Motorcycle Insurance
Motorcycle insurance protects you from financial loss due to an accident or damage to your motorcycle due to an external cause (such as theft or vandalism). Furthermore, in the United States, it is required by law to have some type of insurance in order to drive a motorcycle on a public road. Requirements vary from state to state.
Whether it's protecting yourself from medical bills due to a potential motorcycle accident, or hedging up against the possibility of someone stealing your bike, or just plain obeying the law, it's always a good idea to have motorcycle insurance. And the more you're covered, the safer you are. At InsuranceNook, we implore you to be extra safety conscious when choosing motorcycle insurance. Better safe than sorry, especially because motorcycles offer you limited protection in an accident compared to a car or SUV.
Why Motorcycle Insurance Is Good For You
Motorcycle insurance is an agreement between you and an insurance company. You agree to pay a premium (which is insurance lingo for “bill”), and the insurance company promises to pay for any damage or losses that happen because of a motorcycle accident or other incident.
Most Common Types of Motorcycle Insurance Coverage
There are several types of motorcycle insurance coverages. You are billed for each type of coverage by your insurance company. While not all are required by law, it is a good idea to weigh how much you can afford and how much insurance you need.
Liability
This coverage pays for other people's vehicles and medical bills when you are at fault in an accident. It does not cover your own medical bills or your own motorcycle. This is generally seen as the bare minimum coverage.
Collision
This coverage protects you from having to pay for damage to your own motorcycle in an accident, even if you are at fault. Usually there is a deductible that you must pay, but your insurance company will pay to repair the rest for damage to your bike. If the accident is not your fault, your motorcycle insurance company might be able to get the other driver's insurance company to pay you back for the deductible that you paid.
Comprehensive
This type of coverage protects you from having to pay if something happens to your motorcycle such as theft, damage caused by something other than an auto accident (such as a falling tree branch, an earthquake or flood, vandalism, rocks chipping your windshield, or animals). This generally has a deductible as well. Comprehensive coverage may not cover custom additions to your bike, such as custom paint jobs or other add-ons. Check with your insurance company about premium motorcycle insurance policies if you have put a lot of special work into your bike.
Uninsured Motorist
This coverage protects you if you are in an accident with someone who does not have insurance, or if you are the victim of a hit-and-run.
5 Common Motorcycle Insurance Questions & Answers
Q. How much should I expect to pay for motorcycle insurance?
A. This depends on several factors, including what state you live in and what types of coverage you buy. One of the best things you can do to save money on motorcycle insurance, however, is getting certified by the DMV or taking training courses from places such as the Motorcycle Safety Foundation. These can lower your premiums significantly.
Q. I live in a cold climate. Do I still have to pay for insurance in the winter when I don't ride my motorcycle?
A. Consider getting a “lay-up” policy. This kind of motorcycle insurance policy allows you to suspend all coverage except comprehensive (for random damage to your bike) during the winter months.
Q. Can I ride without motorcycle insurance?
A. No. Every state requires some form of insurance, and the required coverages vary by state. It is against the law to ride without it, and it is also very unwise because you will have to pay 100% of the damages to you and the other parties involved in an accident, plus you will be fined by the state and possibly even serve jail time. It is absolutely a bad idea to ride a motorcycle without insurance, as you are several times more likely to be injured in an accident and suffer severe financial (not to mention bodily) losses.
Q. Does the kind of motorcycle I ride affect my insurance?
A. Yes. Both the kind of motorcycle and the age of your bike will affect your premium. If you ride a bullet bike you will have a different premium than a cruiser, for example. Older bikes generally have lower insurance, unless their antiques.
Q. How do I find the best price for motorcycle insurance?
A. Your local bike shop may have some good local recommendations. Or apply online here at InsuranceNook to receive free motorcycle insurance quotes from several reliable companies.
Conclusion
Motorcycle insurance is very important for your financial safety, both from damaging your bike and from medical bills that you are likely to incur if you get in an accident. Because motorcycles are much more dangerous than cars, your likelihood of needing to use your insurance is high. Be safe, and make sure you are covered before you go riding anywhere. Oh, and wear a helmet!
InsuranceNook offers free motorcycle insurance quotes from several companies at the click of a mouse. Apply for free quotes for your motorcycle insurance today!