Why You Need Motorcycle Insurance
If you own a motorcycle, you need a motorcycle insurance policy. Motorcycle insurance is different from car insurance. The main reason for this is that motorcycles are typically more expensive to repair than cars. For example, if you hit another car with your motorcycle and it's totaled, you'll have to pay for the damage even if it wasn't your fault. This is because motorcycles are more likely to be stolen than cars.
Another reason why you need motorcycle insurance is because of the size of the vehicle itself. It's bigger than cars and therefore harder to maneuver in traffic and on the roadways. This makes it more dangerous for everyone involved if something were to happen on one of these vehicles.
Motorcycle insurance is a must-have for anyone who rides a motorcycle. Motorcycle insurance covers you if you're involved in an accident, but it also provides coverage for your bike in case of theft or damage.
Motorcycle insurance can be confusing because there are so many options out there. To help you decide which type of coverage is right for you, here's an overview of the three main types:
Personal injury protection (PIP) – This type of coverage pays for medical bills and lost wages if you're injured in an accident. It also provides up to $10,000 for other damages such as property damage and rental car expenses.
Collision – If your bike collides with another vehicle or object, this type of coverage will replace or repair your bike and pay for related costs like parts and labor.
Bodily injury (BI) – BI pays out when you're injured in an accident, but it doesn't cover property damage or medical expenses. Motorcycle insurance is a must for any rider. The cost of an accident can be high, and the coverage you’re getting in your motorcycle policy may not be enough to cover the cost of an injury or damage to your bike.
Motorcycle insurance is designed to protect you financially if you have an accident while riding. It also offers financial protection in the event that your bike is stolen or damaged by fire. There are different types of coverage available when purchasing motorcycle insurance, including:
Collision coverage – This type of policy pays out if your bike collides with another vehicle or object, such as a tree or signpost.
Comprehensive/building damage – This type of policy pays out for damage caused by fire or theft, such as broken glass and stolen parts.
Personal injury protection – This type of policy covers medical expenses for injuries sustained in an accident and lost wages for time off work due to an accident.
What Types of Motorcycle Insurance Are There?
The types of motorcycle insurance coverage you need depend on your needs, budget, and personal preferences.
Standard Motorcycle Insurance
Standard motorcycle insurance policies offer primary coverage for bodily injury to others and property damage, as well as collision coverage.
Collision Coverage
Collision coverage pays for the repair costs of your bike if it is damaged in an accident with another vehicle. The policy also pays out if you're injured while riding and have no collision coverage.
Bodily Injury/Property Damage Liability Coverage
This type of liability coverage pays for damages caused by you or other people on your bike to another person or property. It also provides financial help if you're injured in an accident and don't have enough insurance to cover all medical expenses.
Some policies may include uninsured/underinsured motorist (UM) coverage, which protects against injuries from accidents caused by uninsured drivers or drivers who don't have enough insurance to cover all damages. Motorcycle insurance is a good idea for any rider, but it's especially important for older riders and those who plan to ride on the road.
Here's what you need to know about motorcycle insurance options:
Basic coverage
The most common type of motorcycle insurance is called minimum liability insurance. This type of policy covers all bodily injury or property damage to a third party in the event of an accident with your bike.
Collision coverage
Collision coverage pays to repair or replace your motorcycle after an accident, regardless of who was at fault. It also pays for other damages, such as loss of use and travel expenses associated with getting your bike fixed or replaced.
Liability coverage
Liability insurance protects you from financial responsibility in the event of an accident involving someone else's negligence or fault. For example, if another driver hits your bike while they're texting behind the wheel and causes an accident, liability coverage would pay for any damage they caused while driving responsibly.
Motorcycle Insurance
Motorcycle insurance is a specialized type of coverage that can be tailored to meet the needs of riders who want to protect their bikes, or who are interested in exploring the world of motorcycling.
The main types of coverage you’ll buy as a motorcyclist include:
Bodily injury liability: This pays for your medical expenses if you’re injured in an accident.
Property damage liability: This pays for damage to other people’s property in an accident, up to the limits of your policy.
Uninsured/underinsured motorists coverage: If someone hits your vehicle and doesn’t have enough insurance to cover it, this type of coverage will help pay for your repairs and medical bills. Motorcycle insurance is an important part of a motorcycle rider's financial plan.
Motorcycle insurance covers many risks that can happen to you as a motorcyclist, including:
Crashes and collisions with cars, trucks, or other vehicles.
Burglary and theft from your bike.
Personal injury protection (PIP) benefits for injuries you sustain in a crash.
