A Comprehensive Guide on Motorcycle Insurance
You just bought your new motorcycle and some safety gear and feel it is about time you hit the open road. Not so fast, however, because there are more safety options, you still need to consider. While we cannot downplay the importance of safety gear, purchasing motorcycle insurance could protect not only your body but also your finances.
Fortunately, our independent insurance agents are aware of both the joy and risks of riding. Our agents are willing to do all it takes to ensure you have the necessary coverage for your riding.
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Why Buy Motorcycle Insurance?
In many states, the law requires motorcycle riders to have insurance coverage. Besides being a law-abiding citizen, motorcycle insurance can protect you from financial loss, e.g., losing your life savings in the event of an accident that resulted in property damage or personal injuries. It can also cover you against damage from vandalism, theft and even cover the accompanying medical bills.
Arguably, the greatest reason for buying motorcycle insurance is liability coverage. This is what usually comes to mind when most people think about insurance. We can broadly categorize it as:
- Property Damage Liability:
It can cover the costs of replacing or repairing damaged property, e.g., telephone poles, vehicles, and many more. - Bodily Injury Liability:
It can cover medical bills, loss of wages, pain, and suffering of the people you injure or kill during an accident. You may have to pay even if you are not entirely responsible for the accident in some instances.
For additional safety, consider purchasing more coverage than the minimum amount set by your state. Going above the set minimum will help protect a significant portion of your assets in case of an accident. Also, even if you do not have many assets to protect, adequate coverage will ensure that you can still pay your bills after an accident.
What Does Motorcycle Insurance Cover?
Motorcycle insurance is more or less similar to other kinds of vehicle insurance. It benefits the rider, the rider’s bike, and other road users. The six main areas that comprise motorcycle insurance policies include:
- Comprehensive coverage
- Collision coverage
- Property damage coverage
- Bodily injury liability coverage
- Underinsured/uninsured motorist coverage
What Type of Motorcycle Insurance Coverage Should You Purchase?
While some types of coverage are mandatory, others are optional. Below are some common types of coverage you should consider.
- Comprehensive Insurance:
This can compensate you for non-accident related damage to your motorcycle, e.g., theft, animal collisions, vandalism, and storms. - Collision:
Collision coverage can provide compensation to replace or repair your bike if it gets damaged during an accident. Usually, the party that causes the damage does not matter since it could even be a falling tree. However, this coverage excludes animals, but since you will undoubtedly have to buy collision together with comprehensive coverage, you will have protection against animal-related accidents either way. - Liability:
Liability coverage can protect you if you are to blame for injuring other people or causing damage. - Underinsured/uninsured:
This protects you from damage caused by people who are either underinsured or do not carry insurance at all. In most instances, it will cover you up to the limits of your policy.
What Is the Cost of Motorcycle Insurance?
Premiums for motorcycle insurance can vary from a few hundred dollars to over $1000 annually. While the costs vary by company and state, there are other determining factors. Some of these factors include:
- The Type of Bike You Ride:
The year, model, and make of your bike often determine the cost of insurance. Just like cars, new bikes cost more to replace or repair compared to old ones. For instance, high-performance bikes and bikes with big engines may cost more to insure. - Where You Live:
If you live in a state that is conducive for riding all year round, then you will likely pay more compared to people living in states with specific “motorcycle seasons.” This is because people with shorter windows for riding have lower risks of being involved in accidents. - Riding History:
Like car insurance, your history regarding the number of ticket claims and accidents determines your insurance cost. - Experience and Age:
If you have significant experience as a rider, you may enjoy lower rates compared to new riders. Age also factors into experience since young drivers typically pay higher rates. However, if you are a 40-year-old rider with no experience, you will probably pay more for insurance than a 27-year-old with seven years of experience.
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How Can You Save Money on Your Motorcycle Insurance Coverage?
Saving money wherever possible is very important, and buying insurance is no exception. Below are some ways you can save money on your motorcycle insurance.
- Bundle your motorcycle insurance with other policies like your home or car insurance
- Establish good credit
- Invest in a good motorcycle safety course
- Take advantage of discounts from insurance carriers by acquiring a motorcycle endorsement.
Why Should You Bundle Motorcycle Insurance?
While fully controlling the cost of a motorcycle insurance policy is beyond your control, you can take steps to reduce it through bundling. Some insurance carriers can allow you to consolidate your motorcycle insurance with other policies, usually auto policy, to receive a decent discount.
Besides saving you a decent amount of money, bundling your insurance policies in one agency makes everything a lot easier when handling claims.
Comparison Shopping
Quotes for motorcycle insurance for the same bike and coverage can differ from company to company. If it is your first time buying insurance or you feel like you pay too much, you must check various prices. When comparing shopping, make sure you compare prices for the same coverage from companies with good financial strength ratings.
The Bottom Line
There are numerous insurance companies and policy options available. Finding the best, most affordable coverage for your needs is essential. However, buying insurance without expert advice can leave you vulnerable to paying more for less coverage.
We take care of this by making it easy for you to reach an independent insurance agent.
Besides understanding insurance jargon, researching, and picking the best motorcycle insurance policies for you, independent agents can assist you when filing claims. The method of handling and approach towards the claims process strongly affects the outcome of an insurance claim.