If you are new to driving a motorcycle and need to learn the in’s and outs of motorcycle insurance, look no further. Being well versed on motorcycle insurance will help you better understand the insurance matters that impact you the most.
Nearly every state at a minimum will require you to have a policy with motorcycle liability insurance. This will pay for any property damage or bodily injuries for any accident in which you are found to be at fault for or the cause of. The states that do require this will have a set value limit that you need to meet, although most state mandated limited tend to be on the low side, and if you opt for only the minimum you could find yourself paying severely out of pocket should you be the cause of a serious accident, so you should consider purchasing a higher limit policy, especially if you are new to riding a motorcycle.
There are additional types of coverage above and beyond liability insurance, and these include:
Accessory coverage – In the biker world, accessories are very common on bikes, however add-ons are not covered by standard insurance, this type of protection will cover all of you customized parts and add-ons to your motorcycle.
Collision – If your bike is damaged in an accident, this will help pay for the needed repairs to get you back on the road again.
Comprehensive – Covers such things as vandalism to your bike, and other damages which are not the direct result of an accident.
Medical payments – If you are ever injured in an accident, this coverage will help pay for the considerable hospital bills that will result from the injury.
Motorcycle roadside assistance – Should you have the misfortune of breaking down or in an accident that has damaged your bike, this will cover towing and labor expenses.
Personal injury protection (PIP) – Much like medical payment coverage, this coverage tends to be required in “No fault” states. This coverage will also provide payments if you get into an accident that injures you. Some states exclude the requirement for motorcycles to carry this type of insurance, so its best to look up your state insurance laws.
Property damage liability – Covers any damage you and your bike may do to someones property, up to the limit on the policy.
Uninsured motorist – Should someone who is uninsured injure you or cause damage to you, this insurance will help cover the bills and expenses incurred. You would be surprised at the amount of uninsured drivers on the road, so this protection is quite valuable to have. Uninsured drivers tend to be higher risk drivers and cause more accidents than insured drivers.
Not all states offer all of these types of coverage, in fact some states actually prohibit some of these types of coverage for bizarre reasons. Also not every company will offer all of these policy Add-ons so it is best to shop around. The big three coverages to get are comprehensive physical damage insurance, collision insurance and bodily injury liability insurance.
Just like cars, motorcycle insurance can receive discounts for various things. Anti Theft devices for example will reduce your premium. The size of your engine is also a factor, the lower the CC the cheaper the premium will be. If you bundle home and auto insurance together you will also see a discount. The length of time you have been riding a motorcycle also plays a role in how much your premium will be, and the length of time you have driven a car does not apply.