Motorcycle insurance, without a doubt, is a must-have and also mostly compulsory by law. But more than compulsion by law, it gives you peace of mind so that you can ride with peace. And to ensure this peace of mind, you need to take care that your coverage fits your needs and yet doesn’t make you go broke. Thus, in this article, we will tell you all you need to know about motorcycle insurance.
So, let’s get started!
What Is Motorcycle Insurance?
A motorcycle insurance policy works much like an automobile insurance policy. It has mandatory liability protection by laws of most states and has similar coverages. And there are many additional coverages too that are designed to meet the needs of motorcycle owners.
Bikes come in various types. Thus, here is a list of bike types that a motorcycle insurance policy can cover:
- Sport Bikes
- Custom Bikes
- Touring Bikes
- Dirt Bikes, etc.
With such a wide range, you can rest assured that whatever may be your favorite ride, your policy can cover it. So, let’s see what type of coverages does it provide?
What Does Motorcycle Insurance Cover?
A good policy can cover everything from the medical bills of your wounds to your expensive seat to the medical bills of the person you crashed into.
The available coverage can be extensive. Thus, you need to know which ones you would need. One should never forget one thing while purchasing insurance; the coverage should not be so vast that you go broke paying premiums and not so small that it does not cover you in the time of need.
So, here is a list of coverages to get an understanding of which ones you would need and which ones not.
#1: Bodily Injury Liability coverage
Bodily injury liability coverage prepares you for the worst case. What if you bump into another vehicle or person? The person might get killed or be injured! They might even sue you for their losses.
We might not be prepared for such huge expenses and hence the need for liability coverage. This coverage pays the medical bills of the person/s of the other party who got hurt in the accident. And if they decide to sue you, liability coverage also pays for the legal proceedings.
#2: Property Damage Liability Coverage
Say you were driving your bike, and you bumped into another bike driving at full speed. Now the other person is not only hurt but his bike must have also been damaged. Property damage liability coverage pays for the damage of the property, like the bike that you accidentally bumped into. This coverage will also pay for the legal defense in case of a lawsuit.
#3: Personal Injury Protection Coverage
So far, we have seen protection for others. But what about ourselves? If you or your passengers are injured, personal injury protection coverage provides you financial assistance for the treatment.
#4: Collision Coverage
Similarly, if our vehicle is damaged in an accident, collision coverage provides financial assistance for the bike’s repair.
#5: Comprehensive Physical Damage Coverage
Until now, we have seen the case where a collision takes place. But other factors like theft, vandalism, or fire can also potentially damage your vehicle. And comprehensive coverage protects you in such scenarios.
#6: Accessories Coverage
While you might be having collision and comprehensive coverage, accessories coverage is required if you have unique or expensive accessories. The term accessories include coverage for seats, saddlebags, CB radios, Backrests, Chrome Pieces, etc. It even includes helmets!
#7: Towing & Labor
Towing and labor coverage are a blessing if you need towing or jump start services.
#8: Uninsured Or Underinsured Motorist Coverage
Let’s keep aside all the above scenarios. If somebody bumps into you, it is his fault and does not even have liability coverage. What would you do? Luckily, there is uninsured or underinsured motorist coverage. It covers you in such a case.
What Does Motorcycle Insurance Costs And Factors That Affect It?
Many companies offer motorcycle insurance, and different people opt for different coverages of differing limits. However, you can get an affordable premium; you only need to shop around.
Below are a few factors that affect policy premiums:
- The type the bike you own. Whether your bike is a dirt bike or a custom motorcycle, etc.
- How old your motorcycle is. Older bikes tend to cost more.
- How much do you ride? Yes, this is also an essential factor.
- How and where do you keep your motorcycle.
- Lastly, your profile. How old you are, where you live, and how good is your driving record.
Can I Get Discounts On Motorcycle Insurance Premiums?
Yes, of course, you can! Insurance companies offer discounts on premiums due to various reasons. And you can avail a discount too if you qualify for any of those. Some of them are:
- If you have been through a training course like Motorcycle Safety Foundation (MSF) rider course, you might get a discount. This is especially a good idea if you are under 25 or have already had an accident.
- If you belong to any motorcycle association or club, you might unlock an organization member discount.
- Then there are multi-bike discounts. If you have many bikes and insure your following bikes from the same company as previous ones, you might qualify for a discount. Also, if you have homeowners’ or automobile insurance from a company and you take a motorcycle policy from there. Again you can avail a discount.
- If you are an experienced rider, then you can unlock a mature rider discount.
- Say you live in the northern US, and your bike is not in use during winters. Then you can save under the lay-up policy. Under this policy, all coverages except comprehensive are put to a halt. This results in loads of savings.
In A Nutshell…
Motorcycle insurance is a must-have. And with so many insurance companies offering deals, discounts, and customized coverages, you sure can strike a great deal, a deal that provides optimum coverage and is easy on your pocket too. With a good policy, you can have peace of mind and enjoy your ride as you must.