Medical payments coverage for medical bills related to your crash.
A comprehensive policy also provides coverage for loss of income if your motorcycle is stolen or damaged while under your control (not while parked).
It's smart to research bike insurance policies and make sure you have adequate coverage.
It's smart to research bike insurance policies and make sure you have adequate coverage. No one wants to be stuck paying for repairs when they're in an accident, but not having enough coverage can be a real problem.
The National Highway Traffic Safety Administration (NHTSA) says that more than 20 percent of all bicyclists involved in crashes are uninsured. That means that if you're injured in an accident and you don't have enough insurance on your bike, you could end up facing significant out-of-pocket costs.
When it comes to choosing the right type of bike insurance policy, there are three basic types: liability, collision, and comprehensive coverage.
Liability Coverage
This type of coverage protects you against bodily injury and property damage caused by another person or entity. Liability coverage is necessary if you own a vehicle that carries passengers, such as a motorcycle or passenger car. If someone causes an accident with your vehicle, this type of coverage would protect you from any financial losses that may arise from the incident.
Depending on your state, you might be able to get motorcycle insurance that covers your medical bills.
If you're a motorcyclist, it's important to be prepared for the unexpected. That's why it's important to know the different types of insurance available and how they work.
The right policy can help protect you in emergency situations, like if you're injured while riding your motorcycle.
Types of Motorcycle Insurance
Depending on your state, you might be able to get motorcycle insurance that covers your medical bills. This type of coverage is called medical expenses coverage, or MedPay. It's typically available in addition to comprehensive and collision coverage.
Medical expenses coverage is an optional type of insurance that helps pay for emergency medical care after an accident or personal injury. If you don't have MedPay and are injured as a result of another driver's negligence, your medical expenses will likely be covered by MedPay.
If you're a biker, you're likely familiar with the feeling of riding without coverage. You know what it's like to be in an accident and not be able to pay for your medical bills. But even if you can't ride without insurance, there are still ways to protect yourself from financial ruin.
Depending on your state, you might be able to get motorcycle insurance that covers your medical bills. If you live in one of the 31 states that require motorcycle insurance, this type of coverage will help protect you if you get into an accident and need medical care.
However, even if you don't live in one of these states and aren't required to have liability coverage on your bike, there are other types of motorcycle insurance available that can help protect you from accidents and injuries caused by others or by yourself while riding erratically.
Collision coverage pays for repairs if you hit something in traffic or cause an accident with another vehicle or object. Your collision deductible is how much you pay before your insurance company starts paying claims.
You can choose from two levels of collision coverage: full and primary (also called “uninsured/underinsured”). Full coverage pays for all repairs, whereas primary covers only damage caused by another vehicle or object (such as hitting a wall).
How much does bike insurance cost?
The cost of bike insurance varies by state. In California, for example, you can expect to pay anywhere between $25 and $60 a year for basic coverage. If you're planning on riding in an urban area or through a dangerous neighborhood, you may want to spend more than that.
The type of coverage you choose will also affect your costs. A good rule of thumb is to choose the minimum amount of coverage that will cover your bike and its parts adequately.
Most companies offer theft protection and liability coverage in addition to collision coverage — these are generally the most expensive options — but if you don't have any other claims to make on your policy, it's worth it to get these added features.
The cost of bike insurance can vary dramatically depending on the type of coverage you select, your age and gender, and the value of your bike.
The following table outlines some of the most common types of coverage and their costs.
Type of Coverage Price Annual Premium Value for Bike Up to $50,000 $300 $50,000-$100,000 $450 $100,000-$200,000 $600 $200,000-$500,000 $1,250 Over 500K $2,500
The cost of bike insurance varies based on:
Your age. Younger riders are typically charged less in premiums than older riders because they are less likely to file claims.
Your gender. Women tend to be charged less in premiums than men because they are less likely to ride bikes or be hit by cars than men are. (This is called the "gender gap.") If you're a woman who's had a lapse in coverage (meaning you've been without a policy for at least 30 days), it's possible that your premium will go up significantly when you get back on board with an insurer.
Conclusion:
It's up to you to determine which type makes the most sense for your particular situation, but hopefully, the information in this guide will help you make a well-informed decision in the end.
Since a bicycle is considered personal property, the level of coverage you choose for your bicycle insurance should be based on your budget and the risks associated with riding a bike.
If you're covered for comprehensive and collision, theft coverage will typically be included. However, if you're riding in a shared space like a city street with pedestrians or moving vehicles, something like liability coverage may also help protect against accidents caused by someone else's negligence or fault.
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