Motorcycle insurance is generally an excellent idea for those who ride their motorcycles regularly. Even if you only ride on the weekends or when the weather is nice, insurance is an absolute must in order to protect you and your bike from damages. Other types of coverage also protect you in the event you are held at-fault for an accident.
When you ride a motorcycle, you’re not shielded from the road and surrounding environment as you are in a traditional vehicle. There’s much more risk of injury, simply because you’re exposed to the outside, you’re moving at high speeds and you’re only riding on two wheels. Remember also that your existing auto insurance policy does not cover your motorcycle, which is why you need to purchase a separate policy.
Types of Coverage
There are three major types of motorcycle insurance coverage – liability, collision and comprehensive. Liability coverage protects you in the event you are held at fault for an accident. This type of insurance covers you financially for bodily injury to another person (for instance, it might pay for their medical bills), or damage to another person’s property.
Collision insurance pays for damage caused to your bike from an accident, whether or not it was your fault, minus your deductible. So if you get into an accident and your bike sustains $1400 in damages, and your deductible is $500, then you’re responsible for the first $500, and your insurance company pays for the remainder of the repairs.
Comprehensive coverage pays for damages sustained to your bike that is not related to collision situations. This usually includes situations like theft, weather damage, or vandalism. If you’ve financed a loan for your bike, this coverage is typically mandatory.
The primary benefit for obtaining motorcycle coverage is safety. It protects you and your bike from unexpected events that no one can predict. Most of the time, day to day, you won’t think about having it, but when you do need it, you’ll be glad it’s there. Liability coverage, especially, is important, because if you accidentally cause a collision or injury, it won’t drain your finances because your insurance policy will be there to cover you.