Getting motorcycle insurance is something every rider needs to do before they start driving their bike out on the open road, and among other vehicles. Whether you ride a motorcycle for the thrill and adventure or simply for your method of transportation, there are septic risk exposures that come with driving a motorcycle. Just as people insure their cars, the same goes for motorcycles if you want to protect yourself, your passengers, and your investment. Often motorcycle insurance is offered as an endorsement or addition to an auto policy. Likewise, note that coverage availability and details will vary by location. It is wise to find the best insurance for your bike. To do so, you must understand how this coverage works. Here are the key points to know before purchasing your motorcycle coverage.
The Mandates Associated with Motorcycle Coverage
Most states state that motorcycle owners must buy liability to cover others’ injuries or damages if they cause an accident. The lowest liability insurance required for a motorcycle is the same as the state’s car insurance minimum requirements. Sometimes a minimum in medical benefits is also required, which may be through your health insurance. Alternatively, is wise to consider purchasing more liability beyond state minimum requirements to protect your assets if someone sues you after an accident.
The minimum limits are often not enough to cover the legal costs and claims. Also, the goal is to avoid creditors going after your assets. Speak with your insurer about bodily injury liability insurance. Are your passengers covered, or do you need passenger liability coverage to insure them. Uninsured/underinsured motorist coverage is another typical requirement to cover injuries resulting from an accident caused by a driver with inadequate coverage. However, this protection may include property damage.
Know your Motorcycle Insurance Coverage Options
Coverage options for motorcycle insurance are relatively standard comparing it to auto insurance. Plus, on top of liability and uninsured/underinsured motorist coverage, you can often find these options available:
Collision
It covers the damages to your motorcycle after an accident.
Comprehensive
It covers the replacement or repairs for a stolen or damaged motorcycle.
Medical Payments
Covers all medical bills if you or your passenger suffer an injury in an accident. (Very handy if you have insufficient health insurance).
Personal Injury Protection
Covers medical bills for injuries you, your passenger, or any pedestrians sustain in an accident regardless of fault.
Trip Interruption Coverage
It takes care of lodging, transportation, and food if you suffer an accident on your bike away from home (details specified in the policy)
Custom Parts and Accessories Coverage
Although you might have a minimum in your comprehensive and collision insurance, additional accessories coverage options are available.
Transport Trailer Coverage
It is common to see coverage for trailers valued at up to $7,500.
Roadside Assistance
Includes towing and labor at the breakdown site
Understand the Motorcycle Insurance Lay-up Periods
Lay-up insurance is often offered during winter when many drivers put their motorcycles in storage. During this off-season, insurance can still cover theft and other events that may occur while the bike is out of commission. The lay-up period coverage saves on your annual insurance premiums. However, an accident during the lay-up period does not protect you.
Check if You Qualify for Motorcycle Insurance Discounts
There are ways to save money. Consequently, you can bundle different insurance policies through the same insurance. You want to make sure you keep a good driving record. Additionally, cover multiple motorcycles with the same insurer. You can also complete a motorcycle rider training course. Then, you could join a motorcycle riders organization. Be sure to ask about a mature rider discount if you are a longtime rider. Moreover, see if there are any benefits your great driving record can give you.
Consider your Bike’s Value
To understand your motorcycle policy, you must first know how it will pay if someone destroys or steals your bike. The three types of settlements include:
Actual Cash Value
It covers the cash value of the bike (minus the depreciation and your deductible)
Stated Amount
It covers the amount you chose when you purchased the policy.
Agreed Value
It covers the agreed-upon amount when you purchased the policy. The amount remains fixed without deductibles taken from a claim check.
About Sine Insurance
At Sine Insurance Group, we are dedicated to providing you with custom-tailored insurance policies to protect your assets. Our comprehensive packages have been expertly crafted to serve St. Louis and the surrounding areas for the past 25 years. For more information about our products, contact us today at (855) 700-0889.