What is motorcycle insurance?
Motorcycle insurance is an insurance policy that provides protection against accidental damage or loss to motorcycles, as well as protection against legal liabilities to other parties. A Motorcycle policy encompasses superbikes, cruisers, ATVs, scooters, mopeds, golf carts and touring motorcycles. Motorcycle insurance protects the motorcycle and its owner in the event of any loss.
Reasons for motorcycle insurance
Motorcycling is extremely dangerous because the users are always in open-air, and, therefore, vulnerable to more risks. Safety is crucial when riding motorcycles because it is widely known that motorcyclists face a higher risk of being involved in a crash compared to drivers of standard cars. Therefore, it is crucial to have a motorcycle policy because a rider may not know what may happen at any given time. Having a motorcycle insurance ensures that the rider receives financial protection in the event of a loss. Due to the high risk of motorcycles, motorcycle insurance is compulsory in the USA and several other countries; one must obtain a motorcycle policy in order to be allowed to drive legally. The minimum requirement in most states is for a motorcycle owner to have at least a basic liability insurance for the motorcycle. However, the motorcycle owners can purchase other coverage if necessary.
Types of coverage for motorcycle insurance
Motorcycle insurance has the typical coverage and can have some specialized coverage depending on the needs of the rider. These include:
- Collision: in case a motorcycle owner feels liability insurance is not enough, the owner can add collision insurance, which means compensation in case of a collision even if it is the owners fault
- Medical pay
- Bodily injury and property damage liability
- Comprehensive: This cover protects the motorcycle owner as well as the motorcycle from non-accident perils that include vandalism, theft, or fire
- Uninsured coverage: This covers the motorcycle in case it is involved in an accident resulting from another driver and the driver is inadequately insured or has no insurance.
- Specialized coverages
- Besides the standard coverage, insurance companies often offer some specialized coverage. These coverages can be of great help in case of loss. Some specialized coverages include:
- Trip Interruption: In case, a rider is 200 miles away from home, and the motorcycle breaks down, trip interruption kicks in to provide cover. Trip interruption covers food, lodging and alternative transportation while the motorcycle is under repair
- Total loss replacement: This is when the motorcycle is insured for the actual cash value or agreed value in case of a loss
- Roadside assistance: covers towing for motorcycles that have broken down
- Transport trailer coverage: This coverage covers the trailer that is used in transporting a motorcycle.
- Accessory coverage: This coverage is important for motorcycle lovers who accessorize their motorcycles. A standard policy can be between $1000-3000 of coverage, but with the high price for accessories, the range may be higher.
Obtaining motorcycle insurance
Since motorcycle insurance is compulsory, it is better for motorcycle owners to take time and fully understand what they are buying. Motorcycle owners should get their motorcycle insurance in place before riding their motorcycles. In case of any accident, the motorcycle owner should know what to expect from the motorcycle insurance policy. The motorcycle owner will have a peace of mind to ride in the open road when he/she has obtained the proper insurance. Most insurance companies allow the motorcycle owner to choose the type and amount of coverage that best suits their needs. However, what is most important is looking at the quotes provided as well as the coverage offered and matching them with personal demands. The motorcycle owner can also take into consideration the style, age, and mode.