Motorcycle insurance is designed specifically to protect you and your motorcycle, which is what anyone would want. It is also required, by law, in all 50 states. With the advent of the internet, shopping for insurance has never been easier. You can get multiple quotes, from multiple providers, with just a click of the mouse.
The cost of a motorcycle insurance policy depends on many factors. Some of these include:
- Style of motorcycle
- Marital status
- Credit score
- Number of miles ridden per year
- Driving record
It will also depend on what type of policy you’re wanting. A bare minimum liability policy will cover damages and injuries caused to others if you are at fault in an accident. Sometimes that is not enough.
If you are financing a bike, you will probably be required to have a comprehensive/collision policy. This will cover loss or damage in the event of theft, vandalism, collision, and injuries to yourself and a passenger. Even if you own the bike outright, coverage of this type is a good idea. Bikes are common targets for thieves. You don’t want to have to cover the replacement cost all by yourself in the event of theft.
Liability policies do not protect you if you are injured in an accident that is your fault. Personal injury coverage could be vital if you are hurt in an accident.
You can save money by taking a riding course like a Motorcycle Safety Foundation or Military Safety Course. Members of the Harley Owners Group (HOG) or the American Motorcyclist Association (AMA) are frequently offered discounts as well.
If you already have automobile insurance, check with your agent. You could also save money by bundling the two policies together.
Getting caught without coverage could result in a fine or even suspension of your license. But the costs can go much deeper. If you are at fault in an accident resulting in property damage or injury to another party, you are financially responsible for paying those damages. That is where the true value of an insurance policy is realized.
Without proper coverage, you could be sued for the damages to the other party’s property, or the injuries to another party or your passenger. These lawsuits could result in the seizure of you home or other assets for compensation.
Two key areas that many cyclists often under-insure themselves is uninsured motorist and medical liability coverage. Don’t assume that just because it is the law that every motorist carries liability insurance that everyone does. Many drivers have no insurance.
Also, since motorcycles offer little or no protection in the event of an accident, the resulting injuries to a rider can be quite extensive. Even if the motorist at fault has a minimum liability policy, this is often not going to be enough to cover all of the medical expenses incurred in a motorcycle accident.
Don’t sell yourself short. Be sure that you are protected. Discuss all of your options and recommendations with your insurance agent.