This motorcycle insurance coverage pays to repair or replace your motorcycle if it’s stolen or damaged in an accident, regardless of who is at fault. For each coverage, you select a deductible that you pay out of pocket. The insurance company pays for the remaining damage. Comprehensive coverage pays for damages caused by an event other than a collision, such as fire, theft or vandalism. However, just like collision coverage, your insurance company will pay for damages, minus your deductible, and cover only the book value of the motorcycle. Collision coverage is for damage to your motorcycle if you are involved in an accident. Your insurance company pays for damages, minus your deductible, caused when you collide with another vehicle or object. Collision insurance usually covers the book value of the motorcycle before the loss occurred. Keep in mind, most coverage for Comprehensive and Collision will only cover the factory standard parts on your bike. If you decide to add on any additional optional accessories such as chrome parts, a custom paint job, trailers or sidecars, you need to look into obtaining additional equipment coverage.
Medical Payments (not required in all states) – MedPay covers the cost of any necessary medical care you receive as the result of a motorcycle accident and can be used regardless of who is at fault. MedPay often is limited to medical treatment received within the first three years after an accident and is limited to a specific dollar amount. In some states, MedPay only applies after other medical insurance is exhausted. In many states you may choose your own Medical Payments Coverage limit. Roadside Assistance – If your motorcycle breaks down, Roadside Assistance will pay to tow it to the nearest qualified repair facility. Roadside Assistance also covers the necessary labor costs at the place of breakdown when your motorcycle or off-road vehicle is disabled due to any of the following:
We know how important it is to choose the right motorcycle insurance. With so many motorcycle insurance policies to look at, we provide the information you need to make the best decision. Motorcycle insurance coverage protects many types of bikes and ATVs, including Cruisers, Limited Production Cruisers, Street Sports, High Performance, Touring, Sport Touring, Mopeds, Scooters, and Trikes. We even offer motorcycle insurance for older bike models. Ask us how to get the motorcycle insurance coverage you need today!
NOTE: Portions of the above information have been graciously provided by The Insurance Institute. |
