Motorcycle insurance, similar to auto insurance, can help protect you and your investment in the event of an accident or loss. Securing the right coverage can help you achieve peace of mind while you’re enjoying the open road. Read on to learn more about the different types of motorcycle policies and how they may be right for you.
Collision Insurance Coverage
Collision insurance may cover damage, minus your deductible, to your motorcycle if you are involved in an accident. Keep in mind, collision insurance typically covers the book value of the motorcycle before the loss occurred.
Comprehensive Insurance Coverage
Comprehensive coverage pays for damages caused by an event other than a collision, such as fire, theft or vandalism. However, just like collision insurance coverage, your policy may pay for damages, minus your deductible, and may cover only the book value of the motorcycle.
Uninsured/Underinsured Motorist Coverage
Uninsured/underinsured motorist insurance may cover damages to you and your property caused by another driver who either is uninsured or underinsured to cover your damages. This coverage typically pays for medical treatment, lost wages and other damages.
Liability Insurance Coverage
Required by most states, liability insurance may cover bodily injury and property damage that you may cause to other people involved in an accident.
- Bodily injury liability - typically covers the other driver or your passenger’s expenses such as medical bills, lost wages, and pain and suffering.
- Property damage liability - typically covers the expense of repairing damage to others’ property (vehicles, homes, fences, etc.).
Optional Equipment Coverage
If you decide to customize your motorcycle, it may beneficial to look into obtaining additional or optional equipment coverage. Most comprehensive and collision insurance coverages only cover the factory standard parts on your motorcycle.
Ways to Save
If you can’t enjoy riding your bike in the winter months, you can still enjoy increased savings with a lay-up insurance policy. There may not be a need to fully insure your motorcycle if it’s stored for an extended period of time. With a lay-up insurance policy, all coverage except comprehensive is suspended for a specific period of time.
Summary
Don’t wait until it’s too late—as a motorcycle owner, ensuring that you have adequate insurance is one of the most important steps to take.