Motorcycles are a popular mode of transportation today particularly with the rising cost of fuel. If you own a motorcycle, you’ll want to have insurance on it even if you only use it seasonally. Below is an overview of motorcycle policies.
What it Is
Motorcycle insurance, also called bike insurance, provides coverage on both you and your bike in case you and/or your bike are involved in an accident. It also provides coverage if the bike is damaged in some other manner.
Who It’s For
Because all states require auto insurance for individuals who drive motorized vehicles, motorcycle insurance is for any individual that owns and operates a motorcycle on the open road. While bike owners aren’t required to carry full coverage, they must carry at least the minimum amount of liability insurance that’s required in the state in which the owner lives.
How it Works
Bike insurance, much like automobile insurance, has different types of coverages. You pay the insurance company a premium, and they provide insurance coverage on the bike, you, and anyone you let ride the motorcycle. Your premium amount is determined for factors. Most bike insurance policies have a deductible that you must pay before the insurance will kick in.
Different Types of Coverage in Existence
You’ll generally find the following types of coverages offered with your bike policy.
• Collision – This will pay for damages to the bike that occur when you hit or “collide” into someone or something.
• Comprehensive – This will pay for damages to the bike that occur in other ways, such as deer damage, storm damage or any non-collision occurrence.
• Uninsured /underinsured motorists – This will pay for damages occurring to you by someone else who either doesn’t have insurance or has an insufficient amount.
• Bodily Injury/ Property Damage Liability – This will protect you if someone injured in an accident sues you, and you were at fault.
• Medical payments – This will pay medical bills from a bike-related accident regardless of who was at fault
Bike insurance is beneficial because your machine is covered from almost any peril. You’ll also have the assurance of knowing you’re covered in the unfortunate event that you’re sued.