A Comprehensive Instruction for Motorcycle Insurance

“Thanks to auto insurance quotes, you’ll find the best insurance for your motorbike. Here’s a guide to understanding motorcycle insurance”

1. Motorcycle insurance requirements

In most countries in the whole world, motorcycle owners are required to buy liability insurance.
In case of causing an accident, you are in need of Liability coverage- almost always required, to pay for others’ injuries or casualties. The lowest amount of liability insurance you must buy for your motorcycle is the same as your state’s car insurance minimum requirements.   Take Florida as a example. Based on your health insurance, they also require you carry a minimum $10,000 in medical benefits.

If you’re sued over an accident, you should buy extra liability beyond your state’s minimum requirements to protect your assets. And in this case, Minimum liability limits could not be enough to pay your legal costs and claims, and creditors could go after some of your assets. Also, you had better check with your insurance company to make sure your bodily injury liability insurance covers passengers. In some countries, you do not need to compensate for passengers because passenger liability coverage to insure them.

In some places, drivers can be required to carry uninsured/underinsured motorist coverage. For those who’s uninsured or who doesn’t have enough insurance and caused an accident, this coverage is to compensate for injuries resulting from the accident. Uninsured/underinsured coverage can include property damage, except for some insurers, you might need to buy it separately. So, check with your agent.

2.  Motorcycle insurance coverage options

Coverage options for motorcycle insurance are similar to the standard ones you’ll find for auto insurance. In addition to liability and uninsured or underinsured motorist coverage, there are some options most insurers offer:
  • Collision: Compensate for damage to your motorcycle, minus your deductible amount. A deductible is the amount you select when you buy your policy that’s deducted from a claim check.
  • Comprehensive: Pays out in case that your motorcycle is stolen or damaged by something but not a collision with another vehicle. Animal collisions are covered. A deductible applies.
  • Medical payments (MedPay): Not available in all states, if you and your passenger are injured in an accident, medical bills will be paid by medical payments coverage. It is not like personal injury protection because lost wages and other costs are not compensated by medical payments coverage. To be clear that no matter how careful you are,  Driving or riding a motorcycle and risks go hand in hand along the way. In case you don’t own health insurance or don’t have sufficient, Medical payments coverage becomes useful.
  • Personal injury protection: Medical bills in general for injuries you, your passengers or pedestrians suffer in an accident regardless of who’s at fault are paid. Though some insurers offer PIP, insurance companies are not allowed to sell the coverage to motorcyclists in some states because of their high rate of accidents. Insurance companies typically offer add-on options, although offering one or more as part of their standard policies.
  • Trip interruption coverage: Pays out for lodging, transportation and food if your motorbike is disabled in a collision far from home, usually defined in your policy as 100 miles or more.
  • Coverage for custom parts, equipment and accessories: In most places, insurers include some custom parts and accessories coverage with comprehensive and collision. However, customizing a bike is part of the lure of owning a motorcycle for many drivers.
  • Transport trailer coverage: valued at up to $7,500, coverage for trailers is offered by many insurance companies offer.
  • Roadside assistance: Includes towing and labor at the site of your  motorbike’s breakdown.

3. Motorcycle insurance lay-up periods

When motorcycles are putted away, lay-up insurance during winter is offered by many insurance companies. In the duration of the lay-up period, you will be covered by insurance against theft and other events occurring while your motorbike is in storage. You can reduce your annual insurance costs thanks to Lay-up coverage, but please remember if you take the motorbike out on the road during the lay-up period, any damage and casualties resulting from an accident are not compensated by insurance.

4. Motorcycle insurance discounts

In insurance companies, discounts are different. The most common ways to get a price break are listed below:
  • Try your best to keep a driving record flawless.
  • Purchase another type of policy from the same insurer, such as auto or homeowners insurance.
  • If you’re a longtime rider ( over 55 years old), you can ask about a mature rider discount.
  • Enroll in a training course for motorcycle.
  • Insure more than one motorcycle with the same insurance company.

5. Insurance for destroyed or stolen motorbikes

The way your motorcycle policy compensate damage and lost in case your motorbike is impaired and stolen is one of the most important thing to consider. Here three types of settlements are:
  • Agreed value: When you bought the policy, Agreed value pays for the amount you and the insurance company agreed on. Another point is that no deductible is taken from a claim check and the amount is fixed. Insurance companies offer holders of custom or classic motorbikes agreed value or stated amount coverage.
  • Stated amount: compensate the amount you chose when buying the policy.
  • Actual cash value: pays for the cash value of what your bike is worth, minus depreciation and your deductible

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