For many motorcycle owners, purchasing a motorcycle is the result of months of saving to fulfill their dreams or possibly their only means of transportation during the warm months of the year. Whatever the circumstance may be, now that they have their motorcycle, it only makes sense that they purchase some good motorcycle insurance to protect their investment.
What it Is
A motorcycle or bike policy is a type of insurance that covers damage to your bike if it’s in an accident or provides you with liability insurance in case you’re sued because of an accident where you were at fault and are being sued.
Who It’s For
Motorcycle policies are for anyone who owns or operates a motorcycle on public roads. Having motorcycle insurance is not only a smart choice but also a requirement since all the states require those who drive motorized vehicles (cars, trucks and motorcycles) to purchase at least the state-required minimum amounts of liability insurance. While motorcycles and cars may be different vehicles, the legal requirements for insurance are the same.
How it Works
Much like auto insurance policies, motorcycle policies offer different types of coverage. In exchange for a premium you pay, the insurance company provides insurance coverage on your bike. In colder climates where motorcycles are a seasonal means of transportation, you may pay just one premium for the warm months.
Your premium is based on factors like age, gender, marital status, driving record, etc. If you do have a claim, you’ll have to pay a deductible, which is the amount you must pay before the insurance company kicks in the balance.
Different Types of Coverage
Motorcycle policies usually offer the following coverages.
• Medical payments
• Bodily Injury and Property Damage Liability
• Uninsured or underinsured motorists
Motorcycle owners may also have the option of purchasing additional coverage for towing/rental, roadside assistance, and custom parts and equipment.
The major benefit of carrying an insurance policy on your bike, other than the legal aspect, is that your prized possession will be covered in case of an accident, and you’ll be covered in a possible lawsuit.