Your Guide to Understanding Motorcycle Insurance
All motorcyclists in the United States are required to carry motorcycle insurance to legally operate their bikes on public roadways. If riders are caught operating their bikes without insurance, they can lose their driving privilege and be fined. In the worst case scenario, riders may face civil lawsuits if they cause property damage or injuries. This is why purchasing an adequate amount of motorcycle insurance is so important. But if you have never owned a motorcycle or you are not familiar with coverage options, comparing policies and choosing the appropriate limits of cover can be a frustrating and time-consuming task. Read on to find out what types of cover are available, how to choose the appropriate limits, and how to save money on your insurance policy.
Building the Right Insurance Policy
Before you start to compare insurance policies, you need to understand what you are purchasing. There is no denying just how dangerous it can be to ride a motorcycle. After all, riders are not protected by metal that is designed to lower the affects of an impact. This is why riders should always take time to learn how to ride safely. In addition to learning safety skills, cyclists should have the right insurance coverage. Here are some of the main coverage options included in a comprehensive insurance policy:
Coverage Options and Descriptions
- Liability coverage: Liability insurance is made up of Bodily Injury coverage and Property Damage coverage. In most states, liability is the only coverage that is required by the state. The coverage will pay for injuries and property damage if you are liable for an accident up to the limits you have chosen on your policy. In no way will liability coverage pay for you to recover from an accident.
- Uninsured Motorist: If you are hit by a driver who does not carry liability insurance, uninsured motorist protection will pay to compensate you for your injuries. It may also pay up to a specified limit to repair your bike. Uninsured Motorist is generally an optional coverage.
- Medical Payments: Everyone knows that it is much easier to get injured on a bike than it is to get injured in a car. If you do not have medical insurance or you have copayments, you should consider carrying medical payments coverage. This optional coverage will pay up to a specified limit per person for your medical bills and the medical bills of a passenger riding on your bike. The coverage will pay regardless of who is at fault for the accident.
- Physical Damage: Physical Damage coverage consists of comprehensive and collision. These coverages will pay to repair your bike when it is damaged because of a covered loss. Comprehensive covers common losses from fire, theft and vandalism. Collision will pay when the damage is a result of an accident or vehicle movement.
- Customization: Many bike owners take pride in their bikes. They will customize the vehicle, add accessories, and install aftermarket parts. If you want additional coverage for customization, this must be built into your policy.
How Can You Save Money Off of Your Motorcycle Insurance?
Rates will vary based on your driving record, your geographical location, and the engine displacement of the bike you own. If you want to save money, review these tips on how to keep your premiums low without compromising your protection:
- Tell your agent if you have a disabling alarm system.
- Take approved driver training courses.
- Tell your insurer how long you have had a motorcycle license to receive an experience credit.
- Never overestimate how many miles you drive your bike each year.
- Consider buying a bike with a lower engine displacement for lower rates.
Take time to compare several different policies. Make sure you look at more than just price when buying your policy. If you build a policy that fits your budget and offers adequate protection, you will feel better every time you take a joyride.