Motorcycle Insurance Overview
If you are new to hitting the highways and byways on your motorized steed or if you are a veteran rider who is looking to update or change your present coverage, you will want to check into the various options available for good motorcycle insurance.
What it is
This kind of coverage is intended to protect riders from personal loss that is the result of liability, injury or damage. In most if not all states, riders are mandated by law to buy a minimum level of liability coverage for their motorcycle. Liability coverage is what pays another party for accident losses for which the motorcycle rider is at fault. For instance, it will compensate for the other driver’s medical costs, vehicle repairs, property damage and more, should the rider be the cause of an accident. This form of coverage will not, however, compensate the insured for his or her own losses.
Types of coverage
Other kinds of coverage are offered that can compensate the insured for expenses. Keep in mind that if you have a loan out for your bike, the lender will require you to buy a more comprehensive policy. This greater coverage can pay for the policyholder’s bike repairs or for a full replacement. Some policy provisions include medical bills compensation and payouts for lost personal property. There are even passenger clauses that allow for the payment of injury expenses suffered by a passenger.
Keep in mind that the minimum coverage mandates that are required by lenders and states will often fall short of what many might prefer. Indeed, some motorcycle riders will prefer to purchase additional coverage for their own benefit. One can easily request policy quotes with different coverage levels along with various deductible amounts in order to get the most protection that one’s budget will allow. (The higher the deductible is, the lower the premiums will be.) It is important to be sure that your deductible is at a level that is affordable so that if the unexpected occurs and you need to utilize your insurance you can actually pay the deductible when it comes time to file a claim. Be sure to always ask about the many potential discounts and credits for which you might qualify. For instance, some providers will give you a discount after successfully completing a rider safety course or if you have no accidents over a certain amount of time.
When it is time to update or purchase a new policy, be sure you understand the many coverage options available and also keep in mind how the deductible and premium work in tandem. Speak with an insurance professional to learn more so as to make the appropriate decision about your policy purchase.