Whether you own a motorcycle for adventure or commercial use, you need to buy its insurance coverage. Taking insurance coverage for your bike means protecting yourself as the motorcycle owner, other road users, and your investment. Therefore, you must strive to get the best insurance coverage for your motorcycle.
There are insurance policies to fit the needs, budget, and lifestyle of different motorcycle owners. There are options for sports bikes, dirt bikes, cruisers, touring, scooters, Enduros, and more. But before you choose your insurance, you should start by understanding why you need full coverage in the first place.
Why Should You Get Motorcycle Insurance?
You should think about getting motorcycle insurance because most auto insurance policies don’t cover all motorcycle claims.
Good motorcycle insurance gives you peace of mind riding on the roads because it protects you against injuries and damages. What’s more, you have the freedom to customize the insurance coverage to meet your specific needs. You can choose to add accessories or roadside assistance and set the coverage limit according to your needs.
You must also understand that other motorcycle coverage policies such as liability insurance are mandatory in every state. They cover you against any injuries and damages you may cause others when you’re at fault.
What’s Covered by Motorcycle Insurance?
When you buy your motorcycle, you don’t want to think of things like theft or damage. But sometimes, things don’t turn out the way you plan or want. Bad luck can strike anytime, and you have to be prepared with good insurance coverage.
Insurance coverages will protect you against risks such as accidents, damages, or theft. These covers can cater for medical bills, property repairs, motorcycle replacement, spare parts, lawsuits, and more.
Here are different types of insurance and what each of them covers.
Collision and Comprehensive Coverage
In the event of a loss or damage to your motorcycle, comprehensive and collision coverage takes care of the costs. The collision policy covers any damages that your motorcycle incurs after an accident. The coverage also includes hit and run accidents.
Comprehensive policy covers the loss to your motorcycle due to theft. It also includes things classified as an ‘Act of God.’ These include damages caused by natural occurrences such as fire, hail, storms, floods, and falling objects.
If you’re a seasonal motorcycle rider, comprehensive coverage will do you so much good. This insurance policy covers your asset even when in the storage room.
Remember, your motorcycle can still get damaged even when you’re not using it. Don’t ever assume the comprehensive coverage.
The Accessories Coverage
Even without accidents and collisions, your motorcycle will still undergo normal wear and tear. If you’re a motorcycle owner, you must already know that none of these accessories come cheap. You need a boost in replacing them whenever they get damaged.
If you have comprehensive and collision coverage, the policy may extend to accessories up to a specific limit. Your motorcycle accessories under this coverage include seats, backrests, saddlebags, CB radios, and chrome pieces.
If you need any extra accessory coverage apart from the ones covered in your insurance policy, you can make an additional purchase for it. The amounts you’ll pay vary from state to state, so you should take time to find out more about it.
Bodily Injury and Property Damage
The roads are full of unpredictable occurrences, and accidents are unavoidable. If you happen to hit other road users and cause damage to their property, your insurance will pay for it. This will include paying for repairs to the other vehicle and medical expenses to the other driver.
This coverage will also cover you if you happen to cause an accident that results in the other person’s death. It will cover additional expenses, including lost wages, suffering, pain, medical expenses, and compensation to dependents in case of death.
This type of insurance is known as liability insurance, and every motorcycle owner should have it. You should purchase liability insurance to pay up the costs of an accident when you’re at fault. This coverage also includes legal defense in cases where the injured person files a lawsuit.
Motorcycle Owner Personal Injury Coverage
As you protect your vehicle and other road users, don’t forget about yourself, your motorcycle passengers, and the pedestrians.
This policy pays for the cost of medical bills due to the accident regardless of who’s at fault. However, it doesn’t work as personal injury protection; hence, it might not cover lost wages or any other cost.
You need this insurance to cover your back against injuries from a motorcycle accident. You should know that there are many risks of riding a motorcycle, and accidents can be fatal. Medical expenses after such accidents can be too much for you, and insurance coverage can come in handy.
One thing you’ll love about this insurance is the speed at which they release the money. The no-fault coverage will not involve a lot of paperwork, and you can get the payment faster than that of liability insurance.
This coverage may be limited in some states, and you should get your insurance provider to explain everything during the quotation process.
Uninsured or Underinsured Motorist Coverage
As a road user, you must also understand that you’re going to come across other drivers and riders with no insurance. Others have the insurance, but their liability insurance may not be enough to cover your vehicle’s damages. You don’t have to chip into your pockets to pay for the extra costs of this insurance.
UM, coverage comes in two different forms.
The bodily injury policy covers the medical expenses after an injury, and the property damage coverage caters to your motorcycle’s repairs. This can also involve coverage for lost wages and other expenses that can arise due to the accident.
Some states require all motorists to have this insurance while it’s not mandatory in other states. Even if this insurance coverage is not mandatory in your state, you should get it for your own personal safety.
Rental and Reimbursement Coverage
What if the only mode of transport you have is your motorcycle? What will happen if it gets damaged after an accident? Well, you’ll need an alternative mode of transportation to cover you as you wait.
Some insurance providers offer rental reimbursement coverage. It will cover you for transportation expenses in eligible circumstances.
Optional Equipment Replacement
Since the accessories coverage doesn’t cover all motorcycle accessories, you’ll need additional coverage for optional equipment. The optional equipment replacement coverage will take care of replacing other equipment not included in the list of accessories coverage.
This coverage will also take care of modifying your bike. It will protect the equipment in your bike that doesn’t meet the factory standards. The manufacturer defines your bike’s equipment standard using the Vehicle Identification Number (VIN).
Roadside Assistance Coverage
Think about the times you’ve been stuck on the road since your motorcycle won’t start. For mechanical and electrical damages that happen unexpectedly, you’ll need urgent help.
What if you don’t have money to pay for the assistance?
Well, you don’t have to worry if you have roadside assistance coverage. This coverage will help with towing services, flat tires, fluid shortage, battery failure, and lockout. You need to make the call, and you’ll be out of the road in no time.
Trip Interruption Coverage
Sometimes your journey might not turn out as you planned. Many factors can interfere with your trip, including bad weather, accident, or sickness. When this happens, you need to find a place to rest or an alternative means of transportation.
Trip interruption insurance covers lodging fees, food, and transportation whenever your trip gets interrupted far from home. Your policy describes this type of insurance as 100 miles distance or more. If you usually make long-distance trips with your motorcycle, you should consider getting this insurance.
Should You Get Full Coverage Motorcycle Insurance?
There are many reasons why you should consider getting full coverage for your motorcycle insurance. As a motorcycle owner, you know how often you use the bike, its value, and the road risks. You should consider all these when deciding on getting full insurance cover for your motorcycle.
If you’re going to use your motorcycle every day and likely to take long trips, you probably need full coverage of the value of your bike. Insurance will ensure your safety and also guarantee that you’ll get back on the road sooner. Shop around for different kinds of motorcycle coverage and choose according to your needs.
